Hanwha General Insurance reported a net profit of 116.4 billion won for the second quarter of this year, marking a 45.6% increase compared to the same period last year, driven by improvements in long-term insurance reserves and increased amortization gains from contract margins (CSM). The new contract CSM also reached a record high for the quarter.
The company announced on August 12 that its revenue for the second quarter was 1.9774 trillion won, up 15.4% from 1.7134 trillion won in the same period last year. Cumulative revenue for the first half of the year reached 3.949 trillion won, an 18.9% increase year-on-year.
The profitability indicator, new contract CSM, rose to 327.2 billion won in the second quarter, a 24.9% increase from 261.9 billion won in the same period last year. This figure surpassed the previous quarter's record of 302.4 billion won, setting a new quarterly high. As of the end of the first half, the retained CSM stood at 4.4204 trillion won, a 7.2% increase from the previous year.
The average monthly new long-term insurance contracts amounted to 7.73 billion won, a 3.5% increase compared to the same period last year. Hanwha attributed this growth to increased sales of its 'Signature Women's Health Insurance' product.
The company's solvency indicators remained stable, with the estimated solvency ratio (K-ICS) at 185% before transitional measures and 228% after.
A Hanwha General Insurance official stated, "Sales of long-term insurance products are increasing across various sales channels. We will maintain a sales focus centered on CSM in the second half and expand our differentiated product pipeline to ensure continued growth."
* This article has been translated by AI.
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