Shinhan Life announced on the 25th that its net profit for the first quarter of this year reached 165.2 billion KRW, marking a 7.1% increase compared to the same period last year.
Insurance profit amounted to 185.5 billion KRW, representing a 7.6% decrease compared to the same period last year. During the same period, financial profit stood at 59.7 billion KRW, a 50% increase year-on-year.
Annualized Premium Equivalent (APE) was 357.6 billion KRW, down 30.6% from the same period last year. While savings and annuity insurance APE was 24.6 billion KRW, remaining similar to the previous year, protection-type insurance APE was 333.1 billion KRW, a 32.1% decrease year-on-year.
Contractual Service Margin (CSM) reached 7.4271 trillion KRW, up 2.1% from the same period last year. During the same period, the risk-based capital ratio (K-ICS) was provisionally tallied at 188.3%.
A Shinhan Life official stated, "We have achieved continuous quantitative and qualitative growth through company-wide business innovation centered on our Top 2 strategy, which has been ongoing for the past three years," adding, "We will continue to do our utmost to manage our customers' valuable assets stably and to create value for both our customers and the company from a long-term perspective."
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