Dongyang Life Insurance Reports Record High Net Profit of 310 Billion KRW Last Year

Dongyang Life Insurance achieved its highest-ever performance last year, driven by strong sales of health insurance.

On the 19th, Dongyang Life Insurance announced that its cumulative net profit on a separate basis for last year reached 310.2 billion KRW, an increase of 17.1% compared to the same period the previous year.

Both insurance profit and investment profit saw double-digit growth. Insurance profit recorded 274.4 billion KRW, up about 17.2% from the same period last year, thanks to the popularity of health insurance products such as cancer and dementia insurance launched last year. Investment profit grew 26.6% year-on-year to 109.7 billion KRW, achieving a favorable operating asset yield of 3.77%.

The annualized premium equivalent (APE), an indicator of insurance sales growth, reached 919.7 billion KRW, up 23.5% compared to the same period last year. Among this, protection-type APE was 862 billion KRW, growing approximately 36.8% year-on-year, strengthening a stable revenue structure centered on protection insurance.

New contract insurance contract margin (CSM) recorded 732 billion KRW, and cumulative CSM reached 2.6711 trillion KRW. Protection-type new contract CSM was 712.7 billion KRW, with health product groups accounting for about 60.7% of the new contract CSM.

At the end of last year, the solvency ratio (KICS) was 154.7%, down 38.7 percentage points from 193.4% the previous year. This was due to changes in actuarial assumptions and market interest rate fluctuations.

A Dongyang Life Insurance official said, "Last year, we established a foundation for sustainable management through a sales strategy led by health insurance, participation in co-reinsurance, and proactive capital management such as subordinated bond issuance. This year, we will focus on developing market-leading products and building a stable profit base, aiming to become a balanced and sustainable company based on a solid financial foundation."