DB Insurance’s cumulative net profit through Q3 rises 10.5% year on year to 1.5605 trillion won

[Financial News] DB Insurance Co., Ltd.'s net income for the first three quarters of this year rose 10.5% year on year to 1.5605 trillion won. Insurance profit improved significantly, while investment profit declined.
According to DB Insurance Co., Ltd. on the 12th, revenue on a consolidated basis for January through September was 20.9595 trillion won, up 20% year on year. Operating profit rose 18.6% to 2.2052 trillion won. Consolidated net income attributable to owners of the parent company was 1.5574 trillion won.
Cumulative insurance profit rose 55.8% year on year to 1.3008 trillion won. Long-term insurance profit increased 35.5% to 309 billion won. Lower losses from actual-versus-expected claims variances, loss ratio management and improved persistency rates contributed to the increase.
Auto insurance profit was 15.5 billion won, turning a loss of 55.8 billion won in the same period last year into a profit. General insurance profit also returned to the black, reaching 6.2 billion won. Cumulative loss ratios improved year on year to 84.3% for auto insurance and 71.9% for general insurance.
Investment profit, by contrast, fell 11.7% year on year to 904.4 billion won. The contractual service margin (CSM) balance stood at 13.4 trillion won on a direct insurance basis, up 836.6 billion won from the end of last year.
The ratio under the Korean Insurance Capital Standard (K-ICS), a financial soundness indicator, stood at 212.0%. The company’s U.S. subsidiary, Fortegra Group, posted a cumulative combined ratio of 88.9% and a return on equity (ROE) of 18.9% for the first three quarters.
A DB Insurance Co., Ltd. official said, “Despite uncertainties at home and abroad, we maintained our earnings level by improving insurance profit. In the fourth quarter, we plan to strengthen the competitiveness of our core business and focus on ensuring stable operations and securing synergies in our overseas business, with Fortegra at the center.”
 

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