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| ▲ The headquarters of Samsung Life Insurance Co. in Seoul (Yonhap) |
(LEAD) Samsung Life Insurance-Q2 earnings
(LEAD) Samsung Life Insurance Q2 net jumps 70.3 pct
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SEOUL, Aug. 12 (Yonhap) -- Samsung Life Insurance Co., South Korea's top life insurer, said Friday its second-quarter earnings surged more than 70 percent thanks to decreased claims paid and lower costs.
Consolidated net income amounted to 199 billion won (US$152.7 million) in the April-June period, up 70.3 percent from a year earlier, the company said in a regulatory filing.
Operating profit shot up 706.3 percent on-year to 270.4 billion won, with revenue swelling 21.5 percent to 9.95 trillion won.
Yet its net income nose-dived nearly 60 percent on-year to 501.2 billion won in the first half of the year due mainly to a one-off factor. In the first half of last year, Samsung Life Insurance received 647.5 billion won in a special dividend from affiliate Samsung Electronics Co.
Operating profit plunged 57 percent on-year to 594.2 billion won in the January-June period, with revenue rising 5.8 percent to 19.26 trillion won.
Samsung Life Insurance, the insurance arm of Samsung Group, said its assets stood at 315 trillion won as of end-June.
The insurance firm said its risk-based capital (RBC) ratio -- the actual solvency capital divided by the minimum solvency capital required -- stood at 249 percent, which was among the highest among its peers.
The figure was higher than 150 percent or more recommended by local financial authorities.
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