Samsung Life Insurance achieved strong results in the first half of the year, despite a decline in insurance service profits due to one-time costs, thanks to an increase in investment income.
The company announced on August 13 that its net profit for the first half of the year reached 1.9676 trillion won, a 33.8% increase compared to the same period last year. The consolidated net profit attributable to shareholders rose by 35.8% to 1.8935 trillion won.
Insurance service profits fell by 35.9% year-on-year to 533.1 billion won, impacted by one-time costs. However, investment income surged to 1.858 trillion won, driven by increased dividend income and profits from subsidiaries.
The cumulative insurance contract margin (CSM) balance increased by 500 billion won from the beginning of the year to 13.7 trillion won. The new contract CSM for the first half of the year totaled 1.7175 trillion won, reflecting a 20.4% increase from the previous year, attributed to a flexible sales strategy considering profitability and market conditions. Notably, the protection CSM reached 1.6426 trillion won, bolstered by competitive health products and increased sales of whole life insurance.
The number of exclusive agents remained high at 44,987, maintaining the industry's top level.
The solvency ratio, a key indicator of financial health, stood at 208% at the end of the first half, reflecting the impact of rising stock prices, interest rates, and new contracts.
* This article has been translated by AI.
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