Q2 2024 Samsung Life Insurance Co Ltd Earnings Call Transcript
Key Points
- Consolidated net profit increased by 40.5% year on year, reaching KRW1,369 billion.
- CSM (Contractual Service Margin) balance grew by KRW0.5 trillion year to date, expected to exceed KRW13 trillion by year-end.
- Investment profit showed significant improvement, with KRW555 billion reported in Q2, up from negative KRW77 billion the previous year.
- Exclusive sales channel saw a net increase of 2,300 agents year to date, maintaining industry-leading position.
- Shareholder return policy aims to target a global top-tier payout of 50% in the mid to long term.
- Shareholders' equity declined by KRW2.8 trillion year to date, mainly due to the FSS liability discount rate strengthening.
- Significant negative CSM adjustment of KRW600 billion in the first half due to policy cancellations and regulatory changes.
- Interest rate sensitivity remains high, with a 10-basis-point drop in interest rates associated with a KRW2 billion to KRW3 billion drop in margins.
- Pending regulatory changes are causing delays in the disclosure of the corporate value program.
- Margins for whole life insurance products have been impacted by intense market competition and promotional marketing spend.
Good morning, everyone. This is In-Hwan Kim, Head of Investor Relations. Thank you for joining us today for Samsung Life's 2024 first-half earnings presentation. Today's call is scheduled for 1 hour and 30 minutes, starting with the earnings presentation delivered by our CFO, Mr. Kyung-Bok Lee, and followed by your questions, which will be addressed by the members of our management team present here today.
Please note that the figures in this presentation may be revised during the auditing process. And any forward-looking statements, including the earnings outlook contained in today's conference call are subject to change depending on both domestic and overseas market conditions and operating environment.
Let me now hand over the presentation to our CFO, Mr. Kyung-Bok Lee.
Good morning, everyone. This is CFO, Mr. Kyung-Bok Lee. I would like
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