KB Insurance Posts 766.9 Billion Won in Cumulative Net Profit for Q3, Up 3.6% Year-on-Year

KB Insurance announced on October 30 that its cumulative net profit for the third quarter of this year reached 766.9 billion won, marking a 3.6% increase compared to the same period last year (740.2 billion won).

Insurance profit came to 655.9 billion won, a 25.9% decrease year-on-year. This was due to rising medical expenses, premium reductions as part of mutual growth finance initiatives, and an increase in the loss ratio for auto insurance. The auto insurance segment posted a loss of 44.2 billion won, turning into the red.

KB Insurance Headquarters. KB Insurance

Investment profit reached 394.2 billion won, a 173.4% increase from the same period last year. This was attributed to increased interest income resulting from the purchase of ultra-long-term government bonds, capital adequacy management through forward transactions, and expanded investment in high-yield alternative assets.

The Contractual Service Margin (CSM) stood at 9.3939 trillion won, up 1.9% from the previous quarter. The capital adequacy ratio (K-ICS) was recorded at 191.8%.

A representative from KB Insurance stated, "Despite a challenging business environment, including entrenched low growth and strengthened regulations, we achieved robust results."

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