[Edaily Reporter PARK JONG-HWA ] Samsung Life Insurance’s net income for the first half of this year rose by more than 30% compared to last year.

Samsung Life Insurance announced on the 13th that its net income for the first half of this year totaled 1.8935 trillion won (on a consolidated basis for controlling shareholders). This represents a 35.8% increase compared to the same period last year (1.3941 trillion won). Revenue for the same period rose 73.3%, from 19.3209 trillion won to 33.4792 trillion won.

By segment, profit in the insurance services sector fell 35.9% year-over-year to 533.1 billion won. This is interpreted as a base effect from last year, when insurance services profit had temporarily increased (a phenomenon where the rate of change appears exaggerated due to the comparison point). Thanks to dividends and income from subsidiaries, profit in the investment sector reached 1.858 trillion won.

Samsung Life Insurance’s first-half new business service margin (CSM) stood at 1.7175 trillion won, a 20.4% increase compared to the same period last year. In particular, strong sales of protection-oriented insurance products, such as whole life insurance, contributed to the expansion of CSM. As of the end of June, Samsung Life Insurance had 44,987 exclusive insurance agents.

The K-ICS ratio (solvency ratio), which indicates an insurer’s financial soundness, remained stable at 208%. This was due to rising stock prices and interest rates.