27.9% Growth Compared to Previous Year... Net Income Also Reaches 800 Billion Won Range
[Asia Economy Reporter Minwoo Lee] Meritz Fire & Marine Insurance recorded an operating profit exceeding 1 trillion won, achieving its highest-ever performance. This is attributed to the launch of new long-term insurance products, aggressive sales efforts, and proactive risk management.
On the 3rd, Meritz Fire & Marine Insurance announced preliminary results for last year, reporting consolidated sales of 10.7387 trillion won and an operating profit of 1.1607 trillion won. These figures represent growth of 6.9% and 27.9%, respectively, compared to the previous year. Net profit for the period was recorded at 854.8 billion won, a 29.4% increase over the same period.
The record-breaking performance is attributed to sales growth focused on profitability through securing high-quality new contracts and cost efficiency, which led to an increase in insurance operating profit. In particular, this is seen as a result of focusing on long-term insurance products with stable premium income and relatively low loss ratios since 2017. A Meritz Fire & Marine Insurance official stated, "We achieved favorable results through continuous sales growth and cost efficiency," adding, "We will continue to strive for growth in the core insurance profit going forward."
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