Hanwha Life Insurance’s net profit up 1.2% in 2023

[Photo by MK DB]

Hanwha Life Insurance Co. saw its net profit surge by more than 1 percent to 826 billion won ($619 million) last year, the company said on Wednesday.

Despite a modest 1.2 percent increase from the previous year’s net profit of 816.4 billion won, Hanwha Life Insurance saw its net profit surge by 73.9 percent to 616.3 billion won on a separate basis that excludes subsidiary performance.

Sales of cancer and dementia insurance led to a 57.9 percent increase in its contractual service margin (CSM) from new contracts.

The number of insurance planners at the company reached 27,172 last year, up 47 percent from 2021 when the company separated sales and product manufacturing.

Hanwha Life Financial Service Co., the company‘s sales subsidiary, in the meantime, posted a net profit of 68.9 billion won in 2023, achieving its first annual profit since its inception in 2021.