Samsung Fire & Marine Insurance Reports 1.8216 Trillion KRW Net Profit Last Year, Up 12% YoY

Pre-Tax Profit Surpasses 2 Trillion Won for the First Time Since Company Founding

Samsung Fire & Marine Insurance announced on the 22nd that its net profit for the previous year was 1.8216 trillion KRW, a 12% increase compared to the previous year. During the same period, operating profit rose 15.3% to 2.3572 trillion KRW, and sales increased 6.2% to 20.8247 trillion KRW.

Samsung Fire & Marine Insurance's pre-tax profit grew 11.7% year-on-year to 2.4466 trillion KRW. For the first time since its founding, the company surpassed 2 trillion KRW in pre-tax profit. Among the pre-tax profits, insurance profit was 2.0101 trillion KRW, up 18.6% from the previous year, and investment profit recorded 418.8 billion KRW. Net income attributable to controlling shareholders was 1.8184 trillion KRW, a 12% increase year-on-year.

Long-term insurance posted insurance profits of 1.5393 trillion KRW, growing 12.8% compared to the previous year. Additionally, new contract insurance contract margin (CSM) reached 3.4995 trillion KRW. The total CSM expanded by 1.1586 trillion KRW to 13.3028 trillion KRW at the end of last year compared to the end of 2022.

As a result of continuously pursuing strategic market responses focused on portfolio improvement, the average monthly premium for long-term protection insurance increased 12.2% year-on-year to 15.5 billion KRW.

Insurance profit from automobile insurance was 189.9 billion KRW, up 14.8% from the previous year. Through proactive natural disaster preparedness activities and strengthened loss management, the loss ratio improved by 0.5 percentage points year-on-year, resulting in stable profitability.

General insurance recorded insurance profits of 204.2 billion KRW, a 112.3% increase compared to the previous year. This was due to increased insurance revenue from expansion in specialty and marine insurance and growth in overseas business, as well as a decline in the loss ratio caused by a reduction in high-cost accidents.

In asset management, efforts to improve operational efficiency and flexible market responses led to an investment yield of 2.8%, an improvement of 0.54 percentage points compared to the previous year. Through this, investment profit reached 2.1883 trillion KRW, a 21% increase year-on-year.

Kim Jun-ha, Chief Financial Officer (CFO) of Samsung Fire & Marine Insurance, said, "With the appointment of a new CEO, Samsung Fire & Marine Insurance has presented management themes for the next 70 years of history. We will do our best to achieve the best performance this year, continuously seek future growth opportunities, and make this a year to secure a stable future profit base and enhance shareholder value.”

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