Shinhan Life said it posted cumulative net income of 507.7 billion won last year. The figure fell 3.9% from a year earlier.
Last year, Shinhan Life's net income came to 788.1 billion won, up 9.2% from a year earlier, helped by insurance profit and gains related to marketable securities on the back of strong financial markets. However, cumulative net income decreased from a year earlier due to factors such as a corporate tax rate hike.
Annualized premium equivalent (APE) last year rose 8.9% from a year earlier to 1.7209 trillion won. During the same period, protection-type insurance increased 2.1% to 1.5341 trillion won, while savings and annuity insurance, strengthening competitiveness with a differentiated strategy, grew 143.7% to 186.9 billion won.
Annual insurance profit rose 6.8% from a year earlier to 709 billion won, driven by increases in the contractual service margin (CSM) and risk adjustment gains. Over the same period, financial profit increased 31.4% to 203.1 billion won. This was due to higher gains related to marketable securities amid a stock market boom.
In the fourth quarter last year, insurance profit was 135.2 billion won, up 112.7% from a year earlier, while fourth-quarter financial profit over the same period fell 30.4% to 24.3 billion won due to factors such as interest rate hikes.
As of the end of last year, total assets were about 59.7 trillion won, and the contractual service margin (CSM) was 7.6 trillion won, up 4.5% from a year earlier. As of the end of Dec., the Korea Insurance Capital Standard (K-ICS) ratio stood at 204.3% (provisional).