The improvement in performance was driven by increased investment income, which rose to 1.27 trillion won, a 125.5% increase year-on-year. This growth was attributed to higher dividend income and increased profits from subsidiaries. Notably, separate investment service income surged by 289% to 774 billion won.
However, insurance service income decreased by 7.7% to 256.5 billion won compared to the previous year. While the profit margins from insurance contracts (CSM) and risk adjustments remained stable, losses related to insurance payouts and business expenses widened. The discrepancy in insurance payouts increased from a loss of 46 billion won in the first quarter of last year to a loss of 56 billion won this year.
The new contract CSM continued its upward trend, reaching 848.6 billion won, an 11% increase from the previous quarter, with a CSM multiplier of 11.4 times. This growth reflects the expansion of health insurance sales and the effectiveness of both exclusive and non-exclusive channels, with health insurance accounting for 66% of total sales.
The number of exclusive agents rose by approximately 1,500 to 44,373 since the beginning of the year. Samsung Life has been recognized for achieving a leading level of channel competitiveness in the industry.
In the asset management sector, the company stated it is maintaining a comprehensive asset-liability management (ALM) strategy while diversifying its assets. The total assets under management in the general account amounted to 265 trillion won. The increase in stock assets was influenced by rising stock prices, and the duration gap was managed at approximately 0.8 years.
The solvency ratio (K-ICS) improved to 210%, up 12 percentage points from the end of last year, reflecting an increase in available capital due to rising interest rates and stock prices, as well as the impact of new contracts. The basic capital K-ICS ratio also rose to 170%.
* This article has been translated by AI.
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