Orange Life Insurance, Ltd. Announces Earnings Results for the Third Quarter and Nine Months of 2018; Reaffirms CapEx Guidance for the Fiscal 2018
November 12, 2018 at 02:00 am
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Orange Life Insurance, Ltd. announced earnings results for the third quarter and nine months of 2018. Return on equity was 8.9% for the third quarter on after-tax profits of KRW 81.4 billion. The premium income is up 31%. Regular premium income climbed 11.9% on recovery in BA volumes, while single premium income increased over 150%. Profits were lower in the third quarter on reduced GMxB reserves releases and re-branding expenses. The operating result before tax dropped 13% compared to prior year, pulling the year-to-date figure down 6.3%. Profit for year-end dividend purposes, were KRW 8.4 billion in the third quarter.
On the year to date basis, the return on equity is just under 10% at 9.7%. On a year to date basis, regular premium income is up 1.7%, while single premium income has doubled.
The company is expecting about KRW 3.5 billion of CapEx for the fiscal 2018, which is in line with original estimate.
Orange Life Insurance Ltd is a Korea-based company principally engaged in the provision of life insurance products and related services. The Company provides insurance products, including whole life insurance, critical illness whole life insurance, health insurance, term insurance, annuity insurance and saving insurance, among others. The Company offers its products through channels, including financial consultants (FC), banks, and general agents. It also provides insurance and financial consulting services.