INCAR FINANCIAL SERVICE (211050) Q2 2024 earnings summary

Executive summary

• Achieved strong revenue growth in 2024 H1, with consolidated sales of 396.4 billion KRW, up 61.8% year-over-year, driven by expansion in insurance sales and increased market share.

• Net income for H1 2024 reached 27.5 billion KRW, a slight decrease from 29.5 billion KRW in H1 2023, reflecting higher operating costs and increased investments.

• Maintained a leading position in the independent insurance agency (GA) sector, with 15,000 agents as of April 2024 and continued recognition for brand reputation.

Financial highlights

• Consolidated revenue: 396.4 billion KRW in H1 2024, up from 245.0 billion KRW in H1 2023.

• Operating income: 39.4 billion KRW in H1 2024, compared to 46.6 billion KRW in H1 2023.

• Net income: 27.5 billion KRW in H1 2024, down from 29.5 billion KRW in H1 2023.

• Basic EPS: 554 KRW for H1 2024, up from 262 KRW in H1 2023 (reflecting stock split adjustment).

• Total assets: 560.1 billion KRW as of June 2024, up from 497.3 billion KRW at end-2023.

Outlook and guidance

• Focus on expanding agent network and hybrid sales channels (face-to-face and digital) to drive future growth.

• Continued investment in IT platforms and digital transformation to enhance operational efficiency and customer experience.

• Management expects stable revenue growth and profitability, supported by diversified insurance product offerings.