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v3.26.1

Liability under insurance contracts and reinsurance contracts (Tables) | 12 Months Ended
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Dec. 31, 2025
Insurance contract liabilities [Abstract] |
Summary of insurance contract liabilities |
| (a) | The details of insurance contract liabilities as of December 31, 2024 and 2025 are as follows:
|  | 2024 |
|  | Life insurance |  |  | Non-life insurance |  |  |  |
|  | Death |  |  | Health |  |  | Pension Savings |  |  | Variable |  |  | Complex |  |  | Long- term |  |  | General |  |  | Automobile |  |  | Total |
Insurance contract assets |  | W | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,051 | ) |  |  | (4,588 | ) |  |  | — |  |  |  | (5,639 | )
Insurance contract liabilities |  |  | 20,021,186 |  |  |  | 5,556,614 |  |  |  | 20,227,829 |  |  |  | 5,157,827 |  |  |  | — |  |  |  | — |  |  |  | 160,346 |  |  |  | 1,189 |  |  |  | 51,124,991 |
Net insurance contract liabilities (assets) |  |  | 20,021,186 |  |  |  | 5,556,614 |  |  |  | 20,227,829 |  |  |  | 5,157,827 |  |  |  | — |  |  |  | (1,051 | ) |  |  | 155,758 |  |  |  | 1,189 |  |  |  | 51,119,352 |
Reinsurance contract assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107,668 |  |  |  | 21 |  |  |  | 77,065 |  |  |  | — |  |  |  | 184,754 |
Reinsurance contract liabilities |  |  | (26,214 | ) |  |  | (71,844 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (98,063 | )
Net reinsurance contract assets (liabilities) |  | W | (26,214 | ) |  |  | (71,844 | ) |  |  | — |  |  |  | — |  |  |  | 107,668 |  |  |  | 21 |  |  |  | 77,060 |  |  |  | — |  |  |  | 86,691 |
|  | 2025 |
|  | Life insurance |  |  | Non-life insurance |  |  |  |
|  | Death |  |  | Health |  |  | Pension Savings |  |  | Variable |  |  | Complex |  |  | Long- term |  |  | General |  |  | Automobile |  |  | Total |
Insurance contract assets |  | W | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (760 | ) |  |  | — |  |  |  | — |  |  |  | (760 | )
Insurance contract liabilities |  |  | 20,174,773 |  |  |  | 5,081,797 |  |  |  | 19,060,216 |  |  |  | 5,984,497 |  |  |  | — |  |  |  | 433 |  |  |  | 168,767 |  |  |  | 820 |  |  |  | 50,471,303 |
Net insurance contract liabilities (assets) |  |  | 20,174,773 |  |  |  | 5,081,797 |  |  |  | 19,060,216 |  |  |  | 5,984,497 |  |  |  | — |  |  |  | (327 | ) |  |  | 168,767 |  |  |  | 820 |  |  |  | 50,470,543 |
Reinsurance contract assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 494,226 |  |  |  | 241 |  |  |  | 108,975 |  |  |  | — |  |  |  | 603,442 |
Reinsurance contract liabilities |  |  | (24,641 | ) |  |  | (31,737 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (56,378 | )
Net reinsurance contract assets (liabilities) |  | W | (24,641 | ) |  |  | (31,737 | ) |  |  | — |  |  |  | — |  |  |  | 494,226 |  |  |  | 241 |  |  |  | 108,975 |  |  |  | — |  |  |  | 547,064 |
Summary of current estimates of future cash flows |
| (b) | The assumptions and calculation basis for the current estimates of future cash flows applied to the holding contract as of December 31, 2024 and 2025 are as follows:
|  | Assumption value (%) |  |
|  | 2024 |  | 2025 |  | Basis for calculation
Life insurance: |  |  |  |  |  |
Lapse ratio |  | 0.00 ~ 69.75 |  | 0.00 ~ 66.77 |  | - The ratio of surrendered contract amounts to the retained contract amounts, calculated based on statistics, by premium payment type, product group, interest rate category, payment term (zero/low-surrender-value insurance products), and duration - For zero/low-surrender-value insurance products, the lapse ratio for the period when there is insufficient experience statistics is calculated, using the log-linear regression model, so that it converges to 0.1% at the time of completion of premium payments.
Loss ratio |  | 8.00 ~ 316.00 |  | 3.16 ~ 1787.70 |  | - Other than general mortality: the ratio of accident claims to insurance premiums to on-level risk insurance premiums by risk coverage and elapsed period based on the last five years’ experience statistics
|  |  |  |  |  | - General mortality: the ratio of actual mortality rate to expected mortality rate by risk coverage and elapsed period based on the last five years’ experience statistics
Operating Expense ratio |  | — |  | — |  | - Calculate unit costs such as performance, agent commissions, number of new/retained contracts, initial/continuing premiums, reserve funds, etc. based on a business plan (budget) incorporating future operating expense policies based on recent experience statistics.
Discount rate |  | 2.31 ~ 4.55 |  | 2.79 ~ 4.59 |  | - Disclosure standard interest rate term structure provided by the Financial Supervisory Service
The confidence level for the risk adjustments regarding non-financial risk |  | 75.00 |  | 75.00 |  | - The risk adjustment is calculated as the portion of 75th percentile exceeding the probability-weighted average of the present value of future cash flows, assuming that the probability distribution of the present value of future cash flows follows a normal distribution at each reporting date.
|  | Assumption value (%) |  | Basis for calculation
|  | 2024 |  | 2025
Non-life insurance: |  |  |  |  |  |
Lapse ratio |  | -General: 0.00 ~ 52.76 |  | -General: Not Applicable |  | <General> - Not applicable based on the results of the current period impact analysis, as the remaining maturity of the retained contracts is less than one year.
|  | -Long-term: 1.60 ~ 25.47 |  | -Long-term: 0.12 ~ 25.47 |  | <Long-term> - Used the company’s entire historical experience data (Oct. 2017 — June 2025). For segments with insufficient data, pricing assumptions from product development or industry statistics from the Korea Insurance Development Institute (KIDI) were applied. - Calculated as the ratio of lapses and surrender to the number of retained contracts. - Categorized by payment method, product group, channel, and payment period (including zero/low-surrender value products).
Loss ratio |  | - General: 12.98 ~ 81.54 |  | - General: 12.43 ~ 66.91 |  | <General> - Used the last 7 years of empirical statistics (July 2018 —June 2025). - Calculated as the ratio of incurred losses to earned premiums. - Categorized by portfolio.
|  | - Long-term: 36.81 ~ 422.10 |  | - Long-term: 44.62 ~ 281.80 |  | <Long-term> - Used the company’s entire historical experience data (Oct. 2017 — June 2025). For segments with insufficient data, industry statistics from the Korea Insurance Development Institute (KIDI) were applied. - Calculated as the ratio of incurred losses to risk premiums. - Categorized by risk coverage. Loss ratios by age were not applied due to the lack of segments with sufficient statistical reliability or significance for age-based classification.
|  | Assumption value (%) |  | Basis for calculation
|  | 2024 |  | 2025
Operating Expense ratio |  | — |  | — |  | - Used empirical statistics for the most recent one-year period (July 2024 – June 2025). - Estimated by incorporating business plan assumptions into the ratio of actual operating expenses to cost drivers. - Estimated separately by categorizing expenses into acquisition costs, maintenance costs, and claim investigation expenses. - Acquisition costs: Allocated based on Annualized Premium Equivalent (APE) and the number of new contracts. - Maintenance costs: Allocated based on earned premiums and the number of in-force contracts. - Claim investigation expenses: Allocated in proportion to incurred losses.
Discount rate |  | Deterministic discount rate: 2.31 ~ 4.55 |  | Deterministic discount rate: 2.79 ~ 4.30 |  | - Term structure of interest rates provided by the Financial Supervisory Service.
The confidence level for the risk adjustment regarding non-financial risk |  | 75.00 |  | 75.00 |  | - The risk adjustment is calculated as the portion of 75th percentile exceeding the probability-weighted average of the present value of future cash flows, assuming that the probability distribution of the present value of future cash flows follows a normal distribution at each reporting date.
