Military Mutual Aid Association Achieves Seven Consecutive Years of Surplus

Net Income of 276.8 Billion KRW Last Year
Capital Surplus of 1.3074 Trillion KRW

The Military Mutual Aid Association recorded a surplus for the seventh consecutive year despite the challenging domestic and international economic environment last year. Capital surplus increased to 1.3 trillion KRW. It grew more than eightfold from 159.5 billion KRW in 2018, strengthening financial soundness.

The Military Mutual Aid Association announced on the 13th that it held the 114th General Assembly on the 10th and approved the 2022 financial statements. As of the end of last year, the Association’s assets amounted to 14.8611 trillion KRW, an increase of 493.8 billion KRW compared to the previous year. Despite increased volatility in domestic and international financial markets and a difficult economic situation due to the real estate market downturn, it achieved an operating profit of 577.8 billion KRW through investment projects.

Among the operating profit, 301 billion KRW was paid out as member interest and welfare expenses, yet the Association succeeded in achieving a net income of 276.8 billion KRW. Even after paying 27.4 billion KRW more in member interest than the previous year, net income exceeded the recent seven-year average by 124.2 billion KRW.

As a result of these management achievements, the capital surplus, a key indicator of financial soundness in mutual aid institutions, reached 1.3074 trillion KRW, further solidifying the stability of member funds. Capital surplus refers to the excess amount remaining after paying members’ principal and interest in a lump sum. The Military Mutual Aid Association continues to expand its capital surplus through sustained surplus management.

Jung Jae-kwan, Chairman of the Military Mutual Aid Association, said, “The trust and faith of our members have been the nourishment that enabled us to achieve a solid financial status and management performance.” He added, “Going forward, we will actively discover stable high-yield investment projects such as national advanced strategic technologies to maximize profit generation, and based on this, we will do our best to provide more welfare benefits to our members.”