DB Insurance Reports Q1 Net Profit of 583.4 Billion KRW... Highest Quarterly Performance

DB Insurance announced on the 14th that its separate basis net profit for the first quarter of this year was tentatively estimated at 583.4 billion KRW, a 30.4% increase compared to the same period last year. This is the highest quarterly performance ever recorded.

During the same period, sales increased by 3.2% to 4.6315 trillion KRW, and operating profit rose by 30.6% to 766.6 billion KRW.

Operating profit from insurance business recorded 448.4 billion KRW, up 28.2% from the same period last year. This was due to the stable management of long-term risk loss ratios in long-term insurance.

Operating profit from automobile insurance increased by 1.9% year-on-year to 94.2 billion KRW. Although the loss ratio rose by 1 percentage point compared to the same period last year, business expenses decreased by 4.9%.

In the general insurance sector, the loss ratio improved by 3.7 percentage points year-on-year, and operating profit from insurance business increased by 45.1% to 20.3 billion KRW compared to the same period last year.

Investment income rose by 55.9% year-on-year to 203.7 billion KRW. This was influenced by special dividends from a ship fund and valuation gains on equity-type FVPL (fair value through profit or loss) financial assets.

At the end of the first quarter, the insurance contract service margin (CSM) balance stood at 12.4 trillion KRW, maintaining a top position in the industry.