Hanwha Life Insurance(088350) is up 9% on the 13th on the back of released strong second-quarter results.
As of 9:17 a.m. that day, Hanwha Life Insurance was trading at 5,150 won on the Korea Exchange, up 450 won (9.57%) from the previous session.
The previous day, Hanwha Life Insurance said its first-half net profit on a consolidation basis came to 904.5 billion won, up 96% from a year earlier. On a separate basis, net profit was tallied at 510.2 billion won, up 183.9% from a year earlier as both insurance and investment income improved.
Jo A-hae, a Meritz Securities analyst, raised the target price to 6,200 won from 5,500 won based on better-than-expected second-quarter results. Jo said, "Uncertainty over distributable earnings due to the burden of surrender value reserves still exists, but there is room for change with solid consolidation earnings and institutional improvements."