同洋生命披露上半年净利919亿韩元，但核心信息已在友利金融7月24日业绩与并表安排中体现

Tongyang Life Insurance, which was incorporated into Woori Financial Group, achieved improved earnings in the first half of this year, driven by strong sales of long-term-payment whole life insurance.
Tongyang Life Insurance (082640) said on the 27th that its net profit for the first half of this year was 91.9 billion won, up 11.5% from the same period a year earlier. Second-quarter net profit was 66.9 billion won, up approximately 168% from the first quarter (25 billion won). Tongyang Life explained that improved profitability centered on protection insurance, stemming from expanded sales of long-term-payment whole life insurance, was reflected in the earnings.
Long-term-payment whole life insurance is a representative protection insurance product that is advantageous for securing contractual service margin (CSM), a measure of future profit. Because its structure involves paying premiums over a long period, it allows for stable CSM accumulation, making it a representative profitability product for life insurers.
Since being incorporated into Woori Financial, Tongyang Life has expanded its product portfolio by launching products such as "Woori WON 7-Year Reassurance Whole Life Insurance" and "Woori WON 7-Times More Happy Plus Whole Life Insurance." As a result, second-quarter new business annualized premium equivalent (APE) rose 48.4% to 206.5 billion won from 139.2 billion won in the previous quarter, and reached a cumulative 345.7 billion won in the first half.
New business contractual service margin (CSM) also increased significantly. Driven by expanded sales of long-term-payment whole life insurance, second-quarter new business CSM rose 56.7% to 148 billion won from 94.5 billion won in the previous quarter. Cumulative new business CSM for the first half was tallied at 242.5 billion won.
Capital soundness also improved. The first-half Korean Insurance Capital Standard (K-ICS) ratio stood at 205% (preliminary), up 28 percentage points from 177.0% in the same period last year, surpassing 200%. Tongyang Life explained that the result reflected capital management efforts including expansion of available capital and reduction of required capital.
"We have built a stable channel portfolio and are continuously pursuing business based on profitability and risk management," a Tongyang Life official said. "We will continue to manage profit and loss and financial soundness in a balanced manner and strengthen our foundation for mid- to long-term growth."