Hyundai Marine & Fire Insurance Reports H1 Net Profit of 833 Billion KRW, Up 67.6% YoY

Hyundai Marine & Fire Insurance announced on the 14th that its net profit for the first half of this year reached 833 billion KRW, a 67.6% increase compared to the same period last year. Revenue was 8.6812 trillion KRW, up 7.2% from the same period last year, and operating profit rose 65.9% to 1.116 trillion KRW.

Net profit for the second quarter of this year was 355.7 billion KRW, a 95.8% increase compared to the same period last year. During the same period, revenue increased by 9.6% to 4.2411 trillion KRW, and operating profit rose 88% to 474.9 billion KRW.

Insurance profit and loss recorded 375.9 billion KRW in the second quarter of this year, a 121.7% increase compared to the same period last year. Long-term insurance saw a 137 billion KRW improvement in insurance claim profit and loss compared to the same period last year, due to a decrease in losses related to respiratory diseases and stabilization of some disease coverage claims. Contract Service Margin (CSM) and Risk Adjustment (RA) amortization income increased by 28 billion KRW during the same period.

In general insurance, high-cost accidents decreased, resulting in 45.7 billion KRW, a 168.5% increase compared to the same period last year. In the case of automobile insurance, accumulated rate reductions, increased compensation costs, and accident occurrence rates led to a 45.4% decrease, totaling 40.1 billion KRW.

As of the end of June, CSM stood at 9.2444 trillion KRW, an increase of 124 billion KRW from the end of March (9.1204 trillion KRW). New contract CSM for the second quarter of this year was 435.4 billion KRW. As of the end of June, the solvency ratio (K-ICS) was 169.7%, up 2.8 percentage points from the end of March.