Summary of changes in the remaining coverage elements and occurrence elements of net insurance contract liabilities |
| (c) | Changes in the remaining coverage and incurred claim components of net insurance contract liabilities for which the premium allocation approach is not applied for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  | 2024 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss component |  |  | Loss component |
Beginning balance |  | Insurance contract assets |  | W | (493 | ) |  |  | — |  |  |  | 49 |  |  |  | (444 | )
|  | Insurance contract liabilities |  |  | 45,517,567 |  |  |  | 884,042 |  |  |  | 1,827,957 |  |  |  | 48,229,566 |
|  | Net insurance contract liabilities |  |  | 45,517,074 |  |  |  | 884,042 |  |  |  | 1,828,006 |  |  |  | 48,229,122 |
Insurance income |  | Retroactive modification method |  |  | (1,354,769 | ) |  |  | — |  |  |  | — |  |  |  | (1,354,769 | )
|  | Fair value method |  |  | (968,200 | ) |  |  | — |  |  |  | — |  |  |  | (968,200 | )
|  | Other |  |  | (730,549 | ) |  |  | 1,501 |  |  |  | 18 |  |  |  | (729,030 | )
|  |  |  |  | (3,053,518 | ) |  |  | 1,501 |  |  |  | 18 |  |  |  | (3,051,999 | )
Insurance service expenses |  | Incurred claims and other incurred insurance service expenses |  |  | — |  |  |  | — |  |  |  | 1,646,968 |  |  |  | 1,646,968 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | — |  |  |  | 28,182 |  |  |  | 28,182 |
|  | Losses on onerous contracts and reversals |  |  | — |  |  |  | 67,934 |  |  |  | — |  |  |  | 67,934 |
|  | Amortization of insurance acquisition cash flows |  |  | 360,411 |  |  |  | — |  |  |  | — |  |  |  | 360,411 |
|  | Other |  |  | (28,208 | ) |  |  | (20,122 | ) |  |  | — |  |  |  | (48,330 | )
|  |  |  |  | 332,203 |  |  |  | 47,812 |  |  |  | 1,675,150 |  |  |  | 2,055,165 |
Investment components and insurance premium refund |  |  | (4,769,963 | ) |  |  | — |  |  |  | 4,769,963 |  |  |  | — |
Insurance finance income and expenses |  | Profit or loss |  |  | 1,697,955 |  |  |  | 17,375 |  |  |  | 63,930 |  |  |  | 1,779,260 |
|  | Other comprehensive income |  |  | 3,125,467 |  |  |  | 42,685 |  |  |  | 3,306 |  |  |  | 3,171,458 |
|  |  |  |  | 4,823,422 |  |  |  | 60,060 |  |  |  | 67,236 |  |  |  | 4,950,718 |
|  |  |  | 2024 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss component |  |  | Loss component |
Cash flows for the period |  | Insurance premium received |  | W | 6,897,049 |  |  |  | — |  |  |  | — |  |  |  | 6,897,049 |
|  | Insurance acquisition cash flows paid |  |  | (1,586,104 | ) |  |  | — |  |  |  | — |  |  |  | (1,586,104 | )
|  | Insurance claims and other insurance service expenses paid |  |  | (6,708 | ) |  |  | — |  |  |  | (1,583,846 | ) |  |  | (1,590,554 | )
|  | Receipt (payment) of investment components and refund of insurance premiums |  |  | — |  |  |  | — |  |  |  | (4,941,397 | ) |  |  | (4,941,397 | )
|  |  |  |  | 5,304,237 |  |  |  | — |  |  |  | (6,525,243 | ) |  |  | (1,221,006 | )
Other increases (decreases) |  |  | (3 | ) |  |  | (6 | ) |  |  | — |  |  |  | (9 | )
Ending balance |  | Insurance contract assets |  |  | (1,266 | ) |  |  | — |  |  |  | 215 |  |  |  | (1,051 | )
|  | Insurance contract liabilities |  |  | 48,154,718 |  |  |  | 993,409 |  |  |  | 1,814,915 |  |  |  | 50,963,042 |
|  | Net insurance contract liabilities |  | W | 48,153,452 |  |  |  | 993,409 |  |  |  | 1,815,130 |  |  |  | 50,961,991 |
|  |  |  | 2025 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss component |  |  | Loss component |
Beginning balance |  | Insurance contract assets |  | W | (1,266) |  |  |  | — |  |  |  | 215 |  |  |  | (1,051 | )
|  | Insurance contract liabilities |  |  | 48,154,718 |  |  |  | 993,409 |  |  |  | 1,814,915 |  |  |  | 50,963,042 |
|  | Net insurance contract liabilities |  |  | 48,153,452 |  |  |  | 993,409 |  |  |  | 1,815,130 |  |  |  | 50,961,991 |
Insurance income |  | Retroactive modification method |  |  | (1,252,936 | ) |  |  | — |  |  |  | — |  |  |  | (1,252,936 | )
|  | Fair value method |  |  | (955,369 | ) |  |  | — |  |  |  | — |  |  |  | (955,369 | )
|  | Other |  |  | (1,054,075 | ) |  |  | — |  |  |  | — |  |  |  | (1,054,075 | )
|  |  |  |  | (3,262,380 | ) |  |  | — |  |  |  | — |  |  |  | (3,262,380 | )
Insurance service expenses |  | Incurred claims and other incurred insurance service expenses |  |  | — |  |  |  | — |  |  |  | 1,829,232 |  |  |  | 1,829,232 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | — |  |  |  | (26,729 | ) |  |  | (26,729 | )
|  | Losses on onerous contracts and reversals |  |  | — |  |  |  | 4,135 |  |  |  | — |  |  |  | 4,135 |
|  | Amortization of insurance acquisition cash flows |  |  | 422,286 |  |  |  | — |  |  |  | — |  |  |  | 422,286 |
|  | Other |  |  | (9,198 | ) |  |  | (18,287 | ) |  |  | — |  |  |  | (27,485 | )
|  |  |  |  | 413,088 |  |  |  | (14,152 | ) |  |  | 1,802,503 |  |  |  | 2,201,439 |
Investment components and insurance premium refund |  |  | (4,557,494 | ) |  |  | — |  |  |  | 4,557,494 |  |  |  | — |
Insurance finance income and expenses |  | Profit or loss |  |  | 2,769,151 |  |  |  | 21,373 |  |  |  | 62,008 |  |  |  | 2,852,532 |
|  | Other comprehensive income |  |  | (1,723,260 | ) |  |  | (25,851 | ) |  |  | 517 |  |  |  | (1,748,594 | )
|  |  |  |  | 1,045,891 |  |  |  | (4,478 | ) |  |  | 62,525 |  |  |  | 1,103,938 |
|  |  |  | 2025 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss component |  |  | Loss component |
Cash flows for the period |  | Insurance premium received |  | W | 7,797,683 |  |  |  | — |  |  |  | — |  |  |  | 7,797,683 |
|  | Insurance acquisition cash flows paid |  |  | (2,062,604 | ) |  |  | — |  |  |  | — |  |  |  | (2,062,604 | )
|  | Insurance claims and other insurance service expenses paid |  |  | (6,178 | ) |  |  | — |  |  |  | (1,740,328 | ) |  |  | (1,746,506 | )
|  | Receipt (payment) of investment components and refund of insurance premiums |  |  | — |  |  |  | — |  |  |  | (4,693,623 | ) |  |  | (4,693,623 | )
|  |  |  |  | 5,728,901 |  |  |  | — |  |  |  | (6,433,951 | ) |  |  | (705,050 | )
Other increases (decreases) |  |  |  |  | 30 |  |  |  | (160 | ) |  |  | (3 | ) |  |  | (133 | )
Ending balance |  | Insurance contract assets |  |  | (1,672 | ) |  |  | — |  |  |  | 912 |  |  |  | (760 | )
|  | Insurance contract liabilities |  |  | 47,523,160 |  |  |  | 974,619 |  |  |  | 1,802,786 |  |  |  | 50,300,565 |
|  | Net insurance contract liabilities |  | W | 47,521,488 |  |  |  | 974,619 |  |  |  | 1,803,698 |  |  |  | 50,299,805 |
Summary of coverage elements and occurrence elements of net insurance contract liabilities applying the premium allocation |
| (d) | Changes in the remaining coverage and incurred claim components of net insurance contract liabilities, applying the premium allocation approach for the years ended December 31, 2024 and 2025, are as follows:
|  | 2024 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  |  |  |  |  |
|  |  |  | Excluding loss component |  |  | Loss component |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Total |
Beginning balance |  | Insurance contract assets |  | W | (10,670 | ) |  |  | 3 |  |  |  | 450 |  |  |  | 7 |  |  |  | (10,210 | )
|  | Insurance contract liabilities |  |  | 88,524 |  |  |  | 4,815 |  |  |  | 10,340 |  |  |  | 987 |  |  |  | 104,666 |
|  | Net insurance contract liabilities |  |  | 77,854 |  |  |  | 4,818 |  |  |  | 10,790 |  |  |  | 994 |  |  |  | 94,456 |
Insurance income |  |  |  |  | (64,554 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (64,554 | )
Insurance service expenses |  | Incurred claims and other incurred insurance service expenses |  |  | 45 |  |  |  | — |  |  |  | 61,148 |  |  |  | 528 |  |  |  | 61,721 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | — |  |  |  | 3,209 |  |  |  | 421 |  |  |  | 3,630 |
|  | Losses on onerous contracts and reversals |  |  | 54 |  |  |  | (2,239 | ) |  |  | — |  |  |  | — |  |  |  | (2,185 | )
|  | Amortization of insurance acquisition cash flows |  |  | 13,238 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,238 |
|  | Other |  |  | — |  |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | (9 | )
|  |  |  |  | 13,337 |  |  |  | (2,239 | ) |  |  | 64,348 |  |  |  | 949 |  |  |  | 76,395 |
