Fubon Hyundai Life Insurance said on the 28th that the value of new individual protection-type insurance contracts jumped 16.5% in the first half of this year from a year earlier.
New contract value reached 696.1 billion won. If the pace holds, annual new contract value for protection-type policies this year will exceed last year's 1.3061 trillion won, the insurer said.
Fubon Hyundai Life has been strengthening its product portfolio around protection-type insurance to build up contractual service margin (CSM) since the adoption of the new international accounting standard, IFRS 17. The CSM gain from new contracts in the first half came to 70.3 billion won, up about 37% from 51.2 billion won a year earlier. The insurer's capital adequacy ratio under the Korean Insurance Capital Standard (K-ICS) stood at 211.2% at the end of June, staying above 200% for a third straight quarter. "We will continue to expand the earnings base of our core business by strengthening the competitiveness of protection-type products and diversifying sales channels," an official at Fubon Hyundai Life said.
