SEOUL, Nov. 13 (Yonhap) — Major South Korean insurer Hanwha Life Insurance Co. said Friday that its third-quarter net profit more than doubled from a year earlier thanks to a lower loss ratio and reduced reserves.

Consolidated net income came to 148.9 billion won (US$133.6 million) in the July-September period, up 104.1 percent from a year earlier, the company said in a regulatory filing.

Operating income shot up 134.6 percent on-year to 206.9 billion won, while sales fell 17.1 percent to 5.65 trillion won.

Hanwha Life Insurance said its third-quarter earnings got a boost from a drop in its loss ratio, or the ratio of insurance claims to premiums, on the back of increased sales of guaranteed products despite the coronavirus pandemic.

Another factor was a decline in reserves for variable life insurance subscribers following a rally in the country’s stock index, it added.

The insurer said its premium income stood at 3.44 trillion won in the third quarter, up 12.8 percent from the same period a year ago.

Bolstered by a gain on the valuation of bond investments, its risk-based capital (RBC) ratio, a key measure of financial stability, amounted to 265.4 percent as of end-September, up 39.7 points from a year earlier.