SHG Latest Report

Financial Performance Review

New Korea Financial's operating revenue totaled RMB3,687.727 billion as of December 31, 2024, down approximately 10.91% from RMB4,138.912 billion in 2023. This change indicates significant challenges faced by the company in terms of operating revenue, especially in the context of increasing competition in insurance and overall market conditions.

Key Financial Data

1. New Korea Financial's operating revenue in 2024 decreased compared to 2023, reflecting changes in the market environment and pressure on revenue growth.

2. Insurance business revenue fluctuated significantly, with RMB56.175 billion in 2024 compared to negative RMB171.663 billion in 2023, indicating the impact of insurance business fluctuations on operating revenue.

3. Commission expenses were RMB604.998 billion in 2024, though down, still affecting the overall revenue structure.

4. Pre-tax profit was RMB601.78 billion, down year-on-year, reflecting weakened profitability.

Industry Comparison

1. Overall industry analysis: The financial industry, where New Korea Financial operates, saw a clear downward trend in overall revenue in 2024, particularly in insurance and investment businesses, where increased competition and changes in demand affected overall operating revenue.

2. Peer evaluation analysis: Compared to other companies in the same industry, New Korea Financial's revenue decline was significant, possibly indicating a squeezed market share or shortcomings in customer retention and business expansion.

Summary

The comprehensive analysis shows that New Korea Financial faces significant challenges in terms of a significant decline in operating revenue, mainly due to changes in the market environment and increased industry competition. Although insurance business revenue has grown, it has not been able to offset the overall revenue decline. In addition, the decrease in pre-tax profit indicates weakened profitability, which may affect its future investment and expansion capabilities.

Opportunities

1. Enhance customer loyalty through optimized product structure and strengthened customer service to enhance market competitiveness.

2. Increase investment in technology, particularly in digital transformation, to enhance operational efficiency.

3. Create new financial products to meet changes in market demand and enhance revenue sources.

Risks

1. Increased competition may put greater pressure on the company in terms of customer retention and business expansion.

2. Fluctuations in insurance business and declining underwriting profits may further affect the company's overall operating revenue.

3. The overall downward trend in the financial industry's revenue may pose a challenge to the company's long-term development.