ING life Reports Earnings Results for the Third Quarter of 2017; Revises Earnings Guidance for the Fourth Quarter of 2017
November 13, 2017 at 12:30 pm IST
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ING life reported earnings results for the third quarter of 2017. For the quarter, the company's premium income was slightly lower at KRW 1,050 billion. Operating result before tax was KRW 112 billion. Profit after tax was KRW 92 billion.
The company revised earnings guidance for the fourth quarter of 2017. Fourth quarter 2017 profits will be impacted by year-end reserve adjustments, including a release of GMxB reserves. The company expects to make an adjustment to deferred tax losses in balance sheet, which will reduce the fourth quarter profit after tax by an estimated KRW 7 billion to KRW 8 billion.
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.