DB Insurance announced on the 14th that its net profit for the third quarter of this year reached 453.9 billion KRW, a 25% increase compared to the same period last year.
The cumulative net profit amounted to 1.578 trillion KRW, marking a 23.7% increase compared to the same period last year.
Long-term insurance recorded 1.2026 trillion KRW on a cumulative basis, up 12.3% compared to the same period last year. This was due to stable new contract growth, an increase in the insurance contract margin (CSM) multiple compared to the previous quarter, and an improvement in long-term loss ratios due to ongoing medical strikes, resulting in favorable performance in CSM amortization and insurance claim experience differences.
Auto insurance recorded 180 billion KRW on a cumulative basis, down 33.9% compared to the same period last year. This decline was influenced by a continued decrease in per-vehicle earned premiums due to rate reductions and an increase in loss ratios.
Investment income showed a quarterly investment return of 3.61% and a cumulative return of 3.43%, based on selective alternative investments focused on structural profits from bonds and other assets. Gains from the disposal of bonds and valuation gains on fair value through profit or loss (FVPL) assets due to interest rate declines contributed to a cumulative investment profit of 619.5 billion KRW.
As of the end of the third quarter, the CSM balance stood at 13.175 trillion KRW.
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