DB Insurance Posts Q1 Net Profit of 137.5 Billion KRW, Up 38.7% Year-on-Year
[Asia Economy Reporter Oh Hyung-gil] DB Insurance announced on the 15th that its net profit for the first quarter increased by 38.7% year-on-year to 137.5 billion KRW.
During the same period, sales amounted to 3.3672 trillion KRW, and operating profit was 178.5 billion KRW, increasing by 7.3% and 38.6% respectively compared to the same period last year.
Insurance operating losses decreased from 154.4 billion KRW in the first quarter of last year to 146.3 billion KRW, while investment operating profit increased by 14.7% year-on-year to 324.8 billion KRW.
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A DB Insurance official explained, "Due to the impact of the novel coronavirus disease (COVID-19), there was a temporary improvement in automobile loss ratios and efficient management of operating expenses, which temporarily improved performance," adding, "From the second quarter, the effects of financial market instability and contraction of new contracts caused by the spread of COVID-19 are expected to be fully reflected."
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