Investment components and insurance premium refund |  |  | (2 | ) |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |
Insurance finance income and expenses |  | Profit or loss |  |  | 4,363 |  |  |  | — |  |  |  | 162 |  |  |  | 17 |  |  |  | 4,542 |
|  | Other comprehensive income |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | 6 |  |  |  | 28 |
|  |  |  |  | 4,363 |  |  |  | — |  |  |  | 184 |  |  |  | 23 |  |  |  | 4,570 |
Cash flows for the period |  | Insurance premium received |  |  | 109,597 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 109,597 |
|  | Insurance acquisition cash flows paid |  |  | (19,841 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19,841 | )
|  | Insurance claims and other insurance service expenses paid |  |  | — |  |  |  | — |  |  |  | (45,564 | ) |  |  | — |  |  |  | (45,564 | )
|  | Receipt (payment) of investment components and refund of insurance premiums |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2) |
|  |  |  |  | 89,756 |  |  |  | — |  |  |  | (45,566 | ) |  |  | — |  |  |  | 44,190 |
Other increases (decreases) |  |  |  |  | 8,410 |  |  |  | — |  |  |  | (6,108 | ) |  |  | 2 |  |  |  | 2,304 |
Ending balance |  | Insurance contract assets |  |  | (6,506 | ) |  |  | — |  |  |  | 1,894 |  |  |  | 24 |  |  |  | (4,588 | )
|  | Insurance contract liabilities |  |  | 135,670 |  |  |  | 2,579 |  |  |  | 21,756 |  |  |  | 1,944 |  |  |  | 161,949 |
|  | Net insurance contract liabilities |  | W | 129,164 |  |  |  | 2,579 |  |  |  | 23,650 |  |  |  | 1,968 |  |  |  | 157,361 |
|  | 2025 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  |  |  |  |  |
|  |  |  | Excluding loss component |  |  | Loss component |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Total |
Beginning balance |  | Insurance contract assets |  | W | (6,506 | ) |  |  | — |  |  |  | 1,894 |  |  |  | 24 |  |  |  | (4,588 | )
|  | Insurance contract liabilities |  |  | 135,670 |  |  |  | 2,579 |  |  |  | 21,756 |  |  |  | 1,944 |  |  |  | 161,949 |
|  | Net insurance contract liabilities |  |  | 129,164 |  |  |  | 2,579 |  |  |  | 23,650 |  |  |  | 1,968 |  |  |  | 157,361 |
Insurance income |  |  |  |  | (101,942 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (101,942 | )
Insurance service expenses |  | Incurred claims and other incurred insurance service expenses |  |  | 537 |  |  |  | — |  |  |  | 83,752 |  |  |  | 2,475 |  |  |  | 86,764 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | — |  |  |  | 8,901 |  |  |  | (552 | ) |  |  | 8,349 |
|  | Losses on onerous contracts and reversals |  |  | 742 |  |  |  | 2,693 |  |  |  | — |  |  |  | — |  |  |  | 3,435 |
|  | Amortization of insurance acquisition cash flows |  |  | 21,827 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,827 |
|  |  |  |  | 23,106 |  |  |  | 2,693 |  |  |  | 92,653 |  |  |  | 1,923 |  |  |  | 120,375 |
Investment components and insurance premium refund |  |  | (223 | ) |  |  | — |  |  |  | 223 |  |  |  | — |  |  |  | — |
Insurance finance income and expenses |  | Profit or loss |  |  | 5,140 |  |  |  | — |  |  |  | 253 |  |  |  | 57 |  |  |  | 5,450 |
|  | Other comprehensive income |  |  | — |  |  |  | — |  |  |  | (27 | ) |  |  | (6 | ) |  |  | (33 | )
|  |  |  |  | 5,140 |  |  |  | — |  |  |  | 226 |  |  |  | 51 |  |  |  | 5,417 |
Cash flows for the period |  | Insurance premium received |  |  | 106,466 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 106,466 |
|  | Insurance acquisition cash flows paid |  |  | (26,637 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26,637 | )
|  | Insurance claims and other insurance service expenses paid |  |  | — |  |  |  | — |  |  |  | (90,081 | ) |  |  | — |  |  |  | (90,081 | )
|  | Receipt (payment) of investment components and refund of insurance premiums |  |  | — |  |  |  | — |  |  |  | (221 | ) |  |  | — |  |  |  | (221 | )
|  |  |  |  | 79,829 |  |  |  | — |  |  |  | (90,302 | ) |  |  | — |  |  |  | (10,473 | )
Other increases (decreases) |  |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | (2 | ) |  |  | — |
Ending balance |  | Insurance contract assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | Insurance contract liabilities |  |  | 135,074 |  |  |  | 5,272 |  |  |  | 26,452 |  |  |  | 3,940 |  |  |  | 170,738 |
|  | Net insurance contract liabilities |  | W | 135,074 |  |  |  | 5,272 |  |  |  | 26,452 |  |  |  | 3,940 |  |  |  | 170,738 |
Summary of measurement components of net insurance contract liabilities to which the premium allocation approach |
| (e) | Changes in the measurement components of net insurance contract liabilities to which the premium allocation approach is not applied for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  | 2024 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  |  |
|  |  |  | Retrospective method |  |  | Fair value method |  |  | Other |  |  | Sub-total |  |  | Total |
Beginning balance |  | Insurance contract assets |  | W | (743 | ) |  |  | 124 |  |  |  | — |  |  |  | — |  |  |  | 175 |  |  |  | 175 |  |  |  | (444 | )
|  | Insurance contract liabilities |  |  | 37,213,497 |  |  |  | 1,151,534 |  |  |  | 5,772,838 |  |  |  | 2,782,796 |  |  |  | 1,308,901 |  |  |  | 9,864,535 |  |  |  | 48,229,566 |
|  | Net insurance contract liabilities |  |  | 37,212,754 |  |  |  | 1,151,658 |  |  |  | 5,772,838 |  |  |  | 2,782,796 |  |  |  | 1,309,076 |  |  |  | 9,864,710 |  |  |  | 48,229,122 |
Changes related to future services |  | Changes in estimates adjusting the contractual service margin |  |  | 685,902 |  |  |  | 90,882 |  |  |  | (663,935 | ) |  |  | 257,316 |  |  |  | (370,165 | ) |  |  | (776,784 | ) |  |  | — |
|  | Changes in estimates not adjusting the contractual service margin |  |  | 39,452 |  |  |  | 382 |  |  |  | — |  |  |  | — |  |  |  | 460 |  |  |  | 460 |  |  |  | 40,294 |
|  | Effect of initial recognition of new contracts |  |  | (1,395,897 | ) |  |  | 157,279 |  |  |  | — |  |  |  | — |  |  |  | 1,266,258 |  |  |  | 1,266,258 |  |  |  | 27,640 |
|  |  |  |  | (670,543 | ) |  |  | 248,543 |  |  |  | (663,935 | ) |  |  | 257,316 |  |  |  | 896,553 |  |  |  | 489,934 |  |  |  | 67,934 |
Changes related to current services |  | Amortization of contractual service margin |  |  | — |  |  |  | — |  |  |  | (433,780 | ) |  |  | (246,990 | ) |  |  | (242,944 | ) |  |  | (923,714 | ) |  |  | (923,714 | )
|  | Change in risk adjustment |  |  | — |  |  |  | (119,568 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (119,568 | )
|  | Experience adjustment |  |  | (49,668 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (49,668 | )
|  |  |  |  | (49,668 | ) |  |  | (119,568 | ) |  |  | (433,780 | ) |  |  | (246,990 | ) |  |  | (242,944 | ) |  |  | (923,714 | ) |  |  | (1,092,950 | )
Changes related to past services |  | Adjustment of incurred claim component |  |  | 44,341 |  |  |  | (16,159 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,182 |
|  |  |  | 2024 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  |  |
| Retrospective method |  |  | Fair value method |  |  | Other |  |  | Sub-total |  |  | Total |
Insurance finance income and expenses |  | Profit or loss |  | W | 1,399,565 |  |  |  | 41,292 |  |  |  | 173,539 |  |  |  | 83,110 |  |  |  | 81,754 |  |  |  | 338,403 |  |  |  | 1,779,260 |
|  | Other comprehensive income |  |  | 3,130,302 |  |  |  | 41,156 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,171,458 |
|  |  |  |  | 4,529,867 |  |  |  | 82,448 |  |  |  | 173,539 |  |  |  | 83,110 |  |  |  | 81,754 |  |  |  | 338,403 |  |  |  | 4,950,718 |
Cash flows for the period |  | Insurance premium received |  |  | 6,897,049 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,897,049 |
|  | Insurance acquisition cash flows paid |  |  | (1,586,104 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,586,104 | )
|  | Insurance claims and other insurance service expenses paid |  |  | (1,590,554 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,590,554 | )
|  | Receipt (payment) of investment components and refund of insurance premiums |  |  | (4,941,397 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,941,397 | )
|  |  |  |  | (1,221,006 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,221,006 | )
Other increases (decreases) |  |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9 | )
