Samsung Fire & Marine Insurance H1 Net Profit 744.1 Billion KRW... Up 71.7% YoY

Pre-tax Profit on a Consolidated Basis of 1.032 Trillion Won
Exceeds Last Year's Annual Profit Scale

[Asia Economy Reporter Ki Ha-young] Samsung Fire & Marine Insurance achieved strong performance in the first half of this year, nearly matching last year's full-year net profit. This was due to a decrease in loss ratio and favorable investment operating income.

Samsung Fire & Marine Insurance announced on the 12th that its net profit for the first half of this year increased by 71.7% compared to the previous year, reaching 744.1 billion KRW. Operating profit for the same period was 1.0475 trillion KRW, up 63.7% year-on-year. Notably, the pre-tax profit on a consolidated basis for the first half was 1.032 trillion KRW, surpassing last year's total pre-tax profit.

Samsung Fire & Marine Insurance stated, "Despite the challenging business environment caused by financial market volatility due to COVID-19 and the continuation of ultra-low interest rates, we achieved results exceeding last year's annual profit scale in just half a year."

This strong performance is interpreted as resulting from a decrease in loss ratio and growth in investment sectors. The combined ratio (loss ratio + expense ratio), which measures insurance business efficiency, improved across all sectors and recorded 101.5%, down 2.9 percentage points from the first half of last year, due to a decrease in the loss ratio of automobile insurance.

Samsung Fire & Marine Insurance plans to accelerate the launch of digital products and service restructuring in the second half of the year. They intend to develop Anyfit, a health management service currently operated as an additional service, into a 'comprehensive healthcare platform' for individuals and corporations. Additionally, they will continue investments in promising startups and partnerships with external platforms by utilizing a corporate venture capital (CVC) fund.

In the overseas business division, they announced plans to focus on generating results by strengthening collaboration with Canopyus, Tencent, and others. Through this, they set a goal to increase the proportion of overseas general insurance sales to 50% by 2025.

Hong Sung-woo, Chief Financial Officer (CFO) of Samsung Fire & Marine Insurance, said, "Although uncertainties exist due to seasonal factors in the second half, we will continue growth focused on profitability and efficiency improvement. We will swiftly implement growth strategies that can proactively respond to new environments along with demonstrating differentiated performance."

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