Hyundai Marine & Fire Insurance Reports Q3 Cumulative Net Profit of 1.0464 Trillion KRW, Up 33.1% YoY

Hyundai Marine & Fire Insurance announced on the 14th that its cumulative net profit for the third quarter of this year reached 1.0464 trillion KRW, a 33.1% increase compared to the same period last year.

Operating profit for the same period was 1.4087 trillion KRW, up 31.8%.

Insurance revenue increased by 44.6% year-on-year to 1.0909 trillion KRW. Investment income rose by 1% to 317.8 billion KRW.

However, net profit for the third quarter alone was 213.4 billion KRW, down 26.2% compared to the same period last year. Insurance revenue decreased by 46.3% to 182 billion KRW, while investment gains increased by 92.2% to 110.6 billion KRW.

Hyundai Marine & Fire Insurance explained, "Losses expanded due to an increase in epidemic diseases in the third quarter," adding, "Automobile insurance revenue declined as the effect of automobile insurance premium reductions accumulated and seasonal loss amounts increased."

As of the end of the third quarter, the insurance contract margin (CSM) balance recorded 9.3215 trillion KRW. The CSM based on new contracts in the third quarter was 484.9 billion KRW, an 8.6% increase compared to the same period last year.

Hyundai Marine & Fire Insurance building exterior. Provided by Hyundai Marine & Fire Insurance