Hanwha Life Insurance Co. Ltd. reported a net loss of 7.58 billion South Korean won for the fourth quarter of 2017, compared to a net loss of 97.70 billion won in the year-ago quarter.
The South Korean insurer said insurance operating income for the quarter dropped to 2.348 trillion won from 2.467 trillion won, while insurance operating expenses increased to 2.381 trillion won from 2.365 trillion won.
Investment operating results plunged to 641.72 billion won from 868.09 billion won, as investment operating expenses surged to 1.579 trillion won from 12.85 billion won in the year-ago quarter. Meanwhile, investment operating income jumped to 2.220 trillion won from 880.94 billion won a year ago.
The insurer's policy reserves declined to 869.33 billion won from 1.349 trillion won. Meanwhile, operating loss narrowed to 261.43 billion won from 379.26 billion won.
For the 2017 full year, Hanwha Life's net income increased 66.8% year over year to 525.47 billion won from 315.12 billion won.
Hanwha Life said its loss ratio for 2017 fell to 76.7% from 79.0% in 2016, while expense ratio inched up to 14.6% from 14.5%.
The company's risk-based capital ratio for 2017 clocked in at 206.4%, up from 198.7% in 2016.
As of Feb. 22, US$1 was equivalent to 1,078.66 South Korean won.