Samsung Life Insurance net sinks 54% in Q3

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The headquarters of Samsung Life Insurance is in Gangnam. (Yonhap)

Samsung Life Insurance, South Korea’s largest life insurer, said Thursday that its net profit for the third quarter fell more than 50 percent from a year ago, but its net profit rose 30 percent in the first nine months of the year.

Consolidated net profit was 159.1 billion won ($134.7 million) in the July-September period, down 54% from a year earlier, Samsung Life Insurance reported in a regulatory filing.

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Revenue increased 12.9 percent year-on-year to 9.09 trillion won in the three-month period, while operating profit declined 64.3 percent to 133.7 billion won.

However, in the first three quarters of the year, Samsung Life Insurance’s net profit ballooned 30 percent year-on-year to 1.29 trillion won thanks to special profits from Samsung Electronics Co.

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Samsung Life Insurance is the largest shareholder in Samsung Electronics, the flagship company of the Samsung Group in South Korea, with about 8.2 percent.

Samsung Life Insurance said its assets stood at 336.3 trillion won as of the end of September.

The risk-based capital ratio is 311 percent, and it is one of the top domestic companies. The RBC ratio – effective solvency capital divided by minimum required solvency capital – measures the insurer’s ability to absorb losses and pay insurance money to policyholders. (Yonhap)

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