Samsung Fire & Marine Insurance Reports 3Q Cumulative Net Profit of KRW 1.6433 Trillion, Up 27% YoY

Samsung Fire & Marine Insurance announced on the 13th that it recorded a cumulative net profit of 1.6433 trillion KRW for the third quarter. This represents a 27% increase compared to the previous year.

The net profit for the third quarter was 428.2 billion KRW, a 26% increase year-on-year, but a 28.9% decrease compared to the previous quarter.

The cumulative insurance profit and loss for long-term insurance was 1.3004 trillion KRW, up 27.4% from the previous year. The total CSM (Contractual Service Margin) stood at 13.2593 trillion KRW at the end of the third quarter, expanding by 604.5 billion KRW compared to the previous quarter. The new contract CSM for the third quarter was 1.1642 trillion KRW, and the cumulative new contract CSM was 2.6068 trillion KRW.

General insurance recorded a cumulative insurance profit and loss of 194.8 billion KRW, growing 28.2% year-on-year. This was driven by increased insurance revenue due to market expansion in specialty and marine insurance and growth in overseas business, as well as a decline in loss ratio caused by a reduction in high-cost accidents.

The loss ratio for automobile insurance was 81.7%, down 1.6 percentage points from the previous year. A Samsung Fire & Marine Insurance official explained, "Although the loss ratio slightly increased compared to the first half due to increased traffic volume during the holiday period, it decreased year-on-year through preemptive natural disaster preparedness activities and strengthened loss management."

Accordingly, the cumulative insurance profit and loss stood at 243.8 billion KRW, a 5.7% increase year-on-year, maintaining a stable level, the company said.

In asset management, efforts to improve operational efficiency and flexible market response led to an investment yield of 2.95%, an improvement of 0.58 percentage points compared to the same period last year. Through this, investment income was recorded at 1.6932 trillion KRW, a 17.4% increase year-on-year.

Kim Jun-ha, Chief Financial Officer (CFO) of Samsung Fire & Marine Insurance, said, "Despite the challenging business environment with increased volatility in global financial markets, high inflation, and low growth, we are demonstrating excellent business performance. We will respond more agilely to market changes in the remaining period and finish 2023 with the best results."

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