NongHyup Life Insurance nearly doubles new-business CSM, with 150 billion won left to reach 1 trillion for the year
- Input
- 2026-10-28 16:13:03
- Updated
- 2026-10-28 16:13:03
NongHyup Life Insurance Co., Ltd. disclosed on the 28th that its cumulative new-business CSM through the third quarter this year stood at 847.1 billion won. That was up 95.5% (413.7 billion won) from 433.4 billion won in the same period a year earlier. If it adds 152.9 billion won in the fourth quarter, the total will reach 1 trillion won.
New-business CSM is the amount representing the present value of the profits an insurer expects to earn in the future from newly signed insurance contracts. Since the adoption of the new accounting standard (IFRS 17) in 2023, it has been used as an indicator of insurers’ future profitability and business competitiveness.
Buoyed by this performance, CSM held as of the end of the third quarter stood at 4.9762 trillion won. That was up 16.4% (701.7 billion won) from 4.2745 trillion won at the end of last year.
The solvency ratio (K-ICS) after transitional measures at the end of the third quarter was provisionally calculated at 368.78%.
Net income, however, fell 96.9% (204.1 billion won) to 6.8 billion won from 210.9 billion won in the same period a year earlier. Insurance profit was 196.6 billion won, down 109.6 billion won, while investment profit fell 164.6 billion won to 91.7 billion won.
A NongHyup Life Insurance Co., Ltd. official explained, "Insurance profit declined due to a decrease in the actual-versus-assumed expense variance following improvements to expense assumptions, as well as an increase in expenses for loss-making contracts. Investment profit was affected by lower valuation gains and losses on managed assets amid rising interest rates and higher insurance finance costs."
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