Samsung Life net profits plunges by 72.9%

The insurer saw losses grow by $170m compared to last year.

Korea’s number one insurer Samsung Life Insurance Co. saw its profit drop by 72.9% in the first quarter due to losses from its variable life insurance business amid recent stock market volatility.

Net income totaled $240m by the end-March compared to its profit of $860m last year, according to a regulatory filing detailing Samsung Life's financial report for the quarter.

Operating profit also plunged 75.7% year-on-year to $250m, whilst sales declined by 7% to $7.3b.

The poor profits were attributed partly to larger losses from guaranteeing variable life insurance products highly exposed to the volatile movements of the securities markets

Stock markets in various markets saw volatility recently, driven by inflation woes and aggressive monetary tightening by major economies, including the United States.

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