A+ Asset, the first publicly listed corporate insurance agency in South Korea, reported on the 21st that its operating profit (on a consolidated basis) increased by approximately 150% compared to the previous year.
According to the disclosure, sales for the standalone basis in 2024 increased by 44.7% to 456.3 billion won, operating profit increased by 173.8% to 29.5 billion won, and net profit for the current period rose by 124.1% to 23.8 billion won. On a consolidated basis, sales increased by 47% to 515.8 billion won, and operating profit increased by 151.3% to 31.6 billion won.
However, due to accounting losses from the consolidation of its affiliate NANO, the consolidated net profit for the current period recorded a decrease of 13.4% compared to the previous year, amounting to 10.1 billion won.
The growth in performance in 2024 was primarily driven by an increase in the sale of non-termination and low-termination insurance products. Despite the second year of implementation of the new accounting standard (IFRS 17), competition among insurance companies continued, leading to increased sales of non-termination guarantee products to secure insurance contract margins (CSM).
In the life insurance institutional sector, products such as short-term, low-termination whole life insurance with high return rates and regular insurance for corporate tax savings and retirement funds for executives showed significant growth, while in the non-life insurance institutional sector, health insurance that strengthened coverage for treatment and surgical expenses related to three major illnesses (cancer, cerebrovascular diseases, cardiovascular diseases) also exhibited growth.
The expansion of the agent organization also contributed to improved performance. The number of agents increased from 4,342 at the end of 2023 to 5,227 by the end of 2024, and 41% of new agents in 2024 are composed of individuals without prior experience. This trend is expected to continue, with expectations of exceeding 6,000 agents by the end of March this year.
A+ Asset plans to continue expanding its recruitment of inexperienced agents to enhance its sales competitiveness while also contributing to job creation.
A representative from A+ Asset noted, "Although 2025 is expected to present a challenging environment for the insurance industry overall, we plan to continuously expand the agent organization and effectively train inexperienced agents to improve operational efficiency and strengthen sales competitiveness."