“DGB Life to further increase contribution to non-bank group profits in the second half of the year”
iM Life CI. Provided by iM Life
, ‘[Financial News] DGB Life announced on the 30th that it achieved a net profit of 28.4 billion won in the first half of this year. The profit for the second quarter was 17.6 billion won, an increase of 6.8 billion won compared to the previous quarter (10.8 billion won).’,
, ‘The insurance profit for the first half of the year totaled 32.0 billion won, slightly lower than the same period last year (35.2 billion won). This was due to changes in regulatory guidelines related to insurance profits and the reduction of interest margins on insurance contract loans, but it actually showed growth compared to the same period last year.’,
, ‘The balance of the insurance contract margin (CSM) at the end of the first half was 810.3 billion won, an increase of 53.2 billion won compared to the end of the previous year, showing steady growth. CSM is a key indicator reflecting the future profits of insurance companies and is considered a core factor of profits under the accounting standard IFRS 17 introduced to insurance companies last year.’,
, ‘The actuarial profit for the first half was 7.6 billion won, demonstrating DGB Life’s ability to manage operations stably. Actuarial profit refers to the difference between the expected insurance benefits and operating expenses estimated by the insurance company and the actual insurance benefits and operating expenses incurred.’,
, ‘Investment profit for the same period was 11.9 billion won. This was mainly due to strategies to reduce profit variability in response to increased interest and exchange rate volatility and changes in market conditions, as well as the expansion of selective high-quality alternative assets. Investment profit for the second quarter increased more than four times compared to the previous quarter, reaching 9.6 billion won.’,
, ‘DGB Life stated, “President Kim Sung-han’s growth strategy is on course,” explaining, “Through a two-track strategy for guaranteed and variable insurance, we have secured a stable revenue base without deviation.” According to a differentiated variable insurance operation strategy for mutual benefit between customers and the company, the three-year return on variable insurance funds recorded the highest in the industry as of the end of last year.’,
, ‘As a result, DGB Life’s net assets for variable insurance as of June this year reached 1.2848 trillion won, which is approximately four times higher than the 326.1 billion won at the end of 2020 when the company ranked 17th in the industry. DGB Life plans to expand its variable insurance assets to 2 trillion won by 2026.’,
, ‘President Kim Sung-han said, “We have demonstrated our ability to create stable profits at a time of transition to a commercial banking group and a new leap through a change in our corporate mission in June,” and said, “In the second half of the year, we will further increase our contribution to non-bank group profits within DGB Financial Group by achieving stable insurance profits and responding agilely to market changes as a solid small and medium-sized insurance company.”‘,
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