Meritz Fire & Marine Insurance Reports Q1 Net Profit of 490.9 Billion KRW... Highest Quarterly Performance

Meritz Fire & Marine Insurance announced on the 14th that its standalone net profit for the first quarter of this year was tentatively estimated at 490.9 billion KRW, a 23.8% increase compared to the same period last year. This marks the highest quarterly performance ever recorded.

During the same period, sales increased by 7.7% to 2.9129 trillion KRW, and operating profit rose by 21.5% to 660.6 billion KRW.

Meritz Fire & Marine Insurance has recorded a net profit exceeding 100 billion KRW for 17 consecutive quarters since the first quarter of 2020. This is attributed to revenue growth focused on profitability through securing high-quality new contracts and a long-term soundness management strategy.

The company cited its competitiveness in the insurance profit sector, highlighting steady growth in long-term insurance profits through securing high-quality new contracts and a 35% increase in general insurance profits compared to the same period last year. Investment income also rose by 42.2% year-on-year to 202.7 billion KRW.

A Meritz Fire & Marine Insurance official stated, "The revenue growth focused on profitability through securing high-quality new contracts and the long-term soundness management strategy, which have been pursued since 2015, have been effective, leading to continuous performance improvement. Efficient cost management and industry-leading asset management capabilities, which strengthen our core business competitiveness, are also factors supporting this record-high performance."

Meanwhile, Meritz Financial Group's consolidated net profit for the first quarter of this year was 591.3 billion KRW, a 2.1% decrease compared to the same period last year. Sales and operating profit were recorded at 12.5638 trillion KRW and 770.8 billion KRW, respectively. Total assets amounted to 103.1047 trillion KRW, and return on equity (ROE) was 24.8%. Meritz Securities reported consolidated operating profit and net profit for the first quarter of 155.7 billion KRW and 126.5 billion KRW, respectively, down 35% and 36.7% year-on-year.

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