Ending balance |  | Insurance contract assets |  |  | (1,325 | ) |  |  | 203 |  |  |  | — |  |  |  | — |  |  |  | 71 |  |  |  | 71 |  |  |  | (1,051 | )
|  | Insurance contract liabilities |  |  | 39,847,061 |  |  |  | 1,346,719 |  |  |  | 4,848,662 |  |  |  | 2,876,232 |  |  |  | 2,044,368 |  |  |  | 9,769,262 |  |  |  | 50,963,042 |
|  | Net insurance contract liabilities |  | W | 39,845,736 |  |  |  | 1,346,922 |  |  |  | 4,848,662 |  |  |  | 2,876,232 |  |  |  | 2,044,439 |  |  |  | 9,769,333 |  |  |  | 50,961,991 |
|  |  |  | 2025 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  |  |
| Retrospective method |  |  | Fair value method |  |  | Other |  |  | Sub-total |  |  | Total |
Beginning balance |  | Insurance contract assets |  | W | (1,325 | ) |  |  | 203 |  |  |  | — |  |  |  | — |  |  |  | 71 |  |  |  | 71 |  |  |  | (1,051 | )
|  | Insurance contract liabilities |  |  | 39,847,061 |  |  |  | 1,346,719 |  |  |  | 4,848,662 |  |  |  | 2,876,232 |  |  |  | 2,044,368 |  |  |  | 9,769,262 |  |  |  | 50,963,042 |
|  | Net insurance contract liabilities |  |  | 39,845,736 |  |  |  | 1,346,922 |  |  |  | 4,848,662 |  |  |  | 2,876,232 |  |  |  | 2,044,439 |  |  |  | 9,769,333 |  |  |  | 50,961,991 |
Changes related to future services |  | Changes in estimates adjusting the contractual service margin |  |  | 927,177 |  |  |  | (20,510 | ) |  |  | (394,416 | ) |  |  | 123,371 |  |  |  | (635,621 | ) |  |  | (906,666 | ) |  |  | 1 |
|  | Changes in estimates not adjusting the contractual service margin |  |  | (34,340 | ) |  |  | 5,828 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (28,512 | )
|  | Effect of initial recognition of new contracts |  |  | (1,841,928 | ) |  |  | 224,776 |  |  |  | — |  |  |  | — |  |  |  | 1,649,798 |  |  |  | 1,649,798 |  |  |  | 32,646 |
|  |  |  |  | (949,091 | ) |  |  | 210,094 |  |  |  | (394,416 | ) |  |  | 123,371 |  |  |  | 1,014,177 |  |  |  | 743,132 |  |  |  | 4,135 |
Changes related to current services |  | Amortization of contractual service margin |  |  | — |  |  |  | — |  |  |  | (357,104 | ) |  |  | (253,829 | ) |  |  | (302,280 | ) |  |  | (913,213 | ) |  |  | (913,213 | )
|  | Change in risk adjustment |  |  | — |  |  |  | (173,450 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (173,450 | )
|  | Experience adjustment |  |  | 48,316 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48,316 |
|  |  |  |  | 48,316 |  |  |  | (173,450 | ) |  |  | (357,104 | ) |  |  | (253,829 | ) |  |  | (302,280 | ) |  |  | (913,213 | ) |  |  | (1,038,347 | )
Changes related to past services |  | Adjustment of incurred claim component |  |  | (15,614 | ) |  |  | (11,115 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26,729 | )
|  |  |  | 2025 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  |  |
| Retrospective method |  |  | Fair value method |  |  | Other |  |  | Sub-total |  |  | Total |
Insurance finance income and expenses |  | Profit or loss |  | W | 2,452,814 |  |  |  | 55,416 |  |  |  | 146,242 |  |  |  | 90,559 |  |  |  | 107,501 |  |  |  | 344,302 |  |  |  | 2,852,532 |
|  | Other comprehensive income |  |  | (1,719,959 | ) |  |  | (28,635 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,748,594 | )
|  |  |  |  | 732,855 |  |  |  | 26,781 |  |  |  | 146,242 |  |  |  | 90,559 |  |  |  | 107,501 |  |  |  | 344,302 |  |  |  | 1,103,938 |
Cash flows for the period |  | Insurance premium received |  |  | 7,797,683 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,797,683 |
|  | Insurance acquisition cash flows paid |  |  | (2,062,604 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,062,604 | )
|  | Insurance claims and other insurance service expenses paid |  |  | (1,746,506 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,746,506 | )
|  | Receipt (payment) of investment components and refund of insurance premiums |  |  | (4,693,623 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,693,623 | )
|  |  |  |  | (705,050 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (705,050 | )
Other increases (decreases) |  |  |  |  | 44 |  |  |  | (35 | ) |  |  | — |  |  |  | — |  |  |  | (142 | ) |  |  | (142 | ) |  |  | (133 | )
Ending balance |  | Insurance contract assets |  |  | (1,336 | ) |  |  | 407 |  |  |  | — |  |  |  | — |  |  |  | 169 |  |  |  | 169 |  |  |  | (760 | )
|  | Insurance contract liabilities |  |  | 38,958,532 |  |  |  | 1,398,790 |  |  |  | 4,243,384 |  |  |  | 2,836,333 |  |  |  | 2,863,526 |  |  |  | 9,943,243 |  |  |  | 50,300,565 |
|  | Net insurance contract liabilities |  | W | 38,957,196 |  |  |  | 1,399,197 |  |  |  | 4,243,384 |  |  |  | 2,836,333 |  |  |  | 2,863,695 |  |  |  | 9,943,412 |  |  |  | 50,299,805 |
Summary of insurance contracts that did not apply the premium allocation approach recognized |
| (f) | Details of insurance contracts initially recognized during the years ended December 31, 2024 and 2025, to which the premium allocation approach was not applied, are as follows:
|  |  |  | 2024 |
|  |  |  | Present value estimate of future cash outflows |  |  | Present value estimate of future cash inflows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Other than insurance acquisition cash flow amount |  |  | Insurance acquisition cash flow amount |
Contracts initially recognized during the period |  | Groups of contracts issued other than onerous contracts |  | W | 5,654,572 |  |  |  | 1,725,595 |  |  |  | (8,794,395 | ) |  |  | 147,970 |  |  |  | 1,266,258 |  |  |  | — |
|  | Groups of onerous contracts issued |  |  | 748,281 |  |  |  | 119,002 |  |  |  | (848,952 | ) |  |  | 9,309 |  |  |  | — |  |  |  | 27,640 |
|  |  |  | W | 6,402,853 |  |  |  | 1,844,597 |  |  |  | (9,643,347 | ) |  |  | 157,279 |  |  |  | 1,266,258 |  |  |  | 27,640 |
|  |  |  | 2025 |
|  |  |  | Present value estimate of future cash outflows |  |  | Present value estimate of future cash inflows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Other than insurance acquisition cash flow amount |  |  | Insurance acquisition cash flow amount |
Contracts initially recognized during the period |  | Groups of contracts issued other than onerous contracts |  | W | 7,203,902 |  |  |  | 2,065,657 |  |  |  | (11,135,497 | ) |  |  | 216,140 |  |  |  | 1,649,798 |  |  |  | — |
|  | Groups of onerous contracts issued |  |  | 742,242 |  |  |  | 104,758 |  |  |  | (822,990 | ) |  |  | 8,636 |  |  |  | — |  |  |  | 32,646 |
|  |  |  | W | 7,946,144 |  |  |  | 2,170,415 |  |  |  | (11,958,487 | ) |  |  | 224,776 |  |  |  | 1,649,798 |  |  |  | 32,646 |
Summary of information about expected recognition of contractual service margin in profit or loss does not apply premium distribution |
| (g) | The amount expected to be recognized in profit or loss in the future as Contractual Service Margin for insurance contracts that do not apply the premium allocation approach as of December 31, 2024 and 2025 are as follows:
|  | 2024 |
|  | Less than 1 year |  |  | 1~2 years |  |  | 2~5 years |  |  | 5~10 years |  |  | More than 10 years |  |  | Total |
Contractual Service Margin |  | W | 613,018 |  |  |  | 527,795 |  |  |  | 1,331,128 |  |  |  | 1,664,754 |  |  |  | 5,632,638 |  |  |  | 9,769,333 |
|  | 2025 |
|  | Less than 1 year |  |  | 1~2 years |  |  | 2~5 years |  |  | 5~10 years |  |  | More than 10 years |  |  | Total |
Contractual Service Margin |  | W | 608,355 |  |  |  | 542,852 |  |  |  | 1,365,661 |  |  |  | 1,682,380 |  |  |  | 5,744,164 |  |  |  | 9,943,412 |
Summary of fair value amounts of basic items of insurance contracts |
| (h) | The composition details and fair value amounts of basic items of insurance contracts with direct participation characteristics as of December 31, 2024 and 2025 are as follows:
Classification (*) |  | 2024 |  |  | 2025 |
Cash and amortized cost measurement deposits |  | W | 294,963 |  |  |  | 371,582 |
Financial assets measured at FVTPL |  |  | 3,561,126 |  |  |  | 4,004,935 |
Amortized cost loan receivables |  |  | 32,489 |  |  |  | 40,245 |
Derivatives |  |  | (150 | ) |  |  | 429 |
Other |  |  | 69,608 |  |  |  | 52,778 |
|  | W | 3,958,036 |  |  |  | 4,469,969 |
| (*) | As of December 31, 2024 and 2025, the carrying amounts of financial assets (liabilities) related to variable insurance are W 5,498,129 million and W 6,338,236 million, respectively.
