Kyobo Life Insurance Q1 Net Profit 293.3 Billion KRW... 38.7% Decrease YoY

Kyobo Life Insurance's consolidated net profit for the first quarter has decreased by nearly 40% compared to the previous year.

Kyobo Life Insurance announced on the 16th that its consolidated net profit for the first quarter of this year was 293.3 billion KRW, down 38.72% from 478.6 billion KRW in the same period last year.

The net profit on a separate basis for the first quarter was 311 billion KRW, a 27.23% decrease from 427.4 billion KRW last year.

The new contract insurance contract margin (CSM) for the first quarter of this year recorded 393.4 billion KRW, an increase of 7.69% from 365.3 billion KRW last year, due to the expansion of protection-type insurance sales.

The cumulative CSM increased by 5.35% to 6.2139 trillion KRW compared to 5.8982 trillion KRW last year, as a result of expanding new contracts and efficient management of existing contracts.

Insurance profit increased from 53.1 billion KRW in the same period last year to 104.2 billion KRW in the first quarter of this year. However, investment profit decreased from 505.7 billion KRW to 296 billion KRW.

Kyobo Life Insurance explained, "We have been continuously adjusting our asset portfolio to secure future earnings through bond replacement trading and continued investment in high-interest bond assets."