Samsung Life Insurance, boosted by its stake in Samsung Electronics, 1posts higher quarterly net profit
Investment gains on Samsung Life Insurance’s stake in Samsung Electronics (8.41%) reached this year’s 1quarter 1.2trillion won. The life insurance industry’s 1quarter net profit rose 10% year over year, while net profit in the non-life insurance industry declined. Loans in the financial sector in the Gwangju and Jeonnam regions increased in the 1quarter compared with the previous quarter.
Samsung Life Insurance disclosed that its stake in Samsung Electronics is 8.41% and that investment gains in 1quarter this year amounted to 1.2trillion won. Over the same period, the life insurance industry’s 1quarter net profit increased 10% from the same period a year earlier. The non-life insurance industry’s net profit declined over the same period, according to compiled figures.
Samsung Electronics’ performance and dividends contributed to an increase in Samsung Life Insurance’s investment income. According to the report, Samsung Life Insurance cited higher dividend income as a factor behind its strong results. The industry described Samsung Life Insurance as one of its larger players.
The decline in net profit in the non-life insurance industry was reflected in the compiled results. The performance of individual non-life insurers varied by company. The extent of the decline and its causes differed according to each company’s disclosures.
The financial sector in Gwangju and Jeonnam this year 1Quarterly loan balances increased from the previous quarter. The banking sector’s outstanding loan balance was reported to have risen. Details on the size of the increase and by sector are available in regional financial institutions’ quarterly reports.
These announcements are compiled results based on each company’s quarterly disclosures and regional financial-sector statistics. Company-level details and quarterly reports provide information on investment gains and losses and lending trends. The relevant figures are available in each company’s disclosures.