NH NongHyup Property & Casualty Insurance Reports 87.5 Billion KRW Net Profit in H1, Down 20.8% YoY

Increase in Crop Disaster Insurance Loss Ratio Due to Wildfire Damage

NH NongHyup Property & Casualty Insurance announced on July 31 that its net profit for the first half of this year was 87.5 billion KRW, a decrease of 20.8% compared to the same period last year.

The main reason for the decline in net profit was the increase in the loss ratio of crop disaster insurance due to the nationwide wildfires that occurred earlier this year.

In the first half of this year, NH NongHyup Property & Casualty Insurance's direct written premiums amounted to 2.7251 trillion KRW, an increase of 5.2% compared to the same period last year (2.5914 trillion KRW). This was mainly due to an increase in premium income centered on agricultural insurance.

The contractual service margin (CSM) was 1.5909 trillion KRW, up 77.7 billion KRW from the previous quarter.

The risk-based capital ratio (K-ICS) recorded 172.8%.

An official from NH NongHyup Property & Casualty Insurance said, "Despite the increase in losses due to natural disasters in the first half of this year, we are making company-wide efforts to provide stable insurance for farmers and to support recovery from damages."