Hyundai Marine & Fire Insurance Reports 28% Drop in Net Profit Last Year... KB Insurance Also Sees 10% Decline
[Asia Economy Reporter Oh Hyung-gil] Last year, Hyundai Marine & Fire Insurance's net profit for the year decreased by about 28% compared to the previous year.
On the 6th, Hyundai Marine & Fire Insurance announced that its net profit for the year amounted to 269.1 billion KRW, a 27.9% decrease compared to the previous year.
During the same period, sales increased by 7% to 16.8459 trillion KRW. On the other hand, operating profit was recorded at 395.3479 billion KRW, a 25.9% decrease.
A Hyundai Marine & Fire Insurance official explained, "The deterioration in net profit last year was due to the worsening loss ratios of major insurance products such as long-term insurance and automobile insurance."
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KB Insurance also announced its performance for last year on the same day. KB Insurance's net profit for the year was 234.3 billion KRW, a 10.7% decrease compared to the previous year, affected by the rise in loss ratios for automobile and long-term insurance and increased expenses related to new contracts.
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