Hyundai Marine & Fire Insurance Reports Q1 Net Profit of 477.3 Billion KRW... Highest Quarterly Performance

Hyundai Marine & Fire Insurance announced on the 14th that its separate basis net profit for the first quarter of this year was tentatively estimated at 477.3 billion KRW, a 51.4% increase compared to the same period last year. This is the highest quarterly performance on record.

During the same period, sales increased by 5% to 4.4401 trillion KRW, and operating profit rose by 52.3% to 641.1 billion KRW. Insurance profit surged 116.6% to 532.9 billion KRW. Investment profit decreased by 37.8% to 108.2 billion KRW.

In the long-term insurance sector, the profit and loss from the difference between expected and actual insurance claims improved, and income from the amortization of the Contractual Service Margin (CSM) increased. The liability valuation amount also decreased due to regulatory changes, improving insurance profit.

General insurance saw an 82.6% improvement in insurance profit due to a decrease in high-cost accidents compared to the previous year. Auto insurance losses increased due to seasonal factors such as heavy snowfall in January.

Investment profit decreased compared to the previous year due to the one-time reflection of gains from real estate-related securities valuation in the first quarter of last year.

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