Seoul Guarantee Insurance Cash Flow Statement

Financials in millions KRW. Fiscal year is January - December.

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	268,373	213,100	417,659	544,855	456,129
Depreciation & Amortization	68,173	42,076	42,179	41,927	39,358
Other Amortization	5,860	5,376	5,587	4,778	3,270
Gain (Loss) on Sale of Assets	-1,053	0.7	-1,332	-95.66	-807.23
Gain (Loss) on Sale of Investments	-12,335	-33,342	-40,668	60,653	-4,672
Change in Accounts Receivable	566.97	655.58	-616.09	-902.65	41,784
Change in Insurance Reserves / Liabilities	1,868,282	1,828,718	586,823	862,212	-45,023
Change in Other Net Operating Assets	-83,265	-202,507	-17,914	-155,384	11,203
Other Operating Activities	-1,672,677	-1,508,965	-356,945	-692,669	282,932
Operating Cash Flow	387,231	314,977	540,875	775,967	935,026
Operating Cash Flow Growth	22.94%	-41.77%	-30.30%	-17.01%	131.58%
Capital Expenditures	-14,129	-10,073	-11,952	-5,937	-8,937
Sale of Property, Plant & Equipment	153.98	57.15	1,537	211.33	922.53
Purchase / Sale of Intangible Assets	-58,764	-55,904	-56,999	-11,145	-12,682
Investment in Securities	-90,108	3,588	-115,960	-632,476	-627,296
Other Investing Activities	-46,620	-33,402	-15,818	-39,973	9,844
Investing Cash Flow	-209,467	-95,734	-199,192	-689,320	-638,150
Total Debt Repaid	-1,939	-1,939	-1,939	-1,939	-1,939
Net Debt Issued (Repaid)	-1,939	-1,939	-1,939	-1,939	-1,939
Common & Preferred Dividends Paid	-200,091	-208,359	-282,746	-229,165	-105,151
Total Dividends Paid	-200,091	-208,359	-282,746	-229,165	-105,151
Other Financing Activities	-18,142	-17,981	-16,878	-15,722	-13,069
Financing Cash Flow	-220,172	-228,279	-301,564	-246,826	-120,160
Foreign Exchange Rate Adjustments	-2,262	8,926	-375.75	835.51	3,463
Miscellaneous Cash Flow Adjustments	0	-0	-0	-0	-
Net Cash Flow	-44,670	-110.81	39,743	-159,343	180,180
Free Cash Flow	373,102	304,904	528,923	770,030	926,089
Free Cash Flow Growth	22.37%	-42.35%	-31.31%	-16.85%	134.67%
Free Cash Flow Margin	15.49%	13.19%	23.40%	35.61%	47.29%
Free Cash Flow Per Share	5343.65	4366.90	7575.34	11028.54	13263.65
Cash Interest Paid	2,069	2,164	2,230	2,308	2,215
Cash Income Tax Paid	32,825	82,315	94,101	164,296	56,630
Levered Free Cash Flow	302,040	48,693	-350,995	-8,490,320	686,458
Unlevered Free Cash Flow	299,842	46,676	-353,090	-8,492,112	686,719
Change in Working Capital	1,731,375	1,593,875	474,530	815,967	151,143

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.