DB Insurance Reports Cumulative Q3 Net Profit of 1.2624 Trillion KRW, Down 8.2% YoY

"Impact of Guam Typhoon and Hawaii Wildfires"

DB Insurance announced on the 13th that its cumulative net profit for the third quarter was 1.2624 trillion KRW, a decrease of 8.2% compared to the previous year.

The cumulative sales for the third quarter increased by 2% year-on-year to 13.5084 trillion KRW, but operating profit decreased by 9.6% year-on-year to 1.6644 trillion KRW.

The net profit for the third quarter was 369.9 billion KRW, down 20.5% compared to the previous year. Third-quarter sales were 4.7462 trillion KRW, a 5.2% decrease year-on-year, and operating profit was 482.4 billion KRW, down 22.3% year-on-year.

DB Insurance explained that the decrease in net profit was due to a rise in general insurance loss ratios caused by one-time incidents such as the Guam typhoon and Hawaii wildfires.

A DB Insurance official added, "Although net profit decreased somewhat due to one-time factors, the third-quarter CSM (Contractual Service Margin) net increase was 370 billion KRW, and the balance reached 12.6 trillion KRW, the highest level in the industry."

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