Friday, November 17, 2017

Samsung Life posts 26% profit growth

Samsung Life posted 26.4% growth in net income for the first six months of the year.

In a regulatory filing, the insurer said that its net profit for the January-June period totalled W946.7 billion (US$828.4 million), down 39.7% from the same period last year, but that this was due to last year’s one-off accounting gain of W820.7 billion from its investment in Samsung Card.

Ignoring this, its bottom line gained 26.4% on year and premium income reached W11.1 trillion, up 0.7% from the same period last year on the back of an improved persistency rate.

The insurer added that its value of new business was W598.3 billion, up 6.5% over the same period.

Samsung Life Insurance’s total asset amounted to W276.2 trillion as of the end of June, up 4.4% from the same period last year.

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