INCAR FINANCIAL SERVICE (211050) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached 832,259 million KRW, up 49.5% year-over-year, driven by expanded sales force and increased insurance product sales.

• Operating income rose 85.2% to 86,267 million KRW, and net income more than doubled to 62,027 million KRW, reflecting improved profitability.

• The company maintained a strong market position as a leading independent insurance agency (GA), with a diversified portfolio and robust partnerships with over 30 insurers.

Financial highlights

• Total assets increased to 707,432 million KRW, up 210,103 million KRW from the previous year.

• Total liabilities rose to 560,171 million KRW, with equity at 147,261 million KRW.

• Operating cash flow was 75,598 million KRW, with investment cash outflows of 45,887 million KRW and financing outflows of 29,117 million KRW.

• Basic and diluted EPS for 2024 was 1,260 KRW, up from 575 KRW in 2023.

• Dividend payout totaled 4,866 million KRW, with a payout ratio of 7.8%.

Outlook and guidance

• The company continues to focus on expanding its sales force and diversifying its business portfolio, including investments in new business areas.

• Ongoing efforts to enhance digital platforms and operational efficiency are expected to support future growth.