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Hanwha Life Q2 net income jumps YOY

Hanwha Life Insurance Co. Ltd. reported a yearly rise in net income for the second quarter ended June 30 as the company saw a rise in investment results.

The company said net income for the three-month period rose to 222 billion South Korean won from 117 billion won.

The life insurer reported operating income of 64 billion won, compared to an operating loss of 58 billion won in the prior-year period. Total gross premium declined to 3.340 trillion won from 3.365 trillion won.

Insurance operating results fell to 231 billion won from 377 billion won in the prior-year quarter, while investment operating results rose to 823 billion won from 779 billion won. The company saw a decline in the increase in policy reserve to 990 billion won from 1.214 trillion won.

For the first half, net income rose year over year to 403 billion won from 262 billion won.

The company's risk-based capital ratio was 217.0% as of June 30, up from 202.0% at March 31 and down from 304.0% at June 30, 2016.

As of Aug. 8, US$1 was equivalent to 1,126.78 South Korean won.