[Edaily Reporter PARK JONG-HWA ] HANWHA LIFE INSURANCE’s net profit for the first half of this year nearly doubled compared to last year, driven by efforts to strengthen its portfolio of protection-oriented products.

HANWHA LIFE INSURANCE announced on the 12th that its net income for the first half of this year reached 904.5 billion won on a consolidated basis, a 96.0% increase compared to the same period last year. On a non-consolidated basis, net income surged 183.9% from 179.7 billion won to 510.2 billion won, and subsidiaries—including Hanwha General Insurance Co.,Ltd. (215.3 billion won), HANWHA INVESTMENT & SECURITIES (55.7 billion won), and overseas subsidiaries (103.0 billion won)—also posted strong results across the board. Revenue on a consolidated basis also rose by 58.6%, from 14.2451 trillion won in the first half of last year to 22.5892 trillion won this year.

HANWHA LIFE INSURANCE attributed its strong first-half performance to the strengthening of its protection-focused product portfolio and a profitability-driven sales strategy. HANWHA LIFE INSURANCE’s new business service margin (CSM) for the first half of this year reached 1.3001 trillion won, a 40.5% increase from last year, marking the highest first-half performance since the adoption of IFRS 17 accounting standards. The 13th-annuity contract retention rate, which indicates operational efficiency, reached 90.0%. The K-ICS ratio (solvency ratio), an indicator of financial soundness, is expected to rise to 167%—a 9.5 percentage point increase from the end of last year—driven by expanded profits and an increase in available capital resulting from rising interest rates. HANWHA LIFE INSURANCE had 38,092 insurance agents affiliated with its subsidiary-type general insurance agency (GA).

HANWHA LIFE INSURANCE plans to expand sales of medium- and long-term whole life products in the second half of the year and secure market leadership by focusing on new products for dementia and long-term care. Yoon Jong-guk, Chief Financial Officer of HANWHA LIFE INSURANCE, stated, “Based on profitability management centered on protection-oriented products and improvements to our product portfolio, new-business CSM reached its highest level for the first half of the year since the adoption of IFRS 17, and CSM for in-force policies is also showing stable net growth.” He added, “In the second half of the year, we plan to strengthen the competitiveness of our products, focusing on medium- and long-term whole life insurance and health insurance for dementia and long-term care, while enhancing sales productivity and channel competitiveness by advancing our AI-based sales support system.” He further stated, “Based on securing stable CSM from new policies and increasing CSM from in-force policies, we will manage profitability and solvency in a balanced manner and focus on continuously enhancing corporate value by expanding synergies with our domestic and overseas subsidiaries.”