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Wed, February 2, 2022 | 20:28
Non-banks
Orange and Shinhan Life lead group's non-banking earnings
Posted : 2019-07-31 18:14
Updated : 2019-07-31 20:01
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The Orange Life headquarters in Seoul / Yonhap
The Orange Life headquarters in Seoul / Yonhap

By Jhoo Dong-chan

Orange and Shinhan Life Insurance played an important role leading Shinhan Financial Group's non-banking sector earnings in the first half of the year.

According to sources, Shinhan Financial Group's earnings from the non-banking sector grew 64 billion won ($54.1 million) in the first half, or 10.3 percent from a year ago.

Orange Life, which newly joined the group by stake acquisition earlier this year, posted a 147.2 billion won net profit in the period. Shinhan Financial Group owns a 59.2 percent stake in Orange Life.

Shinhan Life Insurance's net profit was 78 billion won in the first half, up 8 billion won from the same period last year.

This was also in stark contrast to the disappointing earnings of the group's other non-banking arms such as Shinhan Investment and Shinhan Card.

Shinhan Investment's net profit shrank 39.9 billion won, or 21.9 percent, while Shinhan Card's earnings were also down 10.6 billion won, or 3 percent.

Shinhan Financial Group is considering securing the remaining stake in Orange Life. If the group does take over Orange and merges it with Shinhan Life Insurance, it will most likely be the group's largest non-banking subsidiary followed by Shinhan Card.

Orange and Shinhan Life jointly posted a 225.2 billion net profit in the first half, just a step behind Shinhan Card's earnings of 271.3 billion.

Considering the nation's ever-worsening credit card business environment, observers said it's only a matter of time for the two life units to catch up with Shinhan Card's net profit.

They are also likely to boast enhanced financial soundness if the two insurance units merge.

Shinhan Life Insurance's risk-based capital (RBC) ratio stood at 244 percent as of the end of March, but is expected to jump above the 300 percent mark once the two merge. Orange Life's RBC ratio stood at 431 percent.

"Orange Life played an important role leading the group's non-banking businesses," said a Shinhan Financial Group official. "We also expect a great deal of synergy if the two units merge."


Emailjhoo@koreatimes.co.kr Article ListMore articles by this reporter



 
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