Hanwha General Insurance Co. reported its highest-ever quarterly net profit of 142.7 billion won ($101.3 million) in the first quarter of 2025, marking a 290.5% surge from the previous quarter and 14.3% year-on-year growth.
Operating profit climbed to 187.6 billion won ($133.3 million), up 353.5% quarter-on-quarter and 8.8% year-on-year, the Seoul-based company said Wednesday. The insurer’s contractual service margin balance reached 3.976 trillion won ($2.83 billion) by quarter-end, increasing 4.5% from December.
The performance improvement stems from expanded new contract sales in long-term protection insurance, which grew 6.8% year-on-year to 19.33 billion won, averaging 6.5 billion won monthly.
Hanwha, South Korea’s first domestically funded insurance company established in 1946, has been focusing on strengthening its women’s health and senior insurance segments while expanding its sales organization. With total assets of approximately $17.9 billion, the company has maintained an A rating from S&P and A.M. Best for financial stability.
The insurer competes in a market facing challenges from South Korea’s low birth rate and aging population trends, which it has attempted to address through specialized coverage options.
