Shinhan Life Emerges as the Top Performer Among Financial Holding Companies' Life Insurers - Excelling in Profitability and Growth

Shinhan Life has solidified its position as the top life insurer within the financial holding group

Shinhan Life has solidified its position as the top life insurer within the financial holding group, significantly driving the non-banking sector profits of Shinhan Financial Group. With outstanding performance in net profit and insurance contract margin (CSM) compared to its competitor KB Life, and a substantial increase in annual premium equivalent (APE), Shinhan Life presents a promising outlook for future growth.

Remarkable Achievements of Shinhan Life

In the first half of 2024, Shinhan Life achieved a net profit of 312.9 billion KRW, surpassing KB Life Insurance's 202.3 billion KRW by over 100 billion KRW. While Shinhan Life saw a 0.4% increase compared to the previous year, KB Life experienced an 8.2% decline. This highlights Shinhan Life's superior growth amidst fierce competition among financial holding companies.

Excelling in Insurance Contract Margin (CSM)

Shinhan Life recorded an insurance contract margin (CSM) of 7.709 trillion KRW in the first half of the year, surpassing Kyobo Life Insurance, a top player in the industry. This achievement in securing CSM, a key profitability indicator under the new International Financial Reporting Standard (IFRS17), marks a significant milestone.

Rapid Growth in Annual Premium Equivalent (APE)

Shinhan Life's APE for the first half of the year grew by 83.8% compared to the previous year, reaching 804.2 billion KRW. The protection-type APE was 770.7 billion KRW, and the savings and pension-type APE was 33.6 billion KRW, representing increases of 80.8% and 196.3%, respectively. This growth is attributed to timely product launches that meet customer needs and a strengthened portfolio of protection-type insurance.

Strengthening Competitiveness and Future Outlook

Under the leadership of CEO Youngjong Lee, Shinhan Life has focused on selling protection-type insurance. Moving forward, the company plans to enhance the competitiveness of its General Agency (GA) channel and expand its core sales force to ensure steady growth.

A representative from Shinhan Life stated, "By launching products that meet customer needs and strengthening our portfolio of protection-type insurance, our insurance profit has steadily improved. We will continue to enhance our foundational sales strength and secure future competitiveness to generate sustainable profits."

Shinhan Life stands out as the top performer among financial holding companies' life insurers, with exceptional profitability and growth. With a strategic focus on customer-centric products and robust sales channels, Shinhan Life is poised for continued success, contributing to the overall performance of Shinhan Financial Group. The successful trajectory of Shinhan Life sets a promising example for the entire financial holding sector.