Samsung Life Insurance Reports Nearly 20% Increase in 2023 Net Profit

SEOUL - Samsung Life Insurance Co. announced on Tuesday that its net profit for the year 2023 surged by nearly 20 percent, driven by higher profit margins and increased investment returns. The leading South Korean life insurer reported a net profit of 1.89 trillion won ($1.41 billion), marking a 19.7 percent rise from the previous year.

According to Yonhap News Agency, the significant increase in earnings can be attributed to a stable profit margin and heightened investment profits. Samsung Life Insurance also highlighted the growth of its contractual service margin (CSM), a key indicator of future profitability, which saw a 14 percent increase to 12.2 trillion won by the end of 2023. The insurer credited the expansion of its health insurance products and a larger share in the whole life insurance market for the improvement in the CSM for new insurance contracts. Furthermore, Samsung Life Insurance noted its total assets reached 314.7 trillion won, with a capital adequacy ratio that places it among the top in the industry, demonstrating robust financial health under the Korean Insurance Capital Standard introduced last year.

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