Mirae Asset Life Insurance said on the 24th that last year's net profit came to 130.8 billion won, down 3.9% from a year earlier. Insurance profit from its core business was 112.0 billion won for the same period, down 6.1%. Investment profit, boosted by increases in interest and dividends income, was 86.7 billion won, more than 22 times higher than the previous year's 3.9 billion won.
The insurance service margin for new contracts was 539.9 billion won last year, up 36.8% from a year earlier to a record high. The insurance service margin refers to the future contract value realized by providing insurance contract services. In the insurance industry, it is used as an indicator to gauge an insurer's future profit. The balance of the insurance service margin was 2.0584 trillion won last year, down 1% from a year earlier.
The risk-based capital ratio, a solvency indicator for insurers, stood at 177.9%. Mirae Asset Life Insurance explained that this was thanks to conservative actuarial assumptions that have adhered to principles since the early adoption of the new accounting standard (IFRS 17) and a systematic asset-liability management philosophy.
Mirae Asset Life Insurance's pre-tax profit was 198.7 billion won last year, up 61.4% from a year earlier to an all-time high.