Hanwha Life reported on the 15th that its consolidated net income for the first quarter of this year was 295.7 billion won, a decrease of 19.7% compared to the same period last year. The separate net income, excluding subsidiaries like HANWHA GENERAL INSURANCE and Hanwha Life Financial Services, recorded 122 billion won.
During the same period, sales decreased by 1.1% to 6.455 trillion won, and operating profit decreased by 7.4% to 371.4 billion won.
The revenue indicator, the new contract insurance contract margin (CSM), stood at 488.2 billion won in the first quarter, of which the CSM of new protection insurance contracts accounted for 94% at 458.5 billion won.
The annualized premium equivalent (APE) for protection insurance was recorded at 688.1 billion won. Hanwha Life noted that "the expansion of high-margin general protection product sales and improvements in product profitability are expected to achieve an annual new contract CSM of over 2 trillion won and stable year-end retention contract CSM."
Insurance profit for the first quarter was 104.2 billion won, an increase of 15% compared to the same period last year. However, investment profit evaluation and disposal profit slowed due to increased volatility in domestic and foreign financial markets, including U.S. tariff policies.
The net income for the first quarter of Hanwha Life Financial Services, a subsidiary-type corporate insurance agency (GA) of Hanwha Life, was 22.5 billion won, a 63% increase compared to the previous year. During the same period, the number of insurance planners affiliated with Hanwha Life Financial Services increased by about 3,400 to 34,419.