DB Insurance Reports 21% Decrease in Net Profit Last Year... "Impact of Hawaii Wildfires"

DB Insurance announced on the 22nd that its net profit for last year was 1.5367 trillion KRW, a 21% decrease compared to the previous year (1.9467 trillion KRW).

During the same period, sales increased by 5.1% to 17.7839 trillion KRW, while operating profit decreased by 21.8% to 2.0167 trillion KRW.

DB Insurance cited the increase in losses due to major natural disasters in Guam and Hawaii as the reason for the decline in net profit. They also explained that the long-term risk loss ratio rose due to increased hospital visits following the mask mandate lift, and the increase in loss burden costs led to a decline in long-term insurance profitability.

As of the end of last year, the balance of the insurance contract margin (CSM) stood at 12 trillion 200 billion KRW. The automobile insurance profit recorded a surplus of 321.1 billion KRW due to a decrease in loss amount per case, resulting from improvements in the medical expense system for minor injury patients.

DB Insurance