Dongyang Life Insurance Reports 175.3 Billion KRW Net Profit in H1, Down 12.4% YoY

원본보기 아이콘

On the 12th, Dongyang Life Insurance announced that it recorded a net profit of 175.3 billion KRW in the first half of this year. This represents a 12.4% decrease compared to the same period last year.

First, insurance profit reached 136.8 billion KRW, an increase of 17.8% compared to the same period last year. The first half annualized premium equivalent (APE), which enables growth in insurance operations, recorded 435.7 billion KRW, up 24% year-on-year. In particular, protection product APE increased by 23.2% year-on-year to 387.5 billion KRW, showing solid growth in both insurance operations and protection insurance sales.

The new contract insurance contract margin (CSM), an indicator reflecting the insurer’s future profits, reached 343.5 billion KRW in the first half. Accordingly, the CSM balance for the first half recorded 2.7 trillion KRW, an 8.3% increase from the beginning of the year. The exclusive FC channel showed a growth trend with protection APE increasing by approximately 61.3% compared to the same period last year.

However, investment income in the first half decreased by 36.3% from last year, reaching 87.2 billion KRW.

A Dongyang Life Insurance official stated, “In the first half of this year, we laid the foundation for advanced capital management through co-reinsurance, and also established a foundation for efficient growth through the advancement of data management systems and the integrated construction of MyAngel services.” He added, “Based on sales activation, we will do our best to secure a sustainable profit structure, generate stable investment gains and losses by enhancing retention, and strengthen capital soundness.”

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.