Dongyang Life has continued to improve its performance in the first half of the year, driven by an increase in protection insurance sales.
The company reported a net profit of 91.9 billion won for the first half of the year, an 11.5% increase compared to the same period last year, on July 27.
In the second quarter, net profit reached 66.9 billion won, a significant rise of approximately 168% from 25 billion won in the first quarter. The growth was attributed to the expanded sales of newly launched long-term premium whole life insurance products, which contributed to improved profitability focused on protection insurance.
Key operational indicators also showed improvement. The annualized premium equivalent (APE) for new contracts in the second quarter was 206.5 billion won, up 48.4% from 139.2 billion won in the first quarter. The cumulative APE for new contracts in the first half totaled 345.7 billion won.
The insurance contract margin (CSM) for the second quarter was 148 billion won, a 56.7% increase from 94.5 billion won in the previous quarter. The cumulative CSM for new contracts in the first half was recorded at 242.5 billion won, reflecting the impact of a restructured product portfolio centered on long-term premium whole life insurance.
Capital soundness indicators also improved. As of the first half, the preliminary K-ICS ratio was 205%, up 28 percentage points from 177% in the same period last year, reflecting an increase in available capital and a decrease in required capital.
A Dongyang Life official stated, “We are building a stable channel portfolio and continuing operations based on profitability and risk management. We aim to balance profit and financial soundness to strengthen our foundation for medium- to long-term growth.”
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.