Hanwha Life Insurance net soars 154% despite pandemic

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Hanwha Life Insurance net soars 154% despite pandemic
The corporate logo of Hanwha Life Insurance Co. (Yonhap)Major South Korean insurer Hanwha Life Insurance Co. said Thursday its third-quarter net profit rose more than 1.5 times from a year earlier despite the coronavirus pandemic.

Consolidated net income came to 378.9 billion won ($323.1 million) in the July-September period, up 154.5 percent from a year earlier, the company said in a regulatory filing.

Operating income climbed nearly 21 percent on-year to 250.3 billion won, with sales soaring 33 percent to 7.51 trillion won.

Hanwha Life Insurance, the No. 2 industry player, said it reported a sharp rise in net profit in the third quarter though business conditions were tough due to the pandemic.

In the first three quarters of the year, its net profit came to 880.6 billion won, up nearly 183 percent from the same period a year earlier. Its premium income gained 2 percent on-year to 3.35 trillion won. (Yonhap)

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