Hanwha Life profit nearly doubles in first half of year

Hanwha Life Insurance logged 904.5 billion won ($640 million) in consolidated net income in the first half of the year, up 96 percent year-over-year, driven by strong earnings from both parent and subsidiaries, the company reported in a regulatory filing on Wednesday.

The company’s separate net profit surged 184 percent on year to 510.2 billion won, driven by improvements in both insurance and investment profits. Insurance profit rose 62 percent to 285.3 billion won, while investment profit, including those derived from dividend and interest, jumped 776 percent to 354.8 billion won.

Hanwha Life achieved 1.3 trillion won in new-business contractual service margin in the first half of the year. The figure was up 40.5 percent from a year earlier, marking the company’s highest first-half result since the introduction of IFRS 17, the international accounting standard for insurance contracts implemented in Korea in 2023.

The combined net profit of its domestic and overseas subsidiaries, including Hanwha General Insurance, Hanwha Investment & Securities, and its overseas affiliates, came to 500.9 billion won.

"Improved insurance and investment profits, coupled with balanced growth at its domestic and overseas subsidiaries, further strengthened consolidated earnings," said a spokesperson for Hanwha Life Insurance. “In the second half, the company plans to bolster its product lineup, with a focus on long-term whole-life policies and health insurance covering dementia and caregiving."

BY JIN MIN-JI [jin.minji@joongang.co.kr]