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[Alpha Biz=(Chicago) Reporter Paul Lee] Kyobo Life Insurance posted a net loss of 30 billion won in the third quarter of this year. Investment losses were large due to high interest rates. Cumulative net profit fell 14.2% from last year.
Kyobo Life Insurance said on the 15th that it posted a cumulative net profit of 602.9 billion won in the third quarter of this year. Cumulative net profit fell only 10%, but net profit in the third quarter turned into a deficit. It suffered a net loss of 32.9 billion won.
Profits and losses of interest-sensitive financial assets (FVPL) were directly hit by the impact of high interest rates. The valuation loss was KRW 159.9 billion and the disposal loss was KRW 118.9 billion, almost KRW 300 billion in the area alone.
The CSM (contract service margin), which represents the future value of insurance companies, was 6.4694 trillion won, up about 1 trillion won from the previous quarter.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
