DB Insurance (005830) Q2 2024 earnings summary

Executive summary

• Revenue for 2Q 2024 rose 9.5% year-over-year to KRW 4,687bn, with cumulative revenue up 6.3% to KRW 9,319bn.

• Net income for 2Q 2024 increased 16.3% year-over-year to KRW 541bn; cumulative net income up 23.2% to KRW 1,124bn.

• The report covers the half-year ended June 30, 2024, for a listed insurance group with extensive domestic and international operations, including recent acquisitions in Vietnam.

• The group operates primarily in non-life insurance, life insurance, and financial services, with a diversified product portfolio and global expansion strategy.

Financial highlights

• Consolidated net income for H1 2024 was KRW 1,191.4 billion, with consolidated revenue of KRW 10,802.3 billion.

• Separate net income (parent company) was KRW 1,124.1 billion on revenue of KRW 9,318.5 billion.

• Insurance operating profit was KRW 1,097.3 billion, investment profit KRW 392.6 billion.

• Dividend per share for 2023/period was KRW 5,300, with a dividend payout ratio of 28.2%.

• Total assets reached KRW 61.9 trillion, with equity of KRW 9.8 trillion at period end.

Outlook and guidance

• Shareholder return rate is planned to increase to over 35%, up from 20.7% in 2023, contingent on maintaining a K-ICS ratio between 200% and 220%.

• Capital policy targets a K-ICS ratio range of 200%–220% to support shareholder returns and business expansion.

• The group aims to strengthen profitability through underwriting discipline, channel diversification, and global expansion, especially in the US and Southeast Asia.

• Focus remains on sustainable growth, digital transformation, and ESG initiatives.