Shinhan Life Reports Q3 Net Profit of 154.2 Billion KRW, Up 33% YoY

Shinhan Life announced on the 25th that it recorded a net profit of 154.2 billion KRW in the third quarter of this year. This represents a 33% increase compared to the same period last year (115.9 billion KRW).

The cumulative net profit for the first three quarters reached 467.1 billion KRW, marking a 9.2% increase compared to the same period last year.

Regarding this improvement in performance, Shinhan Life attributed it to the continuous implementation of core strategies such as fundamental competitiveness innovation, creation of future growth engines, execution of sustainable management, and establishment of a communication-centered work environment.

The cumulative annualized premium equivalent (APE) for the first to third quarters recorded 1.2155 trillion KRW, showing a 63% growth compared to the same period last year (469.6 billion KRW). This was influenced by strengthening the competitiveness of sales channels and establishing product strategies aligned with market trends.

Shinhan Life continues to pursue a value-oriented management approach to generate stable profits while proactively responding to changes in the financial market through asset-liability management (ALM) strategies. As of the third quarter of this year, the solvency ratio (K-ICS) stood at 230% (provisional), demonstrating high capital soundness and financial stability.

A Shinhan Life representative stated, “All employees are working as one team to become the best insurance company in every aspect including growth, profitability, efficiency, soundness, customer trust, and employee satisfaction,” adding, “We will continue to provide differentiated customer service and secure sustainable future competitiveness.”