[Edaily Reporter Kim Se-yeon ] MIRAE ASSET Life Insurance CO., Ltd.(085620)posted a net loss of 33.9 billion won in the third quarter of this year, slipping into the red. One-time factors resulting from the regulatory authorities’ application of actuarial assumption guidelines and increased volatility in financial markets impacted the company’s earnings. Although cumulative net profit for the first three quarters fell 70% year-over-year, the insurance contract margin (CSM)—which forms the foundation for future profits—continued to rise, driven by an expansion in new contracts centered on health insurance.

According to the Financial Supervisory Service’s electronic disclosure system on the 13th, MIRAE ASSET Life Insurance CO., Ltd. posted a consolidated net loss of 33.9 billion won in the third quarter of this year, marking a shift to a deficit.
During the same period, the operating loss stood at 43.1 billion won, marking a shift from the 61.8 billion won operating profit recorded in the third quarter of last year. In contrast, revenue rose 20.58% year-over-year to 1.5132 trillion won.
The third-quarter results also impacted the company’s year-to-date performance. Cumulative net income through the third quarter of this year stood at 37.495 billion won, a 70.1% decrease compared to the same period last year. Cumulative operating profit also fell 70.5% year-over-year to 49 billion won. Cumulative revenue rose 104.8% to 8.0889 trillion won.
MIRAE ASSET Life Insurance CO., Ltd. explained that one-time factors resulting from the regulatory authorities’ application of actuarial assumption guidelines and increased volatility in financial markets significantly contributed to the decline in third-quarter earnings. The company stated that changes to the actuarial assumptions used to value insurance liabilities weighed on its performance.
However, the company noted that its CSM is steadily increasing as it expands new business, particularly in health insurance. CSM is an indicator that evaluates the profits expected to be generated from insurance contracts at the present time and is used to gauge an insurer’s future profitability.
MIRAE ASSET Life Insurance CO., Ltd. official stated, “Our CSM is steadily increasing as we expand new policies, particularly in health insurance, thereby building a foundation for future profits,” adding, “Going forward, we will strengthen our stable profit base by managing loss ratios, securing new policies focused on profitability, and enhancing asset-liability management (ALM).”