Dongyang Life posts 11.5% profit jump in H1 from lifelong premiums

Dongyang Life Insurance, the insurance subsidiary of Woori Financial Group, reported a first‑half‑year 2024 net profit of 91.9 billion won, an 11.5% increase from the same period last year.

The profit rise was driven by strong sales of newly launched long‑term premium whole‑life policies. Quarterly profit surged 168% to 66.9 billion won in Q2, while new‑business premium (APE) rose 48.4% to 2.065 trillion won for the quarter and reached 3.457 trillion won for the half year. Contract margin (CSM) also grew 56.7% to 1.48 trillion won. The insurer’s solvency ratio (K‑ICS) improved to a provisional 205%, up 28 percentage points year‑on‑year.

Woori Financial’s board has approved a comprehensive share‑exchange plan that will make Dongyang Life a wholly owned subsidiary, with the exchange scheduled for August 11 and the parent’s new shares to be listed shortly thereafter.