Dongyang Life Insurance Posts 124.4 Billion Won Net Income Last Year...Down 60% From Year Earlier

Dongyang Life Insurance announced on February 6 that its net income last year was 124.4 billion won, down 60.5% from the same period a year earlier.

As of the end of last year, cumulative insurance profit came to 114 billion won, a decrease of 58.4% year-on-year. Investment profit was 85 billion won, down 9.6% from a year earlier.

Despite the decline in net income last year, financial soundness improved. The risk-based capital (RBC) ratio last year was 177.3%, an improvement of 21.8 percentage points compared with the same period a year earlier.

Insurance premiums written amounted to 403.3 billion won, up 1% year-on-year, while over the same period the contractual service margin (CSM) was 2.457 trillion won, down 8%. Total assets stood at 35.347 trillion won, an increase of 2.3% from a year earlier.

Dongyang Life Insurance stated, "Since the company joined the group, last year was a year in which we focused on strengthening financial soundness as our top priority and on improving our overall business structure," adding, "This year as well, we will continue to make soundness our foremost priority and build a foundation for growth through operating a product portfolio centered on protection-type products and through loss ratio management."

This content was produced with the assistance of AI translation services.