KB Insurance Reports Q3 Net Profit of 168 Billion KRW, Up 8.3% YoY

KB Insurance's third-quarter performance this year increased compared to the same period last year, supported by a rise in the sales of protection-type insurance.

According to the management results announced by KB Financial Group on the 24th, KB Insurance's net profit for the third quarter of this year was 168 billion KRW, an 8.3% increase compared to 155.1 billion KRW in the same period last year. The cumulative net profit from the first to the third quarter was 740 billion KRW, up 8.8% from 680.4 billion KRW in the same period last year.

The insurance underwriting profit for the third quarter was 187.5 billion KRW, down 22.8% from 242.9 billion KRW in the same period last year. Investment operating profit was 45.6 billion KRW, turning positive from a loss of 32.7 billion KRW in the same period last year.

The solvency ratio (K-ICS) for the third quarter was 204.5%, an increase of 1.8 percentage points compared to 202.7% in the previous quarter.

The insurance contract margin (CSM), a key performance indicator under the new International Financial Reporting Standards (IFRS 17) system, was 9.305 trillion KRW as of the third quarter, up 2.4% from the previous quarter. The new contract CSM recorded 874 billion KRW.

A KB Insurance official stated, "Despite one-time costs incurred due to voluntary retirement conducted in the third quarter and an increase in automobile insurance accident rates, sales of long-term protection-type insurance increased due to the launch of competitive products," adding, "Net profit increased thanks to an overall improvement in loss ratios."

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