Mirae Asset Life Insurance Posts 71.4 Billion Won Net Profit in First Half, Down 5.4% Year-on-Year

Mirae Asset Life Insurance announced on August 14 that its net profit for the first half of the year reached 71.4 billion won.

During the same period, sales amounted to 6.5757 trillion won, while operating profit was 92 billion won. Compared to the same period last year, sales increased by 143.9%, but operating profit decreased by 11.8%.

For the second quarter, net profit stood at 18 billion won, down 64.6% year-on-year.

On the back of a focus on selling health insurance-oriented protection products and variable insurance business strategies, annualized premium equivalent (APE) from new contracts rose 32.4% year-on-year to reach 392.3 billion won.

The contractual service margin (CSM) of new contracts posted 307.6 billion won, up 25.4% from a year earlier.

The risk-based capital ratio under the Korea Insurance Capital Standard (K-ICS) indicator, a measure of financial soundness, was 155.3%, marking a decrease of 21.4 percentage points compared to the beginning of the year.

A representative from Mirae Asset Life Insurance stated, "Despite an uncertain domestic and global environment, we have focused on improving our product portfolio and risk management with the goal of generating sustainable profits. As a result, we achieved stable earnings backed by robust fundamentals."

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