DB Insurance Reports 425.5 Billion KRW Net Profit in H1, Up 21.8% Year-on-Year

DB Insurance

[Asia Economy Reporter Oh Hyung-gil] DB Insurance announced on the 12th that its net profit for the first half of the year increased by 21.8% compared to the same period last year, reaching 425.5 billion KRW.

Revenue rose by 7.7% to 7.4329 trillion KRW, and operating profit increased by 25.3% to 586.8 billion KRW.

Net profit for the second quarter reached 235.4 billion KRW, up 11.1% from the same period last year. During the same period, revenue and operating profit increased by 7.2% and 10.9%, recording 3.7916 trillion KRW and 321.3 billion KRW, respectively.

The company explained that the improvement in automobile insurance loss ratio was due to strengthened social distancing measures amid COVID-19, and operating profit increased thanks to improvements in long-term and general insurance loss ratios.

A DB Insurance official stated, "We achieved excellent results due to improved expense ratios in the second quarter from efforts to reduce business expenses," but added, "We cannot be optimistic as seasonal factors such as typhoons in the second half of the year and the easing of social distancing are expected to increase loss ratios in automobile and long-term insurance."

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