Summary of Changes in the remaining coverage elements and occurrence elements of reinsurance contract assets (liabilities) |
| (i) | Changes in the remaining coverage and incurred claim components of reinsurance contract assets and liabilities for which the premium allocation approach is not applied for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  | 2024 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss recovery component |  |  | Loss recovery component |
Beginning balance |  | Reinsurance contract assets |  | W | 19,436 |  |  |  | 5,055 |  |  |  | 38,323 |  |  |  | 62,814 |
|  | Reinsurance contract liabilities |  |  | (143,204 | ) |  |  | 23,112 |  |  |  | 26,930 |  |  |  | (93,162 | )
|  | Net reinsurance contract assets (liabilities) |  |  | (123,768 | ) |  |  | 28,167 |  |  |  | 65,253 |  |  |  | (30,348 | )
Reinsurance revenue |  | Incurred reinsurance claims |  |  | — |  |  |  | — |  |  |  | 89,856 |  |  |  | 89,856 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | — |  |  |  | (29,334 | ) |  |  | (29,334 | )
|  | Other |  |  | 10 |  |  |  | (7,391 | ) |  |  | — |  |  |  | (7,381 | )
|  |  |  |  | 10 |  |  |  | (7,391 | ) |  |  | 60,522 |  |  |  | 53,141 |
Reinsurance service expense |  | Fair value method |  |  | (28,839 | ) |  |  | — |  |  |  | — |  |  |  | (28,839 | )
|  | Other |  |  | (28,514 | ) |  |  | — |  |  |  | — |  |  |  | (28,514 | )
|  |  |  |  | (57,353 | ) |  |  | — |  |  |  | — |  |  |  | (57,353 | )
Recoveries of investment components and reinsurance premiums |  |  | (143,510 | ) |  |  | — |  |  |  | 143,510 |  |  |  | — |
Reinsurance finance income and expense |  | Profit or loss |  |  | (1,350 | ) |  |  | 37 |  |  |  | 1,375 |  |  |  | 62 |
|  | Other comprehensive income |  |  | (2,685 | ) |  |  | 244 |  |  |  | 350 |  |  |  | (2,091 | )
|  |  |  |  | (4,035 | ) |  |  | 281 |  |  |  | 1,725 |  |  |  | (2,029 | )
|  |  |  | 2024 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss recovery component |  |  | Loss recovery component |
Cash flows for the period |  | Reinsurance premium paid |  | W | 221,033 |  |  |  | — |  |  |  | — |  |  |  | 221,033 |
|  | Recoveries of reinsurance claims and other reinsurance income |  |  | — |  |  |  | — |  |  |  | (33,580 | ) |  |  | (33,580 | )
|  | Receipts of investment components and recoveries of reinsurance premiums |  |  | 2,348 |  |  |  | — |  |  |  | (142,968 | ) |  |  | (140,620 | )
|  |  |  |  | 223,381 |  |  |  | — |  |  |  | (176,548 | ) |  |  | 46,833 |
Other increases (decreases) |  |  |  |  | (549 | ) |  |  | (64 | ) |  |  | — |  |  |  | (613 | )
Ending balance |  | Reinsurance contract assets |  |  | 47,331 |  |  |  | 3,806 |  |  |  | 56,552 |  |  |  | 107,689 |
|  | Reinsurance contract liabilities |  |  | (153,155 | ) |  |  | 17,187 |  |  |  | 37,910 |  |  |  | (98,058 | )
|  | Net reinsurance contract assets (liabilities) |  | W | (105,824 | ) |  |  | 20,993 |  |  |  | 94,462 |  |  |  | 9,631 |
|  |  |  | 2025 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss recovery component |  |  | Loss recovery component |
Beginning balance |  | Reinsurance contract assets |  | W | 47,331 |  |  |  | 3,806 |  |  |  | 56,552 |  |  |  | 107,689 |
|  | Reinsurance contract liabilities |  |  | (153,155 | ) |  |  | 17,187 |  |  |  | 37,910 |  |  |  | (98,058 | )
|  | Net reinsurance contract assets (liabilities) |  |  | (105,824 | ) |  |  | 20,993 |  |  |  | 94,462 |  |  |  | 9,631 |
Reinsurance revenue |  | Incurred reinsurance claims |  |  | — |  |  |  | — |  |  |  | 185,015 |  |  |  | 185,015 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | — |  |  |  | (34,225 | ) |  |  | (34,225 | )
|  | Other |  |  | 60 |  |  |  | 14,124 |  |  |  | — |  |  |  | 14,184 |
|  |  |  |  | 60 |  |  |  | 14,124 |  |  |  | 150,790 |  |  |  | 164,974 |
Reinsurance service expense |  | Fair value method |  |  | (68,563 | ) |  |  | — |  |  |  | — |  |  |  | (68,563 | )
|  | Other |  |  | (81,875 | ) |  |  | — |  |  |  | — |  |  |  | (81,875 | )
|  |  |  |  | (150,438 | ) |  |  | — |  |  |  | — |  |  |  | (150,438 | )
Recoveries of investment components and reinsurance premiums |  |  | (249,075 | ) |  |  | — |  |  |  | 249,075 |  |  |  | — |
Reinsurance finance income and expense |  | Profit or loss |  |  | 9,055 |  |  |  | (4 | ) |  |  | 1,831 |  |  |  | 10,882 |
|  | Other comprehensive income |  |  | (211,893 | ) |  |  | 13 |  |  |  | 171 |  |  |  | (211,709 | )
|  |  |  |  | (202,838 | ) |  |  | 9 |  |  |  | 2,002 |  |  |  | (200,827 | )
|  |  |  | 2025 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss recovery component |  |  | Loss recovery component |
Cash flows for the period |  | Reinsurance premium paid |  | W | 969,789 |  |  |  | — |  |  |  | — |  |  |  | 969,789 |
|  | Recoveries of reinsurance claims and other reinsurance income |  |  | — |  |  |  | — |  |  |  | (130,014 | ) |  |  | (130,014 | )
|  | Receipts of investment components and recoveries of reinsurance premiums |  |  | 21,694 |  |  |  | — |  |  |  | (246,720 | ) |  |  | (225,026 | )
|  |  |  |  | 991,483 |  |  |  | — |  |  |  | (376,734 | ) |  |  | 614,749 |
Other increases (decreases) |  |  |  |  | (119 | ) |  |  | 119 |  |  |  | — |  |  |  | — |
Ending balance |  | Reinsurance contract assets |  |  | 433,672 |  |  |  | 3,922 |  |  |  | 56,873 |  |  |  | 494,467 |
|  | Reinsurance contract liabilities |  |  | (150,423 | ) |  |  | 31,323 |  |  |  | 62,722 |  |  |  | (56,378 | )
|  | Net reinsurance contract assets (liabilities) |  | W | 283,249 |  |  |  | 35,245 |  |  |  | 119,595 |  |  |  | 438,089 |
Summary of reconciliation of changes in insurance contracts by remaining coverage and incurred claims for which the applying the premium distribution approach |
| (j) | Changes in the remaining coverage and incurred claim components of reinsurance contract assets and liabilities applying the premium allocation approach for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  | 2024 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  | Total |
|  |  |  | Excluding loss recovery component |  |  | Loss recovery component |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |
Beginning balance |  | Reinsurance contract assets |  | W | 19,971 |  |  |  | 1,220 |  |  |  | 4,244 |  |  |  | 104 |  |  |  | 25,539 |
|  | Reinsurance contract liabilities |  |  | (59 | ) |  |  | — |  |  |  | (19 | ) |  |  | — |  |  |  | (78 | )
|  | Net reinsurance contract assets (liabilities) |  |  | 19,912 |  |  |  | 1,220 |  |  |  | 4,225 |  |  |  | 104 |  |  |  | 25,461 |
Reinsurance revenue |  | Incurred reinsurance claims |  |  | — |  |  |  | — |  |  |  | 15,934 |  |  |  | 564 |  |  |  | 16,498 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | (255 | ) |  |  | 3,476 |  |  |  | 838 |  |  |  | 4,059 |
|  | Other |  |  | (120 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (120 | )
|  |  |  |  | (120 | ) |  |  | (255 | ) |  |  | 19,410 |  |  |  | 1,402 |  |  |  | 20,437 |
Reinsurance service expenses |  |  |  |  | (18,052 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18,052 | )
Recoveries of investment components and reinsurance premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reinsurance finance income and expenses |  | Profit or loss |  |  | 2,071 |  |  |  | — |  |  |  | 97 |  |  |  | 7 |  |  |  | 2,175 |
|  | Other comprehensive income |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | 4 |  |  |  | 18 |
|  |  |  |  | 2,071 |  |  |  | — |  |  |  | 111 |  |  |  | 11 |  |  |  | 2,193 |
Cash flows for the period |  | Reinsurance premium paid |  |  | 2,128 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,128 |
|  | Recoveries of reinsurance claims and other reinsurance income |  |  | — |  |  |  | — |  |  |  | 33,051 |  |  |  | — |  |  |  | 33,051 |
|  | Receipts of investment components and recoveries of reinsurance premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  |  | 2,128 |  |  |  | — |  |  |  | 33,051 |  |  |  | — |  |  |  | 35,179 |
Other increases (decreases) |  |  | 45,500 |  |  |  | — |  |  |  | (33,658 | ) |  |  | — |  |  |  | 11,842 |
Ending balance |  | Reinsurance contract assets |  |  | 51,439 |  |  |  | 965 |  |  |  | 23,144 |  |  |  | 1,517 |  |  |  | 77,065 |
|  | Reinsurance contract liabilities |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (5 | )
