Dongyang Life Insurance Reports 156.5 Billion KRW Net Profit in 1Q

129.6% Increase Compared to the Same Period Last Year

Dongyang Life Insurance posted a net profit in the 150 billion KRW range in its first quarterly earnings report following the adoption of the new accounting standard IFRS17.

On the 19th, Dongyang Life Insurance announced that it recorded a net profit of 156.5 billion KRW on a separate basis for the first quarter of this year, representing a 129.6% increase compared to the same period last year.

Premium income was recorded at 880 billion KRW. Due to strong sales of protection products, the first quarter's protection annualized premium equivalent (APE) increased by 64.9% compared to the previous quarter, reaching 156.1 billion KRW. The new contract Contractual Service Margin (CSM) was 176.3 billion KRW. As of the end of the first quarter this year, the CSM of held contracts stood at 2.4857 trillion KRW.

Dongyang Life Insurance's first-quarter investment asset yield was 4.82%. This is explained as a result of proactive market responses and asset reallocation in response to changes in the interest rate environment.

A Dongyang Life Insurance official stated, "Despite ongoing uncertainties in the financial markets, we achieved improved performance through proactive risk management, sustainable asset growth strategies, and specialization in asset management. Through a protection insurance-centered sales strategy aimed at enhancing long-term value, we will continue to strengthen the core competitiveness of the insurance business."