FY2008 Third Quarter
  FY2008 First Half
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Home > Financial Info > FY2008 First Half > Profit & loss account
Profit & loss account
22th (current) period first half from April 1st 2008 to September 30th 2008
21th (precious) period first half from April 1st 2008 to September 30th 2008
Company Name: Mirae Asset Life Insurance Co., Ltd.
Summary
(unit : Won)
Accounts 22th period (current period)
First Half		 21th period (previous period)First Half
  Amount   Amount
I. Operating Revenues   1,191,458,654,895   1,045,114,618,671
1. Insurance Premium Revenue 720,131,356,599   654,014,580,932  
A. Individual Insurance Premiums 706,694,701,015   645,074,239,832  
B. Group Insurance 13,436,655,584   8,940,341,100  
2. Reinsurance Premium Revenue 51,470,022,563   56,174,055,919  
A. Reinsurance Revenue 46,285,547,630   49,876,443,176  
B. Fee Revenue on Reinsurance 5,184,474,933   6,297,612,743  
3. Interest Revenue 94,748,086,764   99,970,380,306  
A. Interest on Deposits 9,681,609,734   4,079,359,110  
B. Interest on Trading Securities 672,404,372   132,347,946  
C. Interest on Available-for-Sale-Securities 19,255,449,056   22,106,857,522  
D. Iinterest on Securities Owned to Maturity 24,243,205,046   26,659,635,929  
E. Interest onLoans 39,961,701,693   44,888,431,228  
F. Interest on Deposits 24,375,523   99,602,208  
G. Other Interest Revenues 909,341,340   2,004,146,363  
4. Gain on Valuation and Disposition of Securities 54,555,944,525   68,031,197,564  
A. Gains on Valuation of Trading Securities     1,790,316,576  
B. Gains on Disposal of Trading Securities 3,075,568,944   4,130,758,514  
C. Gains on Disposal of Available-for-Sale-Decurities 51,480,375,581   62,110,122,474  
5. Gain on Valuation and Disposition of Loans 1,036,759,743   1,469,282,798  
A. Recovery of Provision for Bad Debts 1,036,759,743   1,469,282,798  
6. Gain on Foreign Exchange 1,896,300,476   338,377,921  
7. Gain on Foreign Currency Translation 32,430,133,314   316,796,325  
8. Fee Revenue 18,194,443,591   19,015,322,631  
9. Dividend Revenue 11,623,962,111   7,772,007,350  
10. Lease Revenue 2,256,159,168   1,667,801,992  
11. Special Account Revenue Fee 91,861,198,447   39,528,210,415  
12. Revenue Special Account 96,117,283,938   87,718,003,868  
I3. Other Operating Revenues 15,137,003,656   9,098,600,650  
A. Gains on Derivative Transactions 7,698,758,833   3,044,508,164  
B. Interest on Trading Securities     1,704,880,315  
C. Recovery of Provision for Bad Debts 36,875,299   2,212,814  
D. Other Operating Revenues
7,401,369,524
   4,346,999,357  
II. Operating Expenses   1,179,702,928,122   1,033,753,964,999
1. Recovery of Insurance Reserve 210,051,790,270   199,323,065,892  
2. Insurance Payout Expense 88,326,729,322   38,499,311,586  
3. Refund Expense 309,976,070,037   343,219,323,359  
4. Dividend Expense 789,437,547   751,254,681  
5. Reinsurance Payment Expense 52,010,334,122   56,688,673,604  
A. Reinsurance Premium 52,010,334,122   56,688,673,604  
6. Interest Expense 106,355,163,658   126,906,923,972  
Deferred Acquisition Costs of New or Renewal Insurance Contracts (313,413,558,470)   (251,909,588,140)  
A. Acquisition Costs of New or Renewal Insurance Contracts 319,196,239,651   287,173,576,001  
B. Maintenance Costs 94,741,894,294   85,812,367,788  
C. Collection Expense 5,830,588,183   5,830,568,323  
7. Amortization of Acquisition Costs of New or Renewal Insurance Contracts 208,568,522,162   141,854,684,074  
8. Property Management fee 28,831,120,898   17,115,187,907  
9. Interest Expense 2,203,404,060   2,256,442,606  
10. Loss on Valuation and Disposition of Securities 12,847,448,420   1,282,003,221  
A. Loss on Valuation of Trading Securities 224,755,831   30,099,660  
B. Loss on Disposal of Trading Securities 82,215,188   450,784  
C. loss on disposal of available-for-sale-securities 12,540,477,401   1,251,452,777  
11. Loss on Valuation and Disposition of Loans 145,248,243      
A. Bad debt Expenses 145,248,243      
12. Loss on Foreign Exchange 1,498,000,000   1,597,443,567  
13. Loss on Foreign Currency Translation     4,608,747,464  
14. Depreciation Expenses of Real Estate 261,344,974   240,667,546  
15. Intangible Assets Amortization Expense 3,971,299,936   4,001,044,295  
16. Discount Fee 9,169,875   59,392,407  
