Hanwha Life, Q3 Cumulative Net Profit 353.9 Billion KRW... Up 46.7% YoY

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life Insurance announced on the 28th that its cumulative net profit for the third quarter reached 353.9 billion KRW, a 46.7% increase compared to the same period last year.

During the same period, sales slightly decreased by 0.1% to 12.7146 trillion KRW compared to the previous year.

Despite the deteriorating business environment due to the prolonged COVID-19 pandemic, earned premiums and new contract annual premium equivalent (APE) increased. Cost reduction and higher returns on invested assets also contributed.

The third quarter standalone net profit recorded 103.1 billion KRW, a 57.5% growth compared to the same period last year.

Notably, consolidated net profit rose 182.6% year-on-year to 880.5 billion KRW, driven by improved performance of Hanwha Life and Hanwha General Insurance, as well as the inclusion of Hanwha Investment & Securities as a subsidiary.

Earned premiums amounted to 3.5035 trillion KRW, a 2% increase compared to the same period last year.

New contract APE grew 8.4% year-on-year to 452.1 billion KRW. The volume secured through savings and pension sales, as well as single premium savings sales, will be utilized as investment funds to expand asset duration.

A Hanwha Life official stated, "Although the business environment remains challenging due to the prolonged COVID-19 pandemic, we are maintaining growth momentum with increasing net profit. We are steadily preparing for the new solvency regime (K-ICS), and the rising interest rate trend could also act as a positive factor."