Lotte Sonbo, Q3 Cumulative Net Profit 105.2 Billion KRW... Up 48.7% YoY

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[Asia Economy Reporter Oh Hyung-gil] Lotte Insurance announced on the 8th that its cumulative net profit for the third quarter reached 105.2 billion KRW, a 48.7% increase compared to the same period last year.

Revenue (gross written premiums) was 1.7074 trillion KRW, up 2.9% from the same period last year, and operating profit grew 11.2% to 108.8 billion KRW.

Lotte Insurance explained that this is the result of strengthening the core competitiveness of the insurance business, which has been pursued since the change of major shareholder in October 2019. Through continuous improvement of the insurance portfolio, the loss ratio decreased by 1.8 percentage points from 88.7% in the third quarter of last year to 86.9%. Lotte Insurance focused on long-term protection insurance with excellent new contract value, enhancing insurance risk response and crisis management capabilities.

The provisional solvency capital ratio (RBC) for the third quarter was 204.8%, an increase of 70.9 percentage points compared to the RBC ratio of 133.9% in the third quarter of 2019 before the change of major shareholder.

A Lotte Insurance official said, "As a result of steadily strengthening the core competitiveness of the insurance business since the change of major shareholder, we were able to record improved third-quarter management performance compared to last year. We will strive to continue sustainable growth with the highest goal of increasing intrinsic value in the mid to long term."

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