DB Insurance Reports 3Q Net Profit of 254.5 Billion KRW, Up 15.7% YoY "Decrease in Indemnity Insurance Losses"

[Asia Economy Reporter Changhwan Lee] DB Insurance announced on the 10th that its net profit for the third quarter increased by 15.7% year-on-year to 254.5 billion KRW.

During the same period, sales (gross written premiums) reached 4.011 trillion KRW, up 6.9%, and operating profit rose 13.3% to 341.4 billion KRW.

The cumulative performance up to the third quarter showed sales of 11.9217 trillion KRW, an increase of 6.6%. Operating profit was 1.0997 trillion KRW, and net profit was 817 billion KRW, up 23.8% and 26.6%, respectively.

The company explained that the reduction in claims related to cataract insurance losses improved the long-term insurance loss ratio, and investment operating profit increased due to gains from foreign exchange hedging, which contributed to the improved performance.

Up to the third quarter, the automobile insurance loss ratio was 77.8%, slightly improved from 77.9% in the same period last year. The long-term insurance loss ratio significantly improved to 81.5% from 84.1% last year, while the general insurance loss ratio worsened to 75.1% compared to 65.5% the previous year.

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