Hanwha General Insurance announced on May 14 that its net profit for the first quarter of this year reached KRW 142.7 billion, an increase of 14.3% compared to the same period last year.
The company achieved another record-high quarterly performance, following last year, due to the continued expansion of new long-term protection-type contracts and improved investment returns. Sales of new long-term protection-type contracts amounted to KRW 19.33 billion, with a monthly average of KRW 6.5 billion, representing a 6.8% increase compared to the same period last year.
This growth was attributed to the 'Hanwha Signature Women's Health Insurance,' as well as enhanced competitiveness in senior insurance and the expansion of the sales organization.
At the end of the quarter, the contractual service margin (CSM) for in-force contracts stood at KRW 3.976 trillion, a 4.5% increase compared to the end of last year (KRW 3.8032 trillion). The company plans to further improve the value of new contracts and expand the CSM of in-force contracts through adjustments to basic rates, such as lapse rates, starting in April.
A Hanwha General Insurance official stated, "This year, we will continue to strengthen Hanwha General Insurance's unique brand position based on women's insurance," adding, "We will also build differentiated product competitiveness to actively target the senior and substandard risk markets."
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