Kyobo Life's profits reach $230m in Q1
CreditSights said this was the second-highest earnings figure in the market.
Kyobo Life has so far showed an adequate capital adequacy ratio of 193.8% without relaxation measures and a robust 265.4% with relaxation measures in the first quarter (Q1 2024, CreditSights said.
Although Kyobo Life has not yet disclosed the K-ICS ratio for the quarter.
Kyobo Life's Q1 results showed a slight increase in gross premiums, up 1.0% year-over-year (YoY) to approximately $3.3b (KRW4.5t).
This growth came with a shift in the product mix, favouring whole-life policies over annuity products.
Kyobo Life reported a net profit of $230m (KRW311b), the second highest in the market.
However, this represents a 27.2% decrease year-over-year, primarily due to a significant 41.5% drop in investment profit, affected by lower fair value gains on financial assets and higher expenses on derivatives.
On the balance sheet, total assets increased marginally by 0.9% compared to the end of last year.
The investment allocation remained stable, with fixed-income securities making up 34.9% of total assets.
($1.00 = KRW1,370)