Seoul: Samsung Life Insurance Co., one of South Korea's leading life insurers, reported its second-quarter net income of 727.4 billion won (US$514 million), reflecting a decrease of 8.3 percent compared to the same period last year.
According to Yonhap News Agency, the company, which is part of the Samsung Group, disclosed in a regulatory filing that its operating income for the period from April to June experienced a significant decline of 32 percent year-on-year, totaling 622.6 billion won. Despite the downturn in profit and operating income, Samsung Life's revenue saw a substantial increase, rising 71.9 percent to 18.75 trillion won.
The reported earnings fell short of market expectations, as analysts had projected an average net profit of 765.8 billion won. This estimate was based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.