Hyundai Marine & Fire Insurance Reports 805.7 Billion KRW Net Profit Last Year, Down 37.1% Year-on-Year

Hyundai Marine & Fire Insurance announced on the 23rd that its net profit for last year was 805.7 billion KRW, a decrease of 37.1% compared to the previous year.

Hyundai Marine & Fire Insurance saw a decline in profits and losses in both long-term insurance and general insurance. The profit and loss from long-term insurance decreased by 77.2% year-on-year, recording 248.8 billion KRW.

Regarding indemnity insurance, losses related to the gap between expected and actual results amounted to 260 billion KRW due to increased insurance claim losses caused by a rise in influenza and respiratory diseases. The amount recognized as costs related to loss burdens in the fourth quarter was 480 billion KRW.

Profit and loss from general insurance also decreased by 18.3% year-on-year, recording 76.4 billion KRW.

However, in the case of automobile insurance, profit and loss increased by 16.8% compared to the previous year, reaching 201.2 billion KRW.

As of the end of last year, the insurance contract margin (CSM) was 9.0787 trillion KRW, an increase of 9.1% compared to the end of 2022.

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