Samsung Fire & Marine Insurance Improves Loss Ratio, Achieves 1.5 Trillion KRW Operating Profit Last Year
[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance recorded its highest-ever performance last year as loss ratios improved due to reduced customer outdoor activities amid the spread of COVID-19.
Samsung Fire & Marine Insurance held an investor relations (IR) meeting on the 21st and announced that its operating profit last year increased by 36.9% year-on-year to 1.5501 trillion KRW. During the same period, sales reached 19.6497 trillion KRW, and net profit was 1.0926 trillion KRW, increasing by 0.5% and 42.5% respectively compared to the previous year.
The prolonged COVID-19 pandemic led to reduced social activities, resulting in a significant improvement in the loss ratio, which refers to the ratio of insurance claims paid to insurance premiums earned.
Looking at the loss ratio by category, automobile insurance recorded 81.9%, down 3.7 percentage points from the previous year due to a temporary decrease in accidents caused by COVID-19 and efforts to improve operational efficiency. General insurance also achieved a 75.0% loss ratio, improving by 6.6 percentage points through sales expansion and risk management.
In addition to the improved loss ratio, insurance premiums also increased. Based on gross written premiums, general insurance grew by 8.4% and automobile insurance by 1.9% compared to the previous year.
Samsung Fire & Marine Insurance expects to continue steady growth this year by actively responding to changes in the business environment and expanding new businesses.
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Hong Seong-woo, Head of Management Support at Samsung Fire & Marine Insurance, said, "We plan to actively respond to changes in the management environment, including the implementation of IFRS 17 scheduled for next year, and secure a stable profit and loss base centered on continuous efficiency improvements. We will also establish a foundation for future growth by expanding new businesses such as digital ventures."
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