Samsung Fire & Marine Insurance Reports KRW 634.7 Billion Q1 Net Profit, Up 4.4% Year-on-Year

Samsung Fire & Marine Insurance announced on May 14 that its consolidated net profit for the first quarter of this year was KRW 634.7 billion, marking a 4.4% increase compared to the same period last year.

On a consolidated basis, operating profit for the first quarter of this year reached KRW 861.1 billion, up 8.7% year-on-year, while revenue rose by 9.3% to KRW 6.6763 trillion.

For long-term insurance, accumulated insurance revenue was KRW 440 billion, representing a 4.9% increase from the previous year. This is attributed to the maintenance of stable insurance contract service margin (CSM) amortization income and an improvement in the actual-to-expected claims ratio. The CSM multiple improved by 2.3 times year-on-year to 14.2 times, and the total CSM balance increased by KRW 301.5 billion from the end of last year, reaching KRW 14.4692 trillion.

For auto insurance, the company posted a first-quarter deficit of KRW 9.6 billion, attributed to the cumulative effect of past premium reductions and higher per-accident claim amounts due to heavy snowfall at the beginning of the year.

The insurance profit for general insurance surged by 111% year-on-year to KRW 104.7 billion. Domestic and overseas insurance revenue increased by 9.6% to KRW 449.1 billion, while the loss ratio stabilized at 53.6%.

Investment profit from asset management was KRW 853.7 billion, an increase of 15.4% compared to the same period last year. The investment return for the first quarter was recorded at 3.68%. Samsung Fire & Marine Insurance attributed this to increased interest and dividend income resulting from improvements to its bond portfolio.

Youngmin Koo, CFO and Head of Management Support at Samsung Fire & Marine Insurance, stated, "As a result of proactive structural improvements based on a consistent profitability-oriented management approach, the insurance profit for the first quarter has returned to growth. We will continue to differentiate our core business fundamentals and establish a foundation for growth through ongoing innovation across all business sectors."

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