KB Life Reports Q1 Net Profit of 79.8 Billion Won, Down 8.3% Year-on-Year

KB Life announced on April 23 that its net profit for the first quarter of this year was 79.8 billion won, an 8.3% decrease compared to the same period last year.

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During the same period, insurance profit amounted to 66.2 billion won, down 14.4%. Investment profit was 22.7 billion won, a decrease of 47.2%. In addition, the Contractual Service Margin (CSM) reached 3.4408 trillion won, representing a 15.1% increase year-on-year. New contract CSM rose by 12.6% to 141.5 billion won.

The solvency indicator remained at the highest level in the industry. As of the end of last month, the risk-based capital ratio (K-ICS) stood at 277.8%, an improvement of 43.7 percentage points from the same period last year.

KB Life stated, "Although temporary valuation losses were incurred due to increased volatility in the global financial markets, we responded to market volatility by diversifying our asset management. We plan to continue strengthening the competitiveness of our health and pension insurance products to expand sales and drive growth based on a balanced product portfolio."

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