|  | Net reinsurance contract assets (liabilities) |  | W | 51,439 |  |  |  | 965 |  |  |  | 23,139 |  |  |  | 1,517 |  |  |  | 77,060 |
|  |  |  | 2025 |
|  |  |  | Remaining coverage components |  |  | Incurred claim component |  |  |  |  |  |  |
|  |  |  | Excluding loss recovery component |  |  | Loss recovery component |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Total |
Beginning balance |  | Reinsurance contract assets |  | W | 51,439 |  |  |  | 965 |  |  |  | 23,144 |  |  |  | 1,517 |  |  |  | 77,065 |
|  | Reinsurance contract liabilities |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (5 | )
|  | Net reinsurance contract assets (liabilities) |  |  | 51,439 |  |  |  | 965 |  |  |  | 23,139 |  |  |  | 1,517 |  |  |  | 77,060 |
Reinsurance revenue |  | Incurred reinsurance claims |  |  | — |  |  |  | — |  |  |  | 33,682 |  |  |  | 1,753 |  |  |  | 35,435 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | — |  |  |  | 136 |  |  |  | (24 | ) |  |  | 112 |
|  | Other |  |  | — |  |  |  | 1,778 |  |  |  | — |  |  |  | — |  |  |  | 1,778 |
|  |  |  |  | — |  |  |  | 1,778 |  |  |  | 33,818 |  |  |  | 1,729 |  |  |  | 37,325 |
Reinsurance service expenses |  |  |  |  | (38,642 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (38,642 | )
Recoveries of investment components and reinsurance premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reinsurance finance income and expenses |  | Profit or loss |  |  | 2,984 |  |  |  | — |  |  |  | 114 |  |  |  | 35 |  |  |  | 3,133 |
|  | Other comprehensive income |  |  | — |  |  |  | — |  |  |  | (19 | ) |  |  | (5 | ) |  |  | (24 | )
|  |  |  |  | 2,984 |  |  |  | — |  |  |  | 95 |  |  |  | 30 |  |  |  | 3,109 |
Cash flows for the period |  | Reinsurance premium paid |  |  | 42,773 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 42,773 |
|  | Recoveries of reinsurance claims and other reinsurance income |  |  | — |  |  |  | — |  |  |  | (12,650 | ) |  |  | — |  |  |  | (12,650 | )
|  | Receipts of investment components and recoveries of reinsurance premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  |  | 42,773 |  |  |  | — |  |  |  | (12,650 | ) |  |  | — |  |  |  | 30,123 |
Other increases (decreases) |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | Reinsurance contract assets |  |  | 58,554 |  |  |  | 2,743 |  |  |  | 44,402 |  |  |  | 3,276 |  |  |  | 108,975 |
|  | Reinsurance contract liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | Net reinsurance contract assets (liabilities) |  |  | W 58,554 |  |  |  | 2,743 |  |  |  | 44,402 |  |  |  | 3,276 |  |  |  | 108,975 |
Summary of measurement component in reinsurance contract assets and liabilities for which the premium distribution |
| (k) | Changes by measurement component in reinsurance contract assets and liabilities for which the premium allocation approach is not applied for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  | 2024 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Fair value method |  |  | Other |  |  | Sub-total |
Beginning balance |  | Reinsurance contract assets |  | W | (26,683 | ) |  |  | 18,538 |  |  |  | 15,224 |  |  |  | 55,735 |  |  |  | 70,959 |  |  |  | 62,814 |
|  | Reinsurance contract liabilities |  |  | (182,136 | ) |  |  | 28,620 |  |  |  | 24,066 |  |  |  | 36,288 |  |  |  | 60,354 |  |  |  | (93,162 | )
|  | Net reinsurance contract assets (liabilities) |  |  | (208,819 | ) |  |  | 47,158 |  |  |  | 39,290 |  |  |  | 92,023 |  |  |  | 131,313 |  |  |  | (30,348 | )
Changes related to future services |  | Changes in estimates adjusting the contractual service margin |  |  | (186,989 | ) |  |  | 4,806 |  |  |  | 121,614 |  |  |  | 52,954 |  |  |  | 174,568 |  |  |  | (7,615 | )
|  | Effect of initial recognition of new contracts |  |  | (46,121 | ) |  |  | 4,672 |  |  |  | — |  |  |  | 42,929 |  |  |  | 42,929 |  |  |  | 1,480 |
|  |  |  |  | (233,110 | ) |  |  | 9,478 |  |  |  | 121,614 |  |  |  | 95,883 |  |  |  | 217,497 |  |  |  | (6,135 | )
Changes related to current services |  | Amortization of contractual service margin |  |  | — |  |  |  | — |  |  |  | 11,035 |  |  |  | (10,844 | ) |  |  | 191 |  |  |  | 191 |
|  | Change in risk adjustment |  |  | — |  |  |  | (2,982 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,982 | )
|  | Experience adjustment |  |  | 34,048 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34,048 |
|  |  |  |  | 34,048 |  |  |  | (2,982 | ) |  |  | 11,035 |  |  |  | (10,844 | ) |  |  | 191 |  |  |  | 31,257 |
Changes related to past services |  | Adjustments to incurred claims component |  |  | (27,816 | ) |  |  | (1,518 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (29,334 | )
|  |  |  | 2024 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Fair value method |  |  | Other |  |  | Sub-total |
Reinsurance finance income and expenses |  | Profit or loss |  | W | (7,595 | ) |  |  | 1,758 |  |  |  | 1,699 |  |  |  | 4,200 |  |  |  | 5,899 |  |  |  | 62 |
|  | Other comprehensive income |  |  | (7,320 | ) |  |  | 5,229 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,091 | )
|  |  |  |  | (14,915 | ) |  |  | 6,987 |  |  |  | 1,699 |  |  |  | 4,200 |  |  |  | 5,899 |  |  |  | (2,029 | )
Cash flows for the period |  | Reinsurance premium paid |  |  | 221,033 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 221,033 |
|  | Recoveries of reinsurance claims and other reinsurance income |  |  | (33,580 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (33,580 | )
|  | Receipts of investment components and recoveries of reinsurance premiums |  |  | (140,620 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (140,620 | )
|  |  |  |  | 46,833 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46,833 |
Other increases (decreases) |  |  |  |  | (672 | ) |  |  | — |  |  |  | — |  |  |  | 59 |  |  |  | 59 |  |  |  | (613 | )
Ending balance |  | Reinsurance contract assets |  |  | (81,178 | ) |  |  | 19,688 |  |  |  | 78,043 |  |  |  | 91,136 |  |  |  | 169,179 |  |  |  | 107,689 |
|  | Reinsurance contract liabilities |  |  | (323,273 | ) |  |  | 39,435 |  |  |  | 95,595 |  |  |  | 90,185 |  |  |  | 185,780 |  |  |  | (98,058 | )
|  | Net reinsurance contract assets (liabilities) |  | W | (404,451 | ) |  |  | 59,123 |  |  |  | 173,638 |  |  |  | 181,321 |  |  |  | 354,959 |  |  |  | 9,631 |
|  |  |  | 2025 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Fair value method |  |  | Other |  |  | Sub-total |
Beginning balance |  | Reinsurance contract assets |  | W | (81,178 | ) |  |  | 19,688 |  |  |  | 78,043 |  |  |  | 91,136 |  |  |  | 169,179 |  |  |  | 107,689 |
|  | Reinsurance contract liabilities |  |  | (323,273 | ) |  |  | 39,435 |  |  |  | 95,595 |  |  |  | 90,185 |  |  |  | 185,780 |  |  |  | (98,058 | )
|  | Net reinsurance contract assets (liabilities) |  |  | (404,451 | ) |  |  | 59,123 |  |  |  | 173,638 |  |  |  | 181,321 |  |  |  | 354,959 |  |  |  | 9,631 |
Changes related to future services |  | Changes in estimates adjusting the contractual service margin |  |  | 110,860 |  |  |  | 3,688 |  |  |  | (54,909 | ) |  |  | (45,758 | ) |  |  | (100,667 | ) |  |  | 13,881 |
|  | Effect of initial recognition of new contracts |  |  | (268,930 | ) |  |  | 16,978 |  |  |  | — |  |  |  | 253,590 |  |  |  | 253,590 |  |  |  | 1,638 |
|  |  |  |  | (158,070 | ) |  |  | 20,666 |  |  |  | (54,909 | ) |  |  | 207,832 |  |  |  | 152,923 |  |  |  | 15,519 |
Changes related to current services |  | Amortization of contractual service margin |  |  | — |  |  |  | — |  |  |  | (10,697 | ) |  |  | (21,985 | ) |  |  | (32,682 | ) |  |  | (32,682 | )
|  | Change in risk adjustment |  |  | — |  |  |  | (5,065 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,065 | )
|  | Experience adjustment |  |  | 70,989 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70,989 |
|  |  |  |  | 70,989 |  |  |  | (5,065 | ) |  |  | (10,697 | ) |  |  | (21,985 | ) |  |  | (32,682 | ) |  |  | 33,242 |
Changes related to past services |  | Adjustments to incurred claims component |  |  | (33,376 | ) |  |  | (849 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (34,225 | )
|  |  |  | 2025 |
|  |  |  | Present value estimate of future cash flows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Fair value method |  |  | Other |  |  | Sub-total |
