The company said management fee revenue for policy issuance and renewal services rose 2.6% to $847.0 million in Q3 2026 and 3.8% to $2.5 billion for the 9-month period to date. Direct and affiliated assumed premiums written by the Exchange rose 1.8% to $3.5 billion in Q3, and the management fee rate was 25% in both 2026 and 2025.

1. 01

   The company said management fee revenue for policy issuance and renewal services rose 2.6% to $847.0 million in Q3 2026 and 3.8% to $2.5 billion for the 9-month period to date. Direct and affiliated assumed premiums written by the Exchange rose 1.8% to $3.5 billion in Q3, and the management fee rate was 25% in both 2026 and 2025.

2. 02

   Cost of operations for policy issuance and renewal services rose 3.6% to $665.0 million in Q3 2026 and 4.0% to $2.0 billion for the 9-month period to date, the company said. It cited higher agent incentive compensation, higher scheduled commissions and increased technology costs as the drivers of the increase.

3. 03

   The company said net cash provided by operating activities was $520.2 million for the 9 months ended 2026, compared with $515.1 million in the same period of the prior year. Net cash used in investing activities was $291.4 million, and net cash used in financing activities was $212.0 million.

4. 04

   As of September 30, 2026, the company said it had approximately $317.3 million in unrestricted and unpledged cash and cash equivalents. It also has access to a $100 million bank revolving line of credit, which the company said does not expire until November 2029. The company also cited approximately $1.3 billion in unrestricted and unpledged investments as a source of liquidity.

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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