1. Q2 2025 Earnings: A Significant Beat

A+ Asset reported KRW 167.4 billion in revenue (+47.9% YoY), KRW 8.9 billion in operating profit, and KRW 5.6 billion in net profit for Q2 2025, significantly exceeding market expectations. Revenue beat projections by 23%, while operating and net profit surpassed estimates by 59% and 56%, respectively.

2. Drivers of Growth: Core Business and Subsidiaries

The company’s core insurance brokerage business (non-life insurance 45.65%, life insurance 42.37%) was a key driver of this strong performance. Subsidiaries also contributed, with NanoEntek (bio-equipment) showing slight revenue growth and A+ Life (pre-need services) seeing improved financial results. While A+ Realty (real estate) and A+ Mortgage (loans) faced headwinds due to market conditions, the overall picture remained positive.

3. Healthcare Expansion: Fueling Future Growth

A+ Asset is actively pursuing future growth drivers through digital transformation, new business development, synergy among affiliates, and strengthening its healthcare value chain (through the integration of AAi Healthcare). The expansion into healthcare is particularly promising, setting the stage for long-term growth.

4. Key Takeaways for Investors: Short-Term and Long-Term Outlook

In the short term, investors should watch for continued momentum following the earnings beat. For a longer-term perspective, it’s crucial to monitor A+ Asset’s ability to navigate the evolving insurance market, the growth of its subsidiaries, the execution of its new growth strategies, and the success of its healthcare and digital transformation initiatives.