Hyundai Marine & Fire Net Profit Up 81%↑ DB Insurance 34%↑... Insurers Report Strong Earnings

Improvement of Auto Insurance Loss Ratio

[Asia Economy Reporter Oh Hyung-gil] Non-life insurance companies recorded strong performance as the loss ratio of automobile insurance improved.

Hyundai Marine & Fire Insurance announced on the 13th that its net profit for the third quarter reached 131 billion KRW. This is an 81.1% (58.7 billion KRW) increase compared to the same period last year (72.3 billion KRW).

During the same period, sales increased by 7.4% from 3.3466 trillion KRW last year to 3.5032 trillion KRW, and operating profit rose by 74.3% (85.1 billion KRW) to 199.7 billion KRW.

This is attributed to the decline in the automobile insurance loss ratio and an increase in investment operating profit due to the sale of the Gangnam building. Hyundai Marine & Fire Insurance's automobile insurance loss ratio improved by 8.1 percentage points compared to the same period last year, and the sale of the Gangnam building realized a real estate disposal gain of 200 billion KRW, which also increased investment operating profit.

DB Insurance also posted a cumulative net profit of 442 billion KRW for the third quarter, up 34.5% from the same period last year. Sales for the same period increased by 8.2% to 10.4348 trillion KRW, and operating profit rose by 33.1% to 593.1 billion KRW compared to the previous year.

A DB Insurance official said, “The decrease in quarterly net profit compared to the same period last year was due to a base effect caused by a large amount of bond sales in the third quarter of last year,” adding, “The cumulative net profit up to the third quarter this year was 442 billion KRW, which is a 34.5% increase compared to 328.7 billion KRW in the same period last year.”

Meritz Fire & Marine Insurance recorded consolidated sales of 2.2893 trillion KRW and operating profit of 153.5 billion KRW in the third quarter. These figures represent increases of 12.8% and 46.9%, respectively, compared to the same period last year.

The cumulative net profit up to the third quarter was 323.6 billion KRW, a 52.1% increase from 212.7 billion KRW in the same period last year. The company stated, "Net profit grew through continuous sales growth and improvement in the combined ratio."

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