Meritz Fire & Marine Insurance Reports Record High Cumulative Q3 Net Profit of 1.4928 Trillion KRW

Meritz Fire & Marine Insurance announced on the 13th that it recorded a cumulative net profit of 1.4928 trillion KRW on a separate basis for the third quarter of this year, achieving the highest cumulative performance to date for the third quarter.

Through a qualitative growth strategy focused on high-quality contracts, insurance profit increased by 14% compared to the same period last year, reaching 1.4043 trillion KRW. Long-term profit and general profit led the strong performance, increasing by 13.5% and 85.2%, respectively, compared to the same period last year.

Investment profit rose by 17.8% year-on-year to 599.8 billion KRW. As of the end of the third quarter, the asset management investment yield was approximately 3.8%.

The cumulative sales for the third quarter were 8.5552 trillion KRW, and operating profit was 2.0041 trillion KRW, increasing by 5.2% and 15%, respectively, compared to the same period last year.

The provisional solvency ratio (K-ICS) as of the third quarter recorded 256%, an increase of about 31.2 percentage points compared to the second quarter.

A Meritz Fire & Marine Insurance official emphasized, "Since the first quarter of 2022, we have recorded a net profit of over 200 billion KRW (based on IFRS17 transition) for 11 consecutive quarters, while maintaining the industry's highest level of K-ICS. We are achieving excellent results in terms of both profitability and soundness."

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