Shinhan Life Reports Q1 Net Profit of 103.1 Billion Won, Down 37.6% Year-on-Year

Shinhan Life announced on April 23 that its net profit for the first quarter was 103.1 billion won, representing a 37.6% decrease compared to the same period last year.

The company stated that the decline in securities profits due to heightened volatility in the financial markets affected its results this quarter. Excluding one-off factors, such as the expiration of the impact from last year's assumption changes, insurance profit remained at a similar level as last year, totaling 157.1 billion won.

The contractual service margin (CSM) for insurance contracts stood at 7.7 trillion won, a 2.2% increase compared to the end of the previous year. Additionally, the new business CSM for the first quarter reached 362.9 billion won, a level similar to that of the same period last year.

The annualized premium equivalent (APE) for the first quarter was 356.4 billion won, in line with the previous year. Protection-type insurance saw a 10.6% decrease to 297.8 billion won, while savings and annuity insurance grew by 138.1% to 58.5 billion won.

As of the end of the first quarter, Shinhan Life's total assets were approximately 58 trillion won. Due to increased valuation losses on held bonds resulting from rising interest rates, this marks a 2.7% decrease compared to the end of the previous year. The risk-based capital (K-ICS) ratio, which indicates financial soundness, was provisionally calculated at 201%.

A representative from Shinhan Life stated, "We are focusing on strengthening our fundamentals to overcome the unstable external business environment and further solidify the foundation for mid- to long-term growth. Our best efforts will be made to build a financially sound and future-oriented company, so that we can continue to earn our customers' trust, rather than just achieving short-term results."

This content was produced with the assistance of AI translation services.