South Korea's top life insurer Samsung Life Insurance saw its net profit climb by 71.6% for the first half of the year to KRW1.23tn ($1.05bn), compared to the corresponding half last year, despite a 75% plunge in second-quarter earnings this year.
The surge in first-half earnings stemmed from strong revenue, a share price rise and special dividends from Samsung Electronics, the company said.
Samsung Life's second-quarter earnings tumbled nearly 75% from a year ago to KRW11.8bn due largely to a one-off factor. This factor was the setting aside of a KRW277.9bn provision stemming from its July loss of a lawsuit over immediate annuities.
The bottom line for the first quarter more than quadrupled from a year earlier thanks largely to special dividends from Samsung Electronics and a bullish stock market. The 1Q2021 net profit soared by 334.8% year on year to KRW1.12tn.
Samsung Life Insurance is the largest shareholder in Samsung Electronics, the flagship of South Korea's top conglomerate Samsung Group, with a stake of 8.2%.