[Asia Economy Reporter Oh Hyung-gil] Lotte Insurance announced on the 11th that its net profit for the first quarter increased by 62.6% year-on-year to 62.8 billion KRW.
Revenue (gross written premiums) rose 3.5% year-on-year to 570.1 billion KRW, while operating profit decreased by 50.0% to 27.5 billion KRW.
Lotte Insurance explained that long-term protection insurance recorded 417.7 billion KRW, up 19.5% compared to the same period last year, indicating that the product portfolio is continuously improving in quality.
The loss ratio improved by 4.5 percentage points from 90.1% in the first quarter of last year to 85.6% in the first quarter of this year. Additionally, it is expected that the solvency margin ratio (RBC) will increase by 8.9 percentage points by securing additional liquidity without capital expansion.
A Lotte Insurance official stated, "We are continuously striving to enhance the core competitiveness of the insurance business with the top priority of increasing long-term intrinsic value," and added, "We will do our best to achieve the 147.9 billion KRW target announced in the guidance at the beginning of this year."
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