Hanwha General Insurance Q1 Net Profit Up 48% QoQ... New Contract CSM Hits Record High for Quarter

Impact of Expanded Sales in Women’s and Senior Insurance Markets

Decrease Compared to Last Year’s First Quarter...Influence of One-Off Gains

Hanwha General Insurance reported a 48% increase in net profit for the first quarter of this year compared to the previous quarter. The results were driven by expanded sales focused on women’s and senior insurance products, as well as increased sales of high-value protection-type insurance products.

On May 12, Hanwha General Insurance announced that its revenue for the first quarter of 2026 was KRW 1.9716 trillion, up 22.5% from the same period last year. The average monthly new long-term protection-type insurance contracts totaled KRW 8.03 billion, a 23.6% increase year-on-year. The company attributed its performance growth to increased sales mainly in the women’s and senior insurance markets, as well as strengthening competitiveness across its sales channels.

In particular, the company highlighted its new contract CSM (Contractual Service Margin) as a key achievement. The new contract CSM for the first quarter reached KRW 302.4 billion, the highest quarterly record, representing a 59.9% increase from the same period last year. As a result, the CSM for contracts in force at the end of the first quarter rose to KRW 4.2802 trillion, up 7.7%. In the insurance industry, CSM is regarded as a leading profitability indicator reflecting future profit-generating capability.

The net profit for the quarter was KRW 98.9 billion, up 48.0% from the previous quarter, but decreased compared to the same period last year. The company explained that this was due to a base effect from one-off gains recorded in the first quarter of last year.

A representative from Hanwha General Insurance stated, “In the first quarter of last year, we recorded one-off gains of about KRW 60 billion, driven by effects from accounting changes and the reversal of loss contracts following regulatory amendments.” The official added, “This created a base effect when comparing with the first quarter of this year.” Excluding this, the company said there were no significant fundamental changes in its insurance business operations.

Hanwha General Insurance plans to continue its strategy of expanding sales of high-value protection-type products, such as the ‘Signature Women’s Health Insurance 4.0’ launched earlier this year. The company representative said, “We will maintain a CSM-driven, profitability-focused sales approach and concentrate on sophisticated underwriting to manage loss ratios going forward.”

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