Samsung Life Insurance announced on the 16th that its net profit for the first quarter of this year was 635.3 billion won, a 2.1% increase compared to the same period last year (622.1 billion won).
During the same period, the insurance profit was recorded at 277.9 billion won, up 3.6%. Samsung Life Insurance attributed this to increased amortization profits from the insurance contract margin (CSM) and improvements in actual-to-expected ratio. The investment profit rose 0.4% to 564.6 billion won.
In the first quarter of this year, the new contract CSM was 657.8 billion won, of which the proportion of health products was about 74%. The cumulative CSM was 13.3 trillion won.
As of the end of March, the solvency ratio (Kicks) was expected to be at 180%. It is projected to decline compared to last year (185%) due to interest rate cuts.
The number of exclusive designators is 39,350. The proportion of health products sold through exclusive channels also reached 78%, accelerating the improvement of the portfolio.