Net Profit Exceeds 200 Billion Won for 13 Consecutive Quarters
Asset Management Investment Return at Industry-Leading 4.1%
Meritz Fire & Marine Insurance announced on May 14 that its standalone net profit for the first quarter was 462.5 billion won. This represents a 5.8% decrease compared to the same period last year. Although net profit declined slightly, the company's key solvency indicator, the K-ICS (Korean Insurance Capital Standard) ratio, remained at the highest level in the industry.
Since the first quarter of 2022, Meritz Fire & Marine Insurance has consistently posted net profits exceeding 200 billion won for 13 consecutive quarters, demonstrating its strong profit-generating capacity.
Investment profit increased by 29.3% year-on-year to 262.1 billion won, thanks to the company's industry-leading asset management capabilities. The investment return on assets for the first quarter was 4.1%, up 0.1 percentage points from the same period last year.
Operating profit for the first quarter was 621.9 billion won, down 5.9% from the previous year, while revenue grew 3.5% during the same period to 3.0137 trillion won.
The company maintained the highest level of financial soundness in the industry. As of the end of the first quarter, the provisional K-ICS ratio stood at 239.0%.
A Meritz Fire & Marine Insurance representative stated, "Since the introduction of the new insurance accounting standard (IFRS17), we have applied actuarial assumptions that are close to best estimates and maintained industry-leading asset management capabilities, resulting in solid performance. Going forward, we will continue to focus on increasing the total value by securing high-quality new contracts and pursuing a strategy centered on stable profit generation."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
