Shinhan Life's performance in the first half of this year increased.
On July 25, Shinhan Life announced that its net profit for the first half of this year reached KRW 344.3 billion, a 10% increase compared to the same period last year.
The annualized premium equivalent (APE) for the first half of the year recorded KRW 687 billion, a decrease of 14.6% (KRW 117.2 billion) compared to the same period last year, due to a base effect from strong sales last year. In the second quarter, APE increased by 14% (KRW 40.6 billion) year-on-year, reaching KRW 329.4 billion.
Total assets as of the first half amounted to approximately KRW 60.3789 trillion, an increase of about 3% (KRW 1.7583 trillion) year-on-year, mainly due to an increase in bond valuation gains resulting from falling interest rates. The Contractual Service Margin (CSM) reached KRW 7.3 trillion, an increase of 2.7% (KRW 193.7 billion) compared to the first half of last year.
Insurance profit for the first half was KRW 369.8 billion, a decrease of 9.1% (KRW 37.1 billion) compared to last year, due to the disappearance of temporary factors such as increased product sales in the first quarter of last year. Financial profit increased to KRW 128.1 billion, up 70.5% (KRW 53 billion) year-on-year and 14.6% (KRW 8.7 billion) quarter-on-quarter, as profits related to securities rose due to falling interest rates and a rise in the stock index.
The risk-based capital ratio (K-ICS) as of the end of the first half was 196.7% (provisional).
A Shinhan Life representative said, "We are continuing to pursue challenges and innovation with a differentiated business model," and added, "We will continue to do our best to further enhance customer trust through management strategies focused on creating long-term value."
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