Reinsurance finance income and expenses |  | Profit or loss |  | W | (7,204 | ) |  |  | 2,252 |  |  |  | 5,176 |  |  |  | 10,658 |  |  |  | 15,834 |  |  |  | 10,882 |
|  | Other comprehensive income |  |  | (209,355 | ) |  |  | (2,354 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (211,709 | )
|  |  |  |  | (216,559 | ) |  |  | (102 | ) |  |  | 5,176 |  |  |  | 10,658 |  |  |  | 15,834 |  |  |  | (200,827 | )
Cash flows for the period |  | Reinsurance premium paid |  |  | 969,789 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 969,789 |
|  | Recoveries of reinsurance claims and other reinsurance income |  |  | (130,014 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (130,014 | )
|  | Receipts of investment components and recoveries of reinsurance premiums |  |  | (225,026 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (225,026 | )
|  |  |  |  | 614,749 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 614,749 |
Other increases (decreases) |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | Reinsurance contract assets |  |  | 188,742 |  |  |  | 26,586 |  |  |  | 57,547 |  |  |  | 221,592 |  |  |  | 279,139 |  |  |  | 494,467 |
|  | Reinsurance contract liabilities |  |  | (315,460 | ) |  |  | 47,187 |  |  |  | 55,661 |  |  |  | 156,234 |  |  |  | 211,895 |  |  |  | (56,378 | )
|  | Net reinsurance contract assets (liabilities) |  | W | (126,718 | ) |  |  | 73,773 |  |  |  | 113,208 |  |  |  | 377,826 |  |  |  | 491,034 |  |  |  | 438,089 |
Summary of reinsurance contracts that did not apply the premium allocation approach recognized for the first time |
| (l) | Details of reinsurance contracts that did not apply the premium allocation approach recognized for the first time for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  | 2024 |
|  |  |  | Present value estimate of future cash outflows |  |  | Present value estimate of future cash inflows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Other than insurance acquisition cash flow amount |  |  | Insurance acquisition cash flow amount |
Contracts initially recognized during the period |  | Groups of contracts issued other than net profit contracts |  | W | (160,095 | ) |  |  | — |  |  |  | 109,889 |  |  |  | 3,098 |  |  |  | 47,598 |  |  |  | 490 |
| Groups of net profit contracts issued |  |  | (64,074 | ) |  |  | — |  |  |  | 68,159 |  |  |  | 1,574 |  |  |  | (4,669 | ) |  |  | 990 |
|  |  |  | W | (224,169 | ) |  |  | — |  |  |  | 178,048 |  |  |  | 4,672 |  |  |  | 42,929 |  |  |  | 1,480 |
|  |  |  | 2025 |
|  |  |  | Present value estimate of future cash outflows |  |  | Present value estimate of future cash inflows |  |  | Risk adjustment for non-financial risks |  |  | Contractual service margin |  |  | Total |
|  |  |  | Other than insurance acquisition cash flow amount |  |  | Insurance acquisition cash flow amount |
Contracts initially recognized during the period |  | Groups of contracts issued other than net profit contracts |  | W | (1,746,549 | ) |  |  | — |  |  |  | 1,478,971 |  |  |  | 15,475 |  |  |  | 253,467 |  |  |  | 1,364 |
| Groups of net profit contracts issued |  |  | (62,220 | ) |  |  | — |  |  |  | 60,868 |  |  |  | 1,503 |  |  |  | 123 |  |  |  | 274 |
|  |  |  | W | (1,808,769 | ) |  |  | — |  |  |  | 1,539,839 |  |  |  | 16,978 |  |  |  | 253,590 |  |  |  | 1,638 |
Summary of information about expected recognition of contractual service margin in profit or loss |
| (m) | The amount of contractual service margin for reinsurance contracts that do not apply the premium allocation approach as of December 31, 2024 and 2025 is expected to be recognized in profit or loss in the future as follows:
|  | 2024 |
|  | 1 year or less |  |  | 1~2 years |  |  | 2~5 years |  |  | 5~10 years |  |  | More than 10 years |  |  | Total |
Reinsurance contract assets |  | W | (12,551 | ) |  |  | (11,363 | ) |  |  | (29,455 | ) |  |  | (38,460 | ) |  |  | (77,350 | ) |  |  | (169,179 | )
Reinsurance contract liabilities |  |  | (13,874 | ) |  |  | (12,036 | ) |  |  | (30,495 | ) |  |  | (35,569 | ) |  |  | (93,806 | ) |  |  | (185,780 | )
|  | W | (26,425 | ) |  |  | (23,399 | ) |  |  | (59,950 | ) |  |  | (74,029 | ) |  |  | (171,156 | ) |  |  | (354,959 | )
|  | 2025 |
|  | 1 year or less |  |  | 1~2 years |  |  | 2~5 years |  |  | 5~10 years |  |  | More than 10 years |  |  | Total |
Reinsurance contract assets |  | W | (19,328 | ) |  |  | (18,168 | ) |  |  | (49,285 | ) |  |  | (67,992 | ) |  |  | (124,366 | ) |  |  | (279,139 | )
Reinsurance contract liabilities |  |  | (18,802 | ) |  |  | (16,756 | ) |  |  | (38,942 | ) |  |  | (43,802 | ) |  |  | (93,593 | ) |  |  | (211,895 | )
|  | W | (38,130 | ) |  |  | (34,924 | ) |  |  | (88,227 | ) |  |  | (111,794 | ) |  |  | (217,959 | ) |  |  | (491,034 | )
Summary of insurance income and service expenses |
| (n) | Details of insurance income and service expenses for the years ended December 31, 2023, 2024 and 2025 are as follows:
|  |  |  | 2023 |
|  |  |  | Retroactive modification method |  |  | Fair value method |  |  | Other |  |  | Total |
Unapplied premium allocation approach |  | Expected insurance claims and other expected insurance service expenses |  | W | 776,917 |  |  |  | 706,136 |  |  |  | 90,916 |  |  |  | 1,573,969 |
|  | Change in risk adjustment |  |  | 55,712 |  |  |  | 36,036 |  |  |  | 24,797 |  |  |  | 116,545 |
|  | Amortization of contractual service margin |  |  | 536,399 |  |  |  | 215,795 |  |  |  | 162,449 |  |  |  | 914,643 |
|  | Recoveries of insurance acquisition cash flows |  |  | 133,781 |  |  |  | 337 |  |  |  | 128,162 |  |  |  | 262,280 |
|  | Other |  |  | (18,762 | ) |  |  | 65 |  |  |  | 11,218 |  |  |  | (7,479 | )
|  |  |  |  | 1,484,047 |  |  |  | 958,369 |  |  |  | 417,542 |  |  |  | 2,859,958 |
Premium allocation approach |  |  |  |  | 29,504 |  |  |  | — |  |  |  | 10,137 |  |  |  | 39,641 |
Insurance revenue subtotal |  |  |  |  | 1,513,551 |  |  |  | 958,369 |  |  |  | 427,679 |  |  |  | 2,899,599 |
Unapplied premium allocation approach |  | Incurred claims and other incurred insurance service expenses |  |  | 794,824 |  |  |  | 644,118 |  |  |  | 74,638 |  |  |  | 1,513,580 |
|  | Changes in liabilities for incurred claims |  |  | (5,104 | ) |  |  | 14,944 |  |  |  | 1,628 |  |  |  | 11,468 |
|  | Losses on onerous contracts and reversals |  |  | (74,960 | ) |  |  | 8,286 |  |  |  | 31,314 |  |  |  | (35,360 | )
|  | Amortization of insurance acquisition cash flows |  |  | 133,868 |  |  |  | 337 |  |  |  | 128,075 |  |  |  | 262,280 |
|  | Other |  |  | (10,235 | ) |  |  | 1,451 |  |  |  | (28,812 | ) |  |  | (37,596 | )
|  |  |  |  | 838,393 |  |  |  | 669,136 |  |  |  | 206,843 |  |  |  | 1,714,372 |
Premium allocation approach |  |  |  |  | 37,657 |  |  |  | — |  |  |  | (3,250 | ) |  |  | 34,407 |
Insurance service expense subtotal |  |  |  |  | 876,050 |  |  |  | 669,136 |  |  |  | 203,593 |  |  |  | 1,748,779 |
|  |  |  | 2023 |
|  |  |  | Retroactive modification method |  |  | Fair value method |  |  | Other |  |  | Total |
Unapplied premium allocation approach |  | Incurred reinsurance claims |  | W | 27 |  |  |  | 67,051 |  |  |  | 5,573 |  |  |  | 72,651 |
|  | Changes in liabilities for incurred claims |  |  | 2 |  |  |  | (29,952 | ) |  |  | (2,150 | ) |  |  | (32,100 | )
|  | Other |  |  | (1 | ) |  |  | (2,021 | ) |  |  | 1,906 |  |  |  | (116 | )
|  |  |  |  | 28 |  |  |  | 35,078 |  |  |  | 5,329 |  |  |  | 40,435 |
Premium allocation approach |  |  |  |  | 4,550 |  |  |  | — |  |  |  | — |  |  |  | 4,550 |
Reinsurance revenue subtotal |  |  |  |  | 4,578 |  |  |  | 35,078 |  |  |  | 5,329 |  |  |  | 44,985 |
Unapplied premium allocation approach |  | Expected reinsurance claims |  |  | — |  |  |  | 41,537 |  |  |  | 7,324 |  |  |  | 48,861 |
|  | Change in risk adjustment |  |  | — |  |  |  | 3,227 |  |  |  | 626 |  |  |  | 3,853 |
|  | Amortization of contractual service margin |  |  | — |  |  |  | 8,120 |  |  |  | 7,269 |  |  |  | 15,389 |
|  | Other |  |  | — |  |  |  | (247 | ) |  |  | 4,230 |  |  |  | 3,983 |
|  |  |  |  | — |  |  |  | 52,637 |  |  |  | 19,449 |  |  |  | 72,086 |
Premium allocation approach |  |  |  |  | 5,375 |  |  |  | — |  |  |  | 4,729 |  |  |  | 10,104 |
