Hanwha Life Insurance Co. Ltd. reported a 36.6% year-over-year decline in net income for the first quarter.

The insurer's first-quarter net income fell to 114.59 billion won from 180.86 billion won.

Insurance operating income fell to 2.371 trillion won from 2.607 trillion won, while insurance operating expenses climbed to 2.663 trillion won from 2.319 trillion won.

Premium income fell to 2.333 trillion won from 2.567 trillion won. Reinsurance income declined to 38.44 billion won from 39.79 billion won.

Investment operating income declined to 1.102 trillion won from 2.282 trillion won.

The company posted an operating loss of 132.37 billion won, compared to operating income of 5.10 billion won in the prior-year period. Nonoperating income climbed to 303.66 billion won from 230.00 billion won.

Increase in policy reserve for the first quarter fell to 662.56 billion won from 1.129 trillion won.

The company's risk-based capital ratio stood at 202.0% as of March 31, remaining the same as in the prior-year period.

As of May 14, US$1 was equivalent to 1,069.31 South Korean won.