INCAR FINANCIAL SERVICE (211050) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached 468.9 billion KRW, up 18.3% year-over-year, driven by growth in insurance product sales and stable partnerships with over 30 insurers.

• Operating income for H1 2025 was 44.8 billion KRW, with net income at 33.0 billion KRW, both showing strong year-over-year growth.

• The company maintains a leading position in the independent insurance agency (GA) market, with a focus on digital transformation and diversified product offerings.

Financial highlights

• H1 2025 revenue: 468.9 billion KRW (+18.3% YoY); operating income: 44.8 billion KRW; net income: 33.0 billion KRW.

• Gross margin improved to 45.9 billion KRW from 22.6 billion KRW YoY.

• Basic EPS for H1 2025 was 682 KRW, up from 299 KRW in H1 2024.

• Total assets at June 30, 2025: 799.6 billion KRW; total equity: 175.3 billion KRW.

Outlook and guidance

• The company continues to expand its sales force and invest in digital platforms to support future growth.

• Ongoing focus on hybrid sales channels (face-to-face and digital) and product innovation.