Samsung Life Insurance Reports Q1 Net Profit of KRW 1.2036 Trillion, Up 89.5% Year-on-Year

Samsung Life Insurance announced on May 14 that its consolidated net profit for the first quarter of this year was KRW 1.2036 trillion, an increase of 89.5% compared to the same period last year.

The Contractual Service Margin (CSM) for new insurance contracts in the first quarter was KRW 848.6 billion, up 11% from the previous quarter. The new contract CSM multiple recorded 11.4 times. The increase in new contract CSM was driven by the expansion of health insurance sales and the growth of both exclusive and non-exclusive channels.

The retained CSM amounted to KRW 13.6 trillion, an increase of KRW 400 billion compared to the beginning of the year, thanks to the expansion of new contract CSM and efficient management of insurance operations.

Insurance profit amounted to KRW 256.5 billion, impacted by an increase in expected versus actual loss. Investment profit was KRW 1.2729 trillion, driven by an increase in dividend income as well as expanded profits from subsidiaries and consolidated entities.

The number of exclusive insurance agents increased by about 1,500 this year, reaching approximately 44,400.

Samsung Life Insurance explained that it continues to operate its asset management policy focused on Asset-Liability Management (ALM), while simultaneously pursuing a strategy of asset diversification.

As of the end of March, assets under management stood at KRW 265 trillion, and the capital adequacy ratio (K-ICS) recorded 210%, up 12 percentage points from the end of last year.

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