Meritz Fire & Marine Insurance, Long-Term Personal Insurance Growth... Achieves Net Profit of 301.3 Billion KRW

[Asia Economy Reporter Oh Hyung-gil] Meritz Fire & Marine Insurance announced on the 30th that its net profit based on consolidated financial statements last year reached 301.3 billion KRW, an increase of 28.4% compared to the previous year.

Revenue increased by 13.4% year-on-year to 8.0469 trillion KRW, and operating profit rose by 12.8% to 352.8 billion KRW.

New long-term insurance contract sales recorded a remarkable 38% increase year-on-year to 169.5 billion KRW. The company explained that this represents more than double the growth compared to 77.6 billion KRW in 2017, when long-term insurance sales experienced rapid growth.

Additionally, the return on equity (ROE, based on separate financial statements) was 11.5%, maintaining double digits for five consecutive years.

The dividend per share increased by 3.7% to 850 KRW. The total dividend amount rose by 3.3% to 94.8 billion KRW, with a dividend yield of 4.6%.

A Meritz Fire & Marine Insurance official stated, "Due to continuous sales growth across all sales channels including exclusive channels, corporate agencies (GA), and direct sales, the market share of long-term insurance reached 21.8%. We are maximizing the intrinsic profit of insurance by overcoming the burden of additional amortization from sales growth and increasing net profit."

This content was produced with the assistance of AI translation services.