Hyundai Marine & Fire Insurance, 3Q Net Profit 127.1 Billion KRW... 8.3% Decrease YoY "Increase in Auto Insurance Loss Ratio"

[Asia Economy Reporter Changhwan Lee] Hyundai Marine & Fire Insurance announced on the 10th that its net profit for the third quarter was 127.1 billion KRW, down 8.3% compared to the same period last year.

During the same period, sales increased by 4.4% to 4.0394 trillion KRW, while operating profit decreased by 4.8% to 192.7 billion KRW.

The cumulative net profit up to the third quarter was 478.5 billion KRW, up 23.4% year-on-year, and operating profit was 702 billion KRW, an increase of 23.1%.

The third quarter was affected by seasonal factors such as heavy rains concentrated in August and September and typhoon damage, which caused an increase in loss ratios for automobile and general insurance.

However, the cumulative profit increased significantly as the long-term risk loss ratio continued to improve and the expense ratio remained at a stable level.

In terms of loss ratio in the third quarter, due to seasonal factors, the general and automobile loss ratios rose by 22.6 percentage points and 0.9 percentage points, respectively. However, since the second quarter, the long-term risk loss ratio improved by 2.9 percentage points due to a decrease in cataract claim frequency.

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