Hyundai Marine & Fire Insurance Reports H1 Net Profit of 249 Billion KRW, Up 35.5% YoY

Effect of Improvement in Loss Ratio and Expense Ratio

[Asia Economy Reporter Ki Ha-young] Hyundai Marine & Fire Insurance announced on the 13th that its net profit for the second quarter of this year was preliminarily estimated at 122.6 billion KRW, a 30.3% increase compared to the same period last year. Operating profit rose 27.4% to 178.3 billion KRW.

Operating profit and net profit for the first half of the year were recorded at 368 billion KRW and 249 billion KRW, respectively. These figures represent increases of 35.0% and 35.5% compared to the first half of last year. Sales for the first half reached 7.5569 trillion KRW, up 6.2% from last year.

Looking at the loss ratio, general insurance recorded a loss ratio of 57.5% without any major large-scale accidents, improving by 10.7 percentage points compared to the same period last year. Auto insurance also achieved a loss ratio of 78.6%, improved by 4.2% compared to the same period last year, due to continued rate increase effects and efforts to reduce loss amounts. The long-term insurance loss ratio slightly increased to 86.2% compared to last year due to increased medical utilization.

The solvency indicator, the Risk-Based Capital (RBC) ratio, rose 6.8 percentage points from the first quarter to 197% due to the effect of issuing subordinated bonds in the second quarter.

Hyundai Marine & Fire Insurance stated, "New long-term insurance contracts, which can significantly contribute to future profit growth, increased by more than 30% compared to the second quarter of last year, showing the highest growth rate in the non-life insurance industry," and forecasted, "The trend of improving loss ratio and expense ratio is expected to continue for the time being."

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