Hanwha Life Insurance (088350) Q2 2024 earnings summary

Executive summary

• Achieved consolidated net income of KRW 667.3 billion for H1 2024, supported by strong growth in new business CSM and protection product expansion, with total assets at 149.4 trillion KRW at June-end.

• Sales force expanded 13.2% year-over-year to 29,184, maintaining industry-leading channel competitiveness and improved persistency ratios.

• The group maintained strong credit ratings (AA+ by major Korean agencies) and continued to focus on profitability and risk management.

Financial highlights

• Protection APE grew 37% year-over-year; general protection APE surged over 92%, with new business APE at KRW 1.9 trillion and new business CSM reaching KRW 996.5 billion.

• Consolidated net income: KRW 667.3 billion; separate net income: KRW 347.8 billion.

• Investment yield reached 3.73%, exceeding the crediting rate.

• H1 2024 consolidated revenue: 12.54 trillion KRW; operating income: 780.5 billion KRW.

• Major subsidiaries contributed: Hanwha General Insurance (KRW 460 billion), Hanwha Life Financial Service (KRW 55 billion), Vietnam subsidiary (KRW 31 billion).

Outlook and guidance

• Targeting annual new business CSM of KRW 2.1 trillion and in-force CSM of KRW 9.7 trillion for 2024, with a K-ICS ratio goal of 175% by year-end.

• Plans to increase dividend payout ratio in line with regulatory improvements and government initiatives.

• Focus on enhancing digital competitiveness, product profitability, and retention management.