Samsung Fire & Marine Insurance Reports Q1 Net Profit of 702 Billion KRW... Highest Quarterly Performance

Samsung Fire & Marine Insurance announced on the 14th that its consolidated net profit for the first quarter of this year was tentatively estimated at approximately 702 billion KRW, marking the highest quarterly performance ever. This represents a 14.6% increase compared to the same period last year.

During the same period, sales increased by 3.1% to 5.5068 trillion KRW. Operating profit rose by 7.8% to 897.1 billion KRW.

Long-term insurance saw insurance profit grow by 6.3% year-on-year to 446.2 billion KRW through increased insurance contract margin (CSM) amortization gains and stable management of the difference between expected and actual results. Strengthening product and channel competitiveness led to a 30.6% year-on-year increase in new contract CSM, resulting in a total CSM volume of 13.712 trillion KRW at the end of the first quarter, up 409.2 billion KRW from the end of the previous year.

Auto insurance expanded market dominance through strategic responses despite cumulative rate reductions and intensified sales competition. Additionally, by focusing on expanding sales among high-quality customers and improving expense efficiency, it recorded an insurance profit of 102.5 billion KRW, maintaining a profitable business structure.

General insurance achieved insurance revenue of 385.5 billion KRW, a 13.6% increase year-on-year, driven by growth in both domestic and overseas business sales. However, insurance profit was 55.1 billion KRW due to an increase in loss ratio caused by high-cost overseas accidents.

Asset management improved investment yield to 3.65%, up 0.25 percentage points year-on-year, through efforts to enhance operational efficiency for increasing held assets and expanded valuation gains from alternative investments. Investment income rose by 13.2% year-on-year to 742 billion KRW.