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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)

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