Samsung Life Insurance, net profit of 425 billion won in the first half… 63.5% from the previous year↓

2Q net profit 155.3 billion RBC 249%

(Seoul = Yonhap Infomax) Reporter Jeong Ji-seo = Samsung Life announced on the 12th that it posted a consolidated net profit of KRW 422 billion in the first half of this year.

This is a decrease of 63.5% compared to the same period last year.

The base effect of Samsung Electronics’ special dividend reflected in the first quarter of last year was significant. At that time, Samsung Life reflected a dividend of 647.5 billion won on an after-tax basis.

In addition, the increase in the loss of variable guarantee reserves due to the stock market recession also contributed to the negative growth.

However, net profit for the second quarter was KRW 155.3 billion, up 102.8% from the same period last year.

This is thanks to the fact that private and non-arbitrage, which is the original profit of insurance, recorded KRW 42.5 billion, up 53.2% from the same period of the previous year.

The value of new contracts, which is an indicator of future profit flow, was KRW 880 billion in the first half, up 11.1% from the same period last year.

The return on asset management recorded 3.4%, up 0.5 percentage point (p) compared to the same period of the previous year, thanks to the improvement of new investment sources and the timely realization of profits from the sale.

As of the end of June, total assets stood at KRW 315 trillion, and the RBC ratio, a measure of capital soundness, stood at 249%, maintaining the highest level in the industry.

A Samsung Life official said, “Despite the difficult business environment where domestic and overseas financial market volatility is increasing, we have achieved good results in key business areas such as new contracts, insurance income, and asset management, and we are proud of our overall management performance that solidifies the foundation for stable profit growth after the transition to IFRS17. accomplished,” he explained.

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This article was served at 10:07 on the Infomax financial information terminal.

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