Hanwha General Insurance Q3 Net Profit Down 21.3% to 71.6 Billion Won... CSM Hits Quarterly Record

Hanwha General Insurance announced on November 13 that its net profit for the third quarter of this year was 71.6 billion won, a decrease of 21.3% compared to the same period last year.

The cumulative net profit for the first three quarters was 294.2 billion won, down 14.9% year-on-year.

Revenue for the third quarter reached 1.5991 trillion won, up 13.3% from the same period last year, with cumulative revenue totaling 4.9218 trillion won.

Hanwha General Insurance Headquarters. Hanwha General Insurance

New long-term protection insurance contracts in the third quarter amounted to 22.9 billion won, with a monthly average of 7.6 billion won, representing a 30% increase year-on-year. This growth was driven by expanding sales focused on the women's and senior insurance markets, as well as strengthening market dominance through the expansion of sales channels.

As of the end of the third quarter, Hanwha General Insurance's Contractual Service Margin (CSM) for in-force contracts stood at 4.2607 trillion won, up 457.5 billion won (12%) from 3.8032 trillion won at the end of last year. The CSM for new contracts reached a quarterly record of 284.1 billion won, a 57.2% increase from 180.7 billion won in the same period last year. This result reflects continued quantitative and qualitative growth based on strong product competitiveness.

Insurance profit for the third quarter was 44.5 billion won, a 49.5% decrease compared to the same period last year.

Investment profit for the third quarter was 156 billion won, up 11.7% year-on-year.

A representative from Hanwha General Insurance stated, "The value multiple continues to rise through sales focused on high-value products such as women's and senior insurance, so we expect profitability to continue to improve steadily going forward. From the fourth quarter onward, we will further focus on improving profit and loss by expanding sales centered on high-quality contracts and implementing sophisticated underwriting, not only in long-term insurance but also in auto and general insurance."