NH NongHyup Life Reports 154.7 Billion KRW Net Profit in H1, Down 5.6% Year-on-Year

Increase in Claims for Indemnity and Policy Insurance

H NongHyup Life's net profit for the first half of this year slightly decreased.

NH NongHyup Life announced on the 31st that its net profit for the first half of this year was 154.7 billion KRW, a decrease of 5.6% compared to the same period last year.

The decrease in earnings was due to a reduction in the insurance profit margin, caused by an increase in claims for indemnity and policy insurance. Additionally, the rise in Incurred But Not Reported (IBNR) reserves increased the burden of reserves, which also negatively impacted performance.

As of the end of the first half of this year, the Contractual Service Margin (CSM) stood at 4.665 trillion KRW, an increase of 101.9 billion KRW compared to the end of last year.

An NH NongHyup Life representative stated, "We have enhanced our product competitiveness and focused our marketing capabilities to strengthen our business competitiveness."

Exterior view of NH Nonghyup Life Insurance building.