17. Expense Special Account 96,117,283,938   87,718,003,868  
18. Other Operating Expenses 57,740,560,660   7,631,794,950  
A. Loss on Derivative Transactions 15,461,499,174   436,060,992  
B. Loss on Valuation of Derivatives 33,689,995,565   507,403,752  
C. Bad Debt Expenses 90,475,723   89,714,378  
D. Other Operating Expenses 8,498,590,198   6,598,615,828  
III. Operating Profit (loss)   11,755,726,773   11,360,653,672
IV. Non-operating Revenues   22,035,666,860   4,330,040,187
1. Gain on Equity 1,171,516,894   3,469,715,964  
2. Gain on Disposition of Investment Stocks 12,953,448,674      
3. Gain on Disposal of Tangible Assets 23,309,099      
4. Gain on Disposition of Other Assets 2,347,178,505   470,479,948  
5. Miscellaneous Gains 5,540,213,688   389,844,275  
V. Non-operating Expense   21,693,590,102   1,038,615,352
1. Loss on Equity 793,963,634      
2. Loss on Devaluation of Securities Owned to Maturity 19,834,000,000      
3. Loss on Disposal of Tangible Assets 23,039,195   12,760,003  
4. Loss on Devaluation of Tangible Assets 68,877,390      
5. Donations 151,372,245   40,150,715  
6. Miscellaneous Losses 822,337,638   985,704,634  
VI. Net Profit Before Income Tax   12,097,803,531   14,652,078,507
VII. Income Tax Expense   3,386,862,699   5,009,843,165
VIII. Net Profit   8,710,940,832   9,642,235,342
Special Accounts
(unit : Won)
Accounts 22th period
2st Quarter		 21th period
2st Quarter
  Amount   Amount
1. Policy Holder Reserves Transfer - 4 62,886,269,549 - 649,020,105,946
2. Insurance Payout - 2 44,595,015,952 - 122,362,784,511
Insurance Payout Expense 62,831,183,908 - 41,999,544,553 -
Refund Expense 181,763,832,044 - 80,363,239,958 -
Dividend Expense - - - -
3. Minimum Guarantee Expense - 2 ,638,431,784 - 1,400,019,671
A. Variable Life Death Benefit - - - -
B. Variable Annuity Death Benefit 581,711,164 - 261,710,235 -
C. Variable Annuity Reserve 2,056,720,620 - 1,138,309,436 -
D. Miscellaneous - - - -
4. Special Account Management Fee - 9 1,860,239,356 - 39,528,105,968
A. Operating Expense Proportion of Reserves 2,399,742,024 - 1,910,142,981 -
B. Shareholders Equity - - - -
C. Miscellaneous 89,460,497,332 - 37,617,962,987 -
5. Fee Expense - 1 ,225,971,152 - 690,121,259
6. Taxes & Dues - 8 4,249,200 - 76,331,880
7. Depreciation Expense - - - -
8. Bad Debt Expenses - 1 29,796,543 -
117,904,426
9. Property Management Fee - - - -
10. Loss on Disposal of Marketable Securities - 5 7,228,707,611 - 8,243,513,786
11. Loss on Valuation of Marketable Securities - 2 31,244,786,241 - 11,033,918,411
12. Loss on Disposal of Investment Assets - - - -
13. Loss on Valuation of Investment Assets - - - -
14. Loss on Disposal of Tangible Assets - - - -
15. Trust Account Deficit - - - -
16. Loss on Foreign Currency Transaction - 5 49,864 - 4,658,371
17. Interest Expense - 3 3,437,716 - 11,824,115
18. Loss on Derivative Transactions - - - -
19. Loss on Valuation of Derivatives - - - -
20. Other Expenses - 3 2,734,928,577 - 18,033,517,718
Total Expense - 1 ,124,662,383,545 - 850,522,806,062
1. Insurance Premium Revenue - 1 ,020,685,632,292 - 602,443,132,579
Individual Insurance Premiums 935,479,223,890 - 537,970,348,706 -
Group Insurance 85,206,408,402 - 64,472,783,873 -
2. Interest Revenue - 4 3,523,672,437 - 22,371,940,241
Interest on Deposits 7,272,038,024 1 ,715,416,780 2,435,878,583 -
Interest on Marketable Securities 27,445,970,382 1 9,925,913,657 15,889,757,926 -
Interest on Loans 6,758,559,838 4 ,866,039,602 3,075,571,301 -
Other Interest Revenues 2,047,104,193 1 ,841,692,600 970,732,431 -
3. Dividend Revenue - 3 30,330,314 - 179,630,482
4. Lease Revenue - - - -
5. Fee Revenue - - - -
6. Gain on Disposal of Marketable Securities - 1 6,397,783,784 - 52,997,924,682
7. Gain on Valuation of Marketable Securities - 1 2,075,441,719 - 157,654,623,776
8. Gain on Disposal of Investment Assets - - - -
9. Gain on Valuation of Investment Assets - - - -
10. Gain on Disposal of Tangible Assets - - - -
11. Trust Account Gain - - - -
12. Gain on Foreign Currency Transaction - 3 00,272,753 - 5,706,568
13. gains on derivative transactions - - - -
14. gain on valuation of derivatives - - - -
15. Other Revenues - 3 1,349,250,246 - 14,869,847,734
A. Recovery of Loss Amounts - - - -
B. Miscellaneous 31,349,250,246 - 14,869,847,734 -
Total Revenue - 1 ,124,662,383,545 - 850,522,806,062