Samsung Life Insurance Sees Net Profit Reach 1.97 Trillion Won in First Half on Growth in New Contract CSM

Consolidated Net Profit Up 33.8% Year-on-Year
Net Profit Attributable to Controlling Shareholders Hits 1.8935 Trillion Won
CSM Balance Reaches 13.7 Trillion Won

Samsung Life Insurance announced on August 13 that its consolidated net profit for the first half of this year was 1.9677 trillion won, up 33.8% from the same period last year. During the same period, net profit attributable to controlling shareholders reached 1.8935 trillion won, a 35.8% increase.

Insurance service profit stood at 533.1 billion won, down 35.9% year-on-year, due to the impact of one-off expenses and other factors. Investment profit was recorded at 1.858 trillion won, supported by higher dividend income and improved performance by subsidiaries.

The Contractual Service Margin (CSM), a key indicator for estimating future profits of insurance companies, also improved. As of the end of the first half, Samsung Life Insurance’s CSM was 13.7 trillion won, an increase of 500 billion won from the end of last year.

The new contract CSM for the first half reached 1.7175 trillion won, up 20.4% year-on-year, driven by a flexible sales strategy that considered profitability and market conditions.

In particular, the growth in CSM for protection-type products was notable. As the company strengthened the competitiveness of its health insurance products and expanded sales of whole life insurance—a core business area for life insurers—the protection-type new contract CSM totaled 1.6426 trillion won.

The company also maintained strong competitiveness in its sales channels. As of the end of the first half, the number of exclusive agents remained at the industry's highest level with 44,987 agents. The new risk-based capital (K-ICS) ratio, a key measure of capital soundness, reached 208% as of the end of June, reflecting rising stock prices, interest rates, and an increase in new contracts.

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