Samsung Fire & Marine Insurance posts nine-month net profit of 1.8655 trillion won, up 4.6% year on year

[Financial News] Samsung Fire & Marine Insurance’s cumulative net profit for the first three quarters of this year rose 4.6% year on year to 1.8655 trillion won. Insurance service results increased on improved results in long-term and general insurance and continued profitability in auto insurance, while investment results also continued to grow.
Samsung Fire & Marine Insurance said on the 12th that its cumulative insurance service result for the first three quarters of this year rose 9.8% year on year to 1.5103 trillion won. Investment results increased 6.7% to 1.0434 trillion won. Pretax profit on a consolidated basis came to 2.503 trillion won over the same period.
By insurance line, the cumulative insurance service result for long-term insurance rose 1.1% year on year to 1.2309 trillion won. Improvements in the persistency rate for protection-type insurance and loss ratio management, among other factors, affected results. The risk loss ratio in the third quarter was 97.9%.
Auto insurance maintained a profit, with a cumulative insurance service result of 39.2 billion won. In particular, its third-quarter insurance service result was 19.1 billion won, turning to a profit from a loss of 64.8 billion won in the same period a year earlier. A lower accident rate following improvements to the contract portfolio, among other factors, contributed to the result.
General insurance posted a substantial improvement in results, driven by growth in domestic and overseas businesses. Its cumulative insurance service result for the first three quarters rose 35.9% year on year to 212.9 billion won. Over the same period, insurance revenue increased 11.9% to 1.4493 trillion won, while the loss ratio improved by 1.2 percentage points to 62.4%.
The Contractual Service Margin (CSM), which represents the future profits of insurance contracts, also increased. Cumulative CSM from new contracts for the first three quarters of this year came to 1.84 trillion won. The CSM balance at the end of the third quarter was 14.835 trillion won, up 667.4 billion won from the end of last year.
The asset management division recorded a cumulative investment yield of 3.33% for the first three quarters. Investment income on managed assets totaled 2.404 trillion won, up 3.9% year on year.
 

[email protected] Hong Yeji Reporter