Hanwha Insurance, third quarter net profit of 96.1 billion won... 34%↑ compared to the same period last year

Insurance profit and loss increased by 196.7%

(Seoul = Yonhap News) Reporter Kang Ryu-na = Hanwha Non-life Insurance [000370] announced on the 11th that its net profit in the third quarter of this year increased 34.1% compared to the same period last year, reaching 96.1 billion won.

Sales increased 21.2% to 1.9379 trillion won.

New contract contract margin (CSM) was calculated to be KRW 306.6 billion, an 8.0% increase from the same period last year (KRW 284.1 billion).

As of the end of the third quarter, CSM held increased by 8.5% to 4.6225 trillion won.

As the loss ratio improved overall, insurance profit and loss increased by 196.7% from the same period last year to KRW 132.1 billion.

In particular, long-term insurance profit and loss increased by KRW 69.4 billion compared to the same period last year as the difference between insurance premiums and actual expenses (the difference between actual insurance premiums and project expenses compared to expected insurance premiums and project expenses) improved.

Hanwha Insurance explained that this was due to the reduction in accidents in addition to managing profitability by focusing on high-quality contracts in auto insurance and general insurance.

As of the end of September, the solvency ratio (K-ICS) before and after transitional measures were 186% and 231%, respectively.

An official from Hanwha General Insurance said, "We expect profitability to continue to improve by strengthening our sales portfolio focusing on high-value products such as women's insurance," and added, "We will continue to improve our profits and losses by improving operating cost efficiency and expanding the inflow of high-quality contracts in the future."