HANWHA GENERAL INSURANCE reported a net profit of over 140 billion won in the first quarter. This is the highest performance on a quarterly basis. Operating profit more than quadrupled compared to the previous quarter, and net profit nearly tripled, resulting in a significant improvement in revenue.
HANWHA GENERAL INSURANCE noted on the 14th that its net profit for the first quarter of this year increased by 14.3% year-on-year to 142.7 billion won. Compared to the previous quarter, this represents a 290.5% increase. Long-term guaranteed new contract sales reached 19.33 billion won, achieving a monthly average of 6.5 billion won, growing 6.8% compared to the same period last year. This is a result of strengthening competitiveness in "Hanwha Signature Women's Health Insurance" and expanding the senior insurance sales organization.
At the end of the quarter, the insurance contract margin (CSM) held was 3.976 trillion won, an increase of 4.5% compared to 3.8032 trillion won at the end of last year. HANWHA GENERAL INSURANCE plans to improve the value of new contracts and further expand the CSM of retained contracts through adjustments in the basic rate, including the cancellation rate, following April.
A representative of HANWHA GENERAL INSURANCE said, "This year, we will strengthen HANWHA GENERAL INSURANCE's unique brand position based on women's insurance and actively target the senior and substandard markets by developing differentiated product competitiveness."