Hanwha Life Insurance (088350) Q4 2024 earnings summary

Executive summary

• Achieved strong top-line and bottom-line growth in 2024, driven by enhanced product and channel competitiveness, with organization size expanding by 3,833 people year-over-year.

• Maintained industry-leading sales force with over 31,000 financial planners and launched market-leading products.

• Demonstrated resilience amid economic slowdown and industry competition.

• New business APE grew 18% year-over-year, with protection APE up 28% and now comprising 81% of new business.

• Separate net income rose 17% year-over-year to KRW 721bn, while consolidated net income reached KRW 866bn, supported by strong subsidiary performance.

Financial highlights

• After-tax income rose 17% year-over-year to KRW 726 billion; separate net income reached KRW 721bn; consolidated net income was KRW 866bn.

• Insurance income was KRW 506.3 billion; excluding IBNR one-offs, approximately KRW 636 billion.

• Investment income totaled KRW 391bn, supported by stable interest and dividend gains.

• Persistency ratios improved to 89.9% (13th month) and 63.8% (25th month).

Outlook and guidance

• Aims to secure a business organization of 36,000 people and achieve 15%+ growth in general protection APE in 2025.

• Targets over KRW 2 trillion in new business CSM inflows and over KRW 9.6 trillion in inforce CSM.

• Plans to maintain K-ICS ratio above 170% and pursue digital innovation and global market competency.