Samsung Life Insurance Co. Ltd. reported a net loss of 71.76 billion won for the fourth quarter of 2017, compared to a net loss of 954.8 million won in the year-ago quarter.
The South Korean insurer reported an insurance loss of 180.83 billion won, compared to an insurance income of 544.47 billion won in the year-ago quarter.
Investment income fell to 1.564 trillion won from 1.749 trillion won. The insurer's policy reserves declined to 1.713 trillion won from 2.682 trillion won. Meanwhile, the insurers operating loss narrowed to 329.11 billion won from an operating loss of 388.56 billion won in the prior-year quarter.
For the 2017 full year, Samsung Life reported a year-over-year decline in consolidated net profit attributable to majority interests to 1.195 trillion won from 2.054 trillion won for 2016. Excluding the one-off gains of 1.192 trillion won from Samsung Card Co. Ltd. and Samsung Securities Co. Ltd. share purchase, the insurer reported a 38.6% increase in net profit for the full year.
Insurance income for the year declined to 1.006 trillion won from 2.476 trillion won. Investment income dropped to 6.976 trillion won from 8 trillion. Meanwhile, policy reserves plunged to 7.610 trillion won from 9.242 trillion won at the end of 2016 full year.
Total premiums, excluding corporate pension and retirement insurance, dropped to 21.821 trillion won from 22.109 trillion won.
The insurer's risk-based capital ratio as at Dec. 31, 2017, was 314%, down from 329% in the previous quarter, but up from 302% at Dec. 31, 2016.
As of Feb. 21, US$1 was equivalent to 1,073.19 South Korean won.