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View of Hanwha Life Headquarters 63 Building, Yeouido, Seoul. (Photo = Hanwha Life Insurance) |
[Alpha Biz= Reporter Paul Lee] Hanwha Life announced on the 14th that its net profit for the first quarter decreased by 36.5% year-on-year to 3.683 trillion won.
In the first quarter, the total Annual Premium Equivalent (APE) of new contracts for Hanwha Life reached 1.1067 trillion won, driven by the expansion of sales focusing on guaranteed products. Among these, guaranteed APE reached 900.2 billion won, marking a 133.3% increase compared to the same period last year. Guaranteed APE accounted for 81% of the total new contract APE, establishing a stable insurance portfolio.
As of the end of the first quarter, Hanwha Life's Contractual Service Margin (CSM) stood at 9.2436 trillion won. The CSM for new contracts in the first quarter reached 515.4 billion won, driven by the active expansion of sales of high-yielding ordinary guaranteed products. Among them, the new contract CSM for ordinary guaranteed products reached 356.1 billion won, representing a 57.5% increase compared to the same period.
The Risk-Based Capital Ratio (K-ICS) recorded a stable figure of 174.0% despite strengthening liability discount rates, thanks to the continuous influx of new contract CSM.
Hanwha Life Financial Services, the top player in the GA industry, recorded a net profit of 138 billion won for the first quarter.
Alphabiz Reporter Kim SangJin(hoondork1977@alphabiz.co.kr)
