Source: asiainsurancereview.com

South Korea’s top life insurer Samsung Life Insurance saw its net profit climb by 71.6% for the first half of the year to KRW1.23tn ($1.05bn), compared to the corresponding half last year.

In 1H2021, the life insurer’s operating profit jumped by 47.9% to KRW1.37tn.

The surge in first-half earnings stemmed from strong revenue, a share price rise and special dividends from Samsung Electronics (Samsung Life Insurance is the largest shareholder in Samsung Electronics, the flagship of South Korea’s top conglomerate Samsung Group, with a stake of 8.2%), the company said.

The bottom line for the first quarter more than quadrupled from a year earlier thanks largely to special dividends from Samsung Electronics and a bullish stock market. The 1Q2021 net profit soared by 334.8% year on year to KRW1.12tn.