DB Insurance (005830) Q3 2024 earnings summary

Executive summary

• Net income for 3Q 2024 rose 24.9% year-over-year to KRW 454bn, with cumulative net income up 23.7% to KRW 1,578bn.

• Total consolidated revenue for the first nine months of 2024 was ₩15,525.9 billion, with consolidated net income of ₩1,666.5 billion, reflecting stable insurance and investment operations.

• Operating profit increased 27.9% year-over-year in 3Q 2024, reaching KRW 606bn; cumulative operating profit up 23.6%.

• Investment profit surged 255.6% year-over-year in 3Q 2024, contributing significantly to overall earnings growth.

• The company completed the acquisition of two Vietnamese insurers, expanding its international footprint.

Financial highlights

• Revenue for 3Q 2024 declined 8.1% year-over-year to KRW 4,366bn, but cumulative revenue grew 1.2% to KRW 13,685bn.

• Consolidated net income for the first nine months of 2024 was ₩1,666.5 billion, down from ₩1,742.4 billion year-over-year.

• Basic EPS for the period was ₩27,751, up from ₩23,423 year-over-year.

• Dividend per share increased to KRW 5,300 in 2023, with a dividend payout ratio of 28.2%.

• Total assets at quarter-end were ₩63,489.1 billion, with equity of ₩9,883.3 billion.

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 balance regulatory requirements and shareholder returns.

• The company aims to maintain growth in both insurance and investment income, with a focus on risk management and capital adequacy.

• Plans include further international expansion and digital transformation to enhance competitiveness.