INCAR FINANCIAL SERVICE (211050) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached ₩230.1 billion, up 23.2% year-over-year, driven by growth in insurance product sales and commissions from over 30 partner insurers.

• Net income attributable to controlling interests was ₩15.8 billion, a 24.3% increase year-over-year.

• The company maintained a strong market position as a leading independent insurance agency (GA), focusing on both face-to-face and hybrid sales channels.

Financial highlights

• Operating income for Q1 2025 was ₩21.1 billion, up from ₩17.4 billion in Q1 2024.

• Total assets at quarter-end were ₩763.7 billion, with liabilities of ₩605.7 billion and equity of ₩158.0 billion.

• Basic and diluted EPS for Q1 2025 were ₩325, compared to ₩256 in Q1 2024.

• Cash and cash equivalents increased to ₩2.1 billion from ₩1.5 billion at the previous year-end.

Outlook and guidance

• The company continues to expand its sales force and strengthen partnerships with major insurers, aiming for stable revenue growth.

• Ongoing investment in digital platforms and sales support systems is expected to enhance operational efficiency and customer experience.