Tongyang Life Insurance announced on the 18th through a corporate briefing (IR) that its net profit on a separate basis for the first quarter, applying the new International Financial Reporting Standards (IFRS17), was 156.5 billion won.
Insurance premium income, which means sales in the first quarter, was 880 billion won. Due to strong sales of protection-type products, the annualized premium (APE) of new contracts for protection-type insurance in the first quarter increased by 64.9% from the previous quarter to record KRW 156.1 billion. APE is an indicator that converts premiums for all payments, such as monthly, quarterly, and lump sum payments, on an annual basis, and is a standard for measuring the growth potential of an insurance company.
The new contractual insurance contractual margin (CSM), a future profitability indicator newly established with the new international accounting standard IFRS 17 introduced this year, is KRW 176.3 billion. As a result, as of the end of the first quarter of this year, CSM held contracts recorded KRW 2.4857 trillion.
Tongyang Life Insurance explained that its operating asset yield in the first quarter was 4.82% through active market response and asset rebalancing in response to changes in the interest rate environment.
An official from Dongyang Life Insurance said, “Despite the continuing uncertainty in the financial market, we have achieved improved performance through preemptive risk management, sustainable asset growth strategies, and specialization in the asset management sector.” Through the central sales strategy, we will continue to enhance the competitiveness of the insurance industry.”
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Source: 세계일보 by www.segye.com.
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