Hanwha General Insurance Posts 361.1 Billion Won Net Profit Last Year, Down 5.6% Year-on-Year

Hanwha General Insurance announced on the 23rd that its net profit for last year was 361.1 billion won, down 5.6% from the same period a year earlier.

During the same period, revenue increased by 17% to 6.9796 trillion won. New long-term protection-type contracts rose 23.6% to 89.9 billion won.

Last year, Hanwha General Insurance recorded new contract CSM (Contractual Service Margin) of 1.0291 trillion won, up 38.9% year-on-year, driven by an increase in monthly average new long-term protection-type contract sales of around 7.5 billion won. Based on this, as of the end of last year, the CSM of contracts in force stood at 4.0694 trillion won, an increase of 266.2 billion won from the end of the previous year. This is attributed to expanding sales centered on high-value products such as insurance for women and seniors, strengthening market dominance through the expansion of sales channel scale, and simultaneously pursuing improvements in contract quality.

As of the end of last year, investment profit reached 613.4 billion won, a 21.4% increase from the same period a year earlier, backed by interest and dividend income. However, insurance profit declined due to an increase in insurance claims, which was driven by a rise in overall medical utilization across the industry and seasonal factors.

A Hanwha General Insurance official said, "We achieved stable growth as a result of focusing on expanding sales of high-value contracts and improving profitability," adding, "We plan to maintain solid growth by increasing the share of strategic products such as insurance for women and creating integrated synergies through digital channels."