Hanwha Life Insurance announced on the 18th that last year’s net income increased by 71.8% from the previous year to 19 billion won. Sales increased by 6.8% year-on-year to 1,174 trillion won, and operating profit turned to black to 147.8 billion won. Hanwha Life Insurance said, “In spite of the new coronavirus infection (Corona 19) and the poor business environment due to ultra-low interest rates, we achieved improved performance by improving the loss ratio and expanding insurance products with coverage.”
Income insurance premiums rose 5.4% year-on-year to KRW 14,775 billion due to the expansion of retirement insurance sales. As a result of the continued promotion of the strategy to maximize the value of new contracts, insurance premiums amounted to 7,603 trillion won, a 3.3% increase from the previous year. The RBC ratio remained at 238.7%, an increase of 3.4 percentage points from the previous year due to an increase in bond valuation gains.
In April of this year, Hanwha Life Insurance is the first major domestic life insurance company to’separate platemaking’. The company plans to establish an insurance sales company to maximize consolidated profits and losses based on economies of scale and enhance its corporate value by strengthening market competitiveness.
In addition, Hanwha Life Insurance plans to build a sustainable management system through the creation of social values and fulfill social responsibilities this year as well as strengthening ESG management.
Lee Kyung-geun, head of Hanwha Life Insurance’s business division, said, “Hanwha Life plans to actively respond to the strengthening regulatory environment by maintaining stable capital adequacy through strengthening the mid- to long-term profit base and increasing channel competitiveness.”
