'Significant Loss Ratio Improvement' Hyundai Marine & Fire Insurance Reports 438.3 Billion KRW Net Profit Last Year, Up 43.2% YoY

[Asia Economy Reporter Changhwan Lee] Hyundai Marine & Fire Insurance recorded significantly improved performance last year, supported by improvements in key indicators.

On the 22nd, Hyundai Marine & Fire Insurance held an investor relations (IR) meeting and announced that last year's net profit reached 438.3 billion KRW, a 43.2% increase compared to the previous year.

During the same period, sales amounted to 15.4091 trillion KRW, up 6.9% year-on-year, and operating profit increased by 34.6% to 644.8 billion KRW.

The company explained that sales increased across all sectors including general, long-term, and automobile insurance, and profits also rose due to improvements in loss ratio and expense ratio.

The combined ratio, which is the sum of the loss ratio and expense ratio, improved by 2.5 percentage points from 2020 to 104.2%.

Total assets increased by 7.1% compared to the end of the previous year, reaching 52.2908 trillion KRW, and the solvency indicator RBC (Risk-Based Capital ratio) recorded 203.4%.

A company representative stated, "This year, we plan to maintain sales growth through profit-centered management and actively respond to environmental changes such as 'IFRS17', 'ESG management', and 'digital ecosystem' to establish a foundation for future growth."

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