Samsung Life Insurance announced on the 13th that its consolidated net profit for the first half of the year reached 1.39 trillion won, marking a 1.9% increase compared to the same period last year (1.3685 trillion won).
During the same period, the cumulative insurance contract service margin (CSM) increased by 800 billion won to reach 13.7 trillion won. With the increase in CSM, the profit from insurance services achieved 831.3 billion won, bolstered by expanded amortization gains.
Investment profits recorded 1.02 trillion won, down 8.4%, due to the decline in profits from consolidated subsidiaries despite revenue from net interest margins and dividends.
In the second quarter of this year, the new contract CSM recorded 768.6 billion won, an increase of 16.8% compared to the previous quarter, thanks to strong sales of high-margin health insurance. Notably, the health CSM increased to a cumulative 1.141 trillion won in the first half of the year, expanding its share of total new contract CSM from 74% in the first quarter to 85%.