XML 49 R36.htm IDEA: XBRL DOCUMENT

Insurance contract liabilities

12 Months Ended

Dec. 31, 2025

Insurance contract liabilities [Abstract]

29.	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

(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	Basis for calculation
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	Basis for calculation
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.

(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			Incurred claim component		Total
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			Incurred claim component			Total
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			Incurred claim component			Total
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			Incurred claim component			Total
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

(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

(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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks			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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks		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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks			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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks			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

(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		Present value estimate of future cash inflows			Risk adjustment for non-financial risks		Contractual service margin		Total
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		Present value estimate of future cash inflows			Risk adjustment for non-financial risks		Contractual service margin		Total
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

(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

(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

5,498,129 million and

6,338,236 million, respectively.

(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			Incurred claim component			Total
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			Incurred claim component			Total
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			Incurred claim component			Total
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		Incurred claim component			Total
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

(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		Total
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

(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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks			Fair value method		Other			Sub-total		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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks		Fair value method		Other		Sub-total		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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks			Fair value method			Other			Sub-total			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
		Present value estimate of future cash flows			Risk adjustment for non-financial risks			Fair value method		Other		Sub-total		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

(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		Present value estimate of future cash inflows		Risk adjustment for non-financial risks		Contractual service margin			Total
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
Contracts initially recognized during the period	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		Present value estimate of future cash inflows		Risk adjustment for non-financial risks		Contractual service margin		Total
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
Contracts initially recognized during the period	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

(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	)

(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