Hanwha General Insurance said on Aug. 14 that second-quarter net income rose 45.6% from a year earlier to 116.4 billion won. A sales strategy focused on women-specific insurance and corporate insurance agencies (GAs) that President Na Chae-beom has pursued led the improvement in results.
Revenue increased 15.4% to 1.9774 trillion won. The contractual service margin (CSM) for new contracts was tallied at 327.2 billion won, up 24.9%. Following the prior first quarter (302.4 billion won), it again set a quarterly record high. The CSM in force for the first half also rose 7.2% to 4.4204 trillion won. As of the end of Jun., the Korea Insurance Capital Standard (K-ICS) ratio stood at 185% before transitional measures and 228% after, maintaining stable solvency.
Average monthly new long-term protection contracts totaled 7.73 billion won, up 3.5% from last year, driven by higher sales of the "Signature Women's Health Insurance." The product is characterized by coverage tailored to the life cycle, from pregnancy and childbirth to diseases that frequently affect women. Backed by its product competitiveness, Hanwha General Insurance maintained a 12% market share in the GA channel from January to May this year, and average monthly sales of long-term protection insurance also increased by about 9% from the same period a year earlier.
A Hanwha General Insurance official said, "Sales of long-term protection products are increasing across sales channels," adding, "In the second half, we will continue steady growth by maintaining a CSM-centered sales stance and actively expanding a product pipeline with differentiated competitiveness."