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.
SEOUL - In a speech at the National Assembly on Tuesday, Rep. Hong Ihk-pyo, the floor leader of the Democratic Party (DP), criticized the administration of President Yoon Suk Yeol for what he perceives as a regression in democracy and a decline in economic stability and public welfare. Hong, representing the largest parliamentary negotiating bloc, accused the Yoon government of failing to maintain the fairness and common sense it had promised, highlighting a recent incident where a student was removed by security for heckling President Yoon at a graduation ceremony as evidence of the administration's disregard for free speech.According to Yonhap News Agency, the past two years under President Yoon have seen a notable backslide in democratic freedoms, including freedom of speech, along with deteriorating economic conditions and public livelihoods. With the parliamentary elections scheduled for April 10, just 50 days away, Hong called on voters to support the DP as the only viable option to address these challenges and restore democracy and stability in South Korea.