SEOUL, May 13 (Korea Bizwire) – Tongyang Life Insurance succeeded in “turnaround” with 44.1 billion won of net profit during the first quarter.
On May 13, Tongyang Life announced its first-quarter financial results, recording 1,389 billion won of sales and making 53.2 billion won of operating profit and 44.1 billion won of net profit, thanks to the surge in premium income.
Tongyang Life opted out of Tongyang Group at the end of last year and escaped from the risk of one off charge. With a rapid recovery in the premium receipts, the insurance company could improve its quarterly performance.
Its sales indexes like the initial monthly premium and annual premium equivalent (APE) which increased 71.5 percent and 72.9 percent, respectively, over the previous quarter showed overall rise and the risk based capital (RBC) ratio also increased 4.1 percentage points to 230.9 percent from the end of December 2013.
IR News Team (firstname.lastname@example.org)