NH Nonghyup Life announced the launch of its "New Contract CSM 1 Trillion Won Initiative" on October 7.
On this day, a representative of the employees presented a "New Contract CSM 1 Trillion Won Initiative Commitment" to CEO Park Byung-hee. The employees identified four key areas for action: change and innovation, ownership, healthy sales practices, and inter-departmental communication and cooperation.
This year, NH Nonghyup Life is focusing on sales driven by future profits. The company has expanded its health insurance products to reflect market demand and strengthened its product portfolio for profitability. As a result, it secured approximately 850 billion won in new contract CSM as of September.
The annual new contract CSM, which was around 400 billion won in 2023 with the introduction of IFRS 17, is projected to reach 1 trillion won this year. The company is also maintaining its capital soundness, with a K-ICS ratio of 396.4% reported for the first half of the year after transitional measures.
CEO Park stated, "We will make this year the starting point for profit-focused management and aim to achieve 1 trillion won in new contract CSM while establishing a sustainable profit structure."
On this day, a representative of the employees presented a "New Contract CSM 1 Trillion Won Initiative Commitment" to CEO Park Byung-hee. The employees identified four key areas for action: change and innovation, ownership, healthy sales practices, and inter-departmental communication and cooperation.
This year, NH Nonghyup Life is focusing on sales driven by future profits. The company has expanded its health insurance products to reflect market demand and strengthened its product portfolio for profitability. As a result, it secured approximately 850 billion won in new contract CSM as of September.
The annual new contract CSM, which was around 400 billion won in 2023 with the introduction of IFRS 17, is projected to reach 1 trillion won this year. The company is also maintaining its capital soundness, with a K-ICS ratio of 396.4% reported for the first half of the year after transitional measures.
CEO Park stated, "We will make this year the starting point for profit-focused management and aim to achieve 1 trillion won in new contract CSM while establishing a sustainable profit structure."
* This article has been translated by AI.
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