Hanwha Life Insurance Posts 836.3 Billion Won Net Profit Last Year, Down 3.4% from 2023

Hanwha Life Insurance announced on the 23rd that it posted a consolidated net profit of 836.3 billion won last year. This represents a 3.4% decrease from the previous year.

Hanwha Life Insurance delivered stable results at its domestic subsidiaries, including insurance agency (GA) subsidiaries such as Hanwha Life Financial Services, as well as its non-life insurance, asset management, and securities units, and at newly consolidated overseas subsidiaries.

The net profit of GA subsidiaries was 162.1 billion won, and the net profit of major overseas subsidiaries was 117.7 billion won.

On a separate basis, net profit declined from the previous year, reflecting the impact of an industry-wide increase in claims loss due to higher medical utilization last year, as well as the effect of gains from asset securitization disposals carried out last year.

Hanwha Life Insurance plans to maintain its protection-type product-focused sales strategy while concentrating on improving product profitability.

The annual new business contractual service margin (CSM) was 2.0663 trillion won, exceeding 2 trillion won for the third consecutive year.

The year-end in-force CSM was 8.7137 trillion won.

The K-ICS ratio (Korean Insurance Capital Standard) was 157%, and the asset-liability duration gap was 0.08 years.

Yoon Jongguk, Chief Financial Officer of Hanwha Life Insurance, said, "We will strengthen our portfolio centered on health insurance and long-term, regular-premium whole life products, and build a stable insurance profit and loss base by managing the gap between expected and actual insurance claims," adding, "While focusing on enhancing corporate value, we will also steadily expand our future competitiveness through AI-based digital innovation and the growth of our overseas subsidiaries."