Shinhan Life achieved growth in its third quarter results this year.
On October 28, Shinhan Life announced that its net profit for the third quarter of this year reached 170.2 billion won, marking a 10.4% increase compared to the same period last year.
During the same period, insurance profit amounted to 203.9 billion won, up 5.4% year-on-year and 10.7% quarter-on-quarter.
Operating profit for the third quarter was 234.3 billion won and revenue was 1.7163 trillion won, representing increases of 12.2% and 20.8% year-on-year, respectively.
Accumulated net profit for the first three quarters stood at 514.5 billion won, up 10.1% from the same period last year. This marks the highest cumulative result for the third quarter in the company's history.
Accumulated insurance profit for the first three quarters was 573.8 billion won, and financial profit was 178.9 billion won. Annualized Premium Equivalent (APE) reached 1.2399 trillion won, a 2% increase compared to the same period last year.
As of the third quarter, Shinhan Life's total assets stood at approximately 60.3793 trillion won. The Contractual Service Margin (CSM) recorded 7.6 trillion won, up 5.3% compared to the end of last year.
As of the end of September, the provisional risk-based capital ratio (K-ICS) stood at 190.0%.
A representative from Shinhan Life stated, "Based on the business innovation and Top 2 strategy we have continuously implemented over the past three years, we are striving to enhance the long-term value for both our customers and the company," adding, "We will continue to pursue work innovation for customer satisfaction and establish a strong foundation for internal controls to become a trusted, first-class Shinhan Life."
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