NH Nonghyup Property & Casualty Insurance saw a sharp decline in its net profit for the first quarter of this year. This was due to an increase in insurance payouts following wildfires that occurred in the Gyeongsang region last month.
On April 30, NH Nonghyup Property & Casualty Insurance announced that its net profit for the first quarter of this year was 20.4 billion won, a decrease of 61.8% compared to 53.4 billion won in the same period last year. During the same period, operating profit was 31.5 billion won, down 58.4% from 75.7 billion won a year earlier.
Direct written premiums for the first quarter totaled 1.4401 trillion won, a 5.7% increase compared to 1.3625 trillion won in the same period last year.
The risk-based capital ratio (K-ICS) was recorded at 165.2%.
A representative from NH Nonghyup Property & Casualty Insurance stated, "Although losses occurred due to natural disasters such as wildfire damage, we are making company-wide efforts to support recovery and ensure stable farming activities for farmers."
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