Reinsurance service expense subtotal |  |  |  |  | 5,375 |  |  |  | 52,637 |  |  |  | 24,178 |  |  |  | 82,190 |
|  |  |  | W | 636,704 |  |  |  | 271,674 |  |  |  | 205,237 |  |  |  | 1,113,615 |
|  |  |  | 2024 |
|  |  |  | Retroactive modification method |  |  | Fair value method |  |  | Other |  |  | Total |
Unapplied premium allocation approach |  | Expected insurance claims and other expected insurance service expenses |  | W | 769,737 |  |  |  | 685,765 |  |  |  | 199,933 |  |  |  | 1,655,435 |
|  | Change in risk adjustment |  |  | 48,040 |  |  |  | 35,437 |  |  |  | 46,946 |  |  |  | 130,423 |
|  | Amortization of contractual service margin |  |  | 433,780 |  |  |  | 246,990 |  |  |  | 242,944 |  |  |  | 923,714 |
|  | Recoveries of insurance acquisition cash flows |  |  | 116,454 |  |  |  | 379 |  |  |  | 243,578 |  |  |  | 360,411 |
|  | Other |  |  | (13,242 | ) |  |  | (371 | ) |  |  | (4,371 | ) |  |  | (17,984 | )
|  |  |  |  | 1,354,769 |  |  |  | 968,200 |  |  |  | 729,030 |  |  |  | 3,051,999 |
Premium allocation approach |  |  |  |  | 64,109 |  |  |  | — |  |  |  | 445 |  |  |  | 64,554 |
Insurance revenue subtotal |  |  |  |  | 1,418,878 |  |  |  | 968,200 |  |  |  | 729,475 |  |  |  | 3,116,553 |
Unapplied premium allocation approach |  | Incurred claims and other incurred insurance service expenses |  |  | 775,573 |  |  |  | 652,193 |  |  |  | 219,202 |  |  |  | 1,646,968 |
|  | Changes in liabilities for incurred claims |  |  | (2,310 | ) |  |  | 26,060 |  |  |  | 4,432 |  |  |  | 28,182 |
|  | Losses on onerous contracts and reversals |  |  | 42,867 |  |  |  | 4,682 |  |  |  | 20,385 |  |  |  | 67,934 |
|  | Amortization of insurance acquisition cash flows |  |  | 116,636 |  |  |  | 379 |  |  |  | 243,396 |  |  |  | 360,411 |
|  | Other |  |  | (10,455 | ) |  |  | 883 |  |  |  | (38,758 | ) |  |  | (48,330 | )
|  |  |  |  | 922,311 |  |  |  | 684,197 |  |  |  | 448,657 |  |  |  | 2,055,165 |
Premium allocation approach |  |  |  |  | 75,029 |  |  |  | — |  |  |  | 1,366 |  |  |  | 76,395 |
Insurance service expense subtotal |  |  |  |  | 997,340 |  |  |  | 684,197 |  |  |  | 450,023 |  |  |  | 2,131,560 |
|  |  |  | 2024 |
|  |  |  | Retroactive modification method |  |  | Fair value method |  |  | Other |  |  | Total |
Unapplied premium allocation approach |  | Incurred reinsurance claims |  | W | 67 |  |  |  | 68,816 |  |  |  | 20,973 |  |  |  | 89,856 |
|  | Changes in liabilities for incurred claims |  |  | 58 |  |  |  | (27,421 | ) |  |  | (1,971 | ) |  |  | (29,334 | )
|  | Other |  |  | 53 |  |  |  | (11,372 | ) |  |  | 3,938 |  |  |  | (7,381 | )
|  |  |  |  | 178 |  |  |  | 30,023 |  |  |  | 22,940 |  |  |  | 53,141 |
Premium allocation approach |  |  |  |  | 20,437 |  |  |  | — |  |  |  | — |  |  |  | 20,437 |
Reinsurance revenue subtotal |  |  |  |  | 20,615 |  |  |  | 30,023 |  |  |  | 22,940 |  |  |  | 73,578 |
Unapplied premium allocation approach |  | Expected reinsurance claims |  |  | — |  |  |  | 39,319 |  |  |  | 13,689 |  |  |  | 53,008 |
|  | Change in risk adjustment |  |  | — |  |  |  | 2,861 |  |  |  | 1,066 |  |  |  | 3,927 |
|  | Amortization of contractual service margin |  |  | — |  |  |  | (11,035 | ) |  |  | 10,844 |  |  |  | (191 | )
|  | Other |  |  | — |  |  |  | (2,306 | ) |  |  | 2,915 |  |  |  | 609 |
|  |  |  |  | — |  |  |  | 28,839 |  |  |  | 28,514 |  |  |  | 57,353 |
Premium allocation approach |  |  |  |  | 18,052 |  |  |  | — |  |  |  | — |  |  |  | 18,052 |
Reinsurance service expense subtotal |  |  |  |  | 18,052 |  |  |  | 28,839 |  |  |  | 28,514 |  |  |  | 75,405 |
|  |  |  | W | 424,101 |  |  |  | 285,187 |  |  |  | 273,878 |  |  |  | 983,166 |
|  |  |  | 2025 |
|  |  |  | Retroactive modification method |  |  | Fair value method |  |  | Other |  |  | Total |
Unapplied premium allocation approach |  | Expected insurance claims and other expected insurance service expenses |  | W | 757,062 |  |  |  | 659,233 |  |  |  | 342,883 |  |  |  | 1,759,178 |
|  | Change in risk adjustment |  |  | 57,884 |  |  |  | 41,931 |  |  |  | 86,153 |  |  |  | 185,968 |
|  | Amortization of contractual service margin |  |  | 357,104 |  |  |  | 253,829 |  |  |  | 302,280 |  |  |  | 913,213 |
|  | Recoveries of insurance acquisition cash flows |  |  | 92,192 |  |  |  | 312 |  |  |  | 329,782 |  |  |  | 422,286 |
|  | Other |  |  | (11,306 | ) |  |  | 64 |  |  |  | (7,023 | ) |  |  | (18,265 | )
|  |  |  |  | 1,252,936 |  |  |  | 955,369 |  |  |  | 1,054,075 |  |  |  | 3,262,380 |
Premium allocation approach |  |  |  |  | 23,416 |  |  |  | — |  |  |  | 78,526 |  |  |  | 101,942 |
Insurance revenue subtotal |  |  |  |  | 1,276,352 |  |  |  | 955,369 |  |  |  | 1,132,601 |  |  |  | 3,364,322 |
Unapplied premium allocation approach |  | Incurred claims and other incurred insurance service expenses |  |  | 761,109 |  |  |  | 643,747 |  |  |  | 424,376 |  |  |  | 1,829,232 |
|  | Changes in liabilities for incurred claims |  |  | (5,912 | ) |  |  | (24,832 | ) |  |  | 4,015 |  |  |  | (26,729 | )
|  | Losses on onerous contracts and reversals |  |  | (21,666 | ) |  |  | (70,108 | ) |  |  | 95,909 |  |  |  | 4,135 |
|  | Amortization of insurance acquisition cash flows |  |  | 92,191 |  |  |  | 312 |  |  |  | 329,783 |  |  |  | 422,286 |
|  | Other |  |  | (9,665 | ) |  |  | 1,670 |  |  |  | (19,490 | ) |  |  | (27,485 | )
|  |  |  |  | 816,057 |  |  |  | 550,789 |  |  |  | 834,593 |  |  |  | 2,201,439 |
Premium allocation approach |  |  |  |  | 53,111 |  |  |  | — |  |  |  | 67,264 |  |  |  | 120,375 |
Insurance service expense subtotal |  |  | 869,168 |  |  |  | 550,789 |  |  |  | 901,857 |  |  |  | 2,321,814 |
|  |  |  | 2025 |
|  |  |  | Retroactive modification method |  |  | Fair value method |  |  | Other |  |  | Total |
Unapplied premium allocation approach |  | Incurred reinsurance claims |  | W | — |  |  |  | 108,510 |  |  |  | 76,505 |  |  |  | 185,015 |
|  | Changes in liabilities for incurred claims |  |  | — |  |  |  | (32,864 | ) |  |  | (1,361 | ) |  |  | (34,225 | )
|  | Other |  |  | — |  |  |  | (207 | ) |  |  | 14,391 |  |  |  | 14,184 |
|  |  |  |  | — |  |  |  | 75,439 |  |  |  | 89,535 |  |  |  | 164,974 |
Premium allocation approach |  |  | 9,420 |  |  |  | — |  |  |  | 27,905 |  |  |  | 37,325 |
Reinsurance revenue subtotal |  |  | 9,420 |  |  |  | 75,439 |  |  |  | 117,440 |  |  |  | 202,299 |
Unapplied premium allocation approach |  | Expected reinsurance claims |  |  | — |  |  |  | 37,115 |  |  |  | 39,595 |  |  |  | 76,710 |
|  | Change in risk adjustment |  |  | — |  |  |  | 3,552 |  |  |  | 3,177 |  |  |  | 6,729 |
|  | Amortization of contractual service margin |  |  | — |  |  |  | 10,697 |  |  |  | 21,985 |  |  |  | 32,682 |
|  | Other |  |  | — |  |  |  | 17,199 |  |  |  | 17,118 |  |  |  | 34,317 |
|  |  | — |  |  |  | 68,563 |  |  |  | 81,875 |  |  |  | 150,438 |
Premium allocation approach |  |  | 17,796 |  |  |  | — |  |  |  | 20,846 |  |  |  | 38,642 |
Reinsurance service expense subtotal |  |  |  |  | 17,796 |  |  |  | 68,563 |  |  |  | 102,721 |  |  |  | 189,080 |
|  |  |  | W 398,808 |  |  | 411,456 |  |  | 245,463 |  |  | 1,055,727 |

X
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- Definition Disclosure of changes by measurement element in reinsurance contract assets (liabilities) for which the premium distribution approach was not applied. + References No definition available. + Details
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- Definition Disclosure of information about expected recognition of contractual service margin in profit or loss does not apply premium distribution. + References No definition available. + Details
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- Definition Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims for which the applying the premium distribution approach explanatory. + References No definition available. + Details
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- Definition Schedule of disclosure of reconciliation of changes in insurance contracts by remaining coverage and occurred elements did not apply premium distribution. + References No definition available. + Details
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