Samsung Life Insurance said on the 14th that first-quarter net profit on a consolidation basis rose 89.5% from a year earlier to 1.2036 trillion won.
The contractual service margin (CSM) of newly signed contracts in the first quarter was 848.6 billion won, up 11% from the previous quarter, and the new business CSM multiple came in at 11.4 times. Samsung Life Insurance said expanded sales of health insurance and growth in both exclusive and non-exclusive channels boosted new business CSM.
The CSM of all contracts, supported by an expansion in new business CSM and management of insurance efficiency, was 13.6 trillion won, up 400 billion won from the start of the year. Insurance profit came to 256.5 billion won due to increased losses from actual-versus-expected variances, while investment profit was 1.2729 trillion won on higher dividends income and wider subsidiary and consolidation earnings.
The number of exclusive agents was tallied at about 44,400, a net increase of about 1,500 this year. As of the end of March, assets under management stood at 265 trillion won, and the K-ICS ratio was 210%, up 12 percentage points from the end of the previous year.