Samsung Life Insurance Reports Net Profit of 1.8953 Trillion KRW Last Year, Up 19.7% YoY

Samsung Life Insurance announced on the 20th that its net profit for last year increased by 19.7% compared to the previous year (KRW 1,583.3 billion), reaching KRW 1,895.3 billion.

At the end of last year, Samsung Life's Contractual Service Margin (CSM) secured KRW 12.2 trillion, a 14% increase from the previous year (KRW 10.7 trillion), through the expansion of new contracts and efficient management of existing contracts. By strengthening the health insurance product lineup and expanding the whole life insurance market, the new contract CSM achieved KRW 3.6 trillion, establishing a foundation for future profit and loss.

Additionally, the new contract Annual Premium Equivalent (APE) reached KRW 3,103.5 billion, a 16% increase from the previous year (KRW 2,674.3 billion). The new contract APE is a concept that converts premiums paid upon new contract signing into annual premiums on a yearly basis. The protection-type new contract APE recorded KRW 2,409.7 billion, marking a 40.9% increase compared to the previous year (KRW 1,710.3 billion).

Samsung Life's total assets last year amounted to KRW 314.7 trillion, and the solvency ratio (K-ICS), which measures capital soundness, was maintained at 220-225%.

[Image source=Yonhap News]