Meritz Fire & Marine Insurance Reports Q3 Net Profit of 463.8 Billion Won, Down 6.3% Year-on-Year

Meritz Fire & Marine Insurance announced on November 14 that its standalone net profit for the third quarter of this year was 463.8 billion won, a decrease of 6.3% compared to the same period last year.

The cumulative net profit for the first three quarters was 1.4511 trillion won, down 2.8% year-on-year. Cumulative sales for the first three quarters reached 9.25 trillion won, an increase of 8.1% compared to the same period last year. Operating profit was 1.954 trillion won, a decrease of 2.5%.

The cumulative investment profit and loss for the first three quarters was 929.7 billion won, up 55% from the same period last year. As of the end of the third quarter, the investment return on asset management stood at approximately 4.6%.

The provisional risk-based capital ratio (K-ICS) as of the third quarter was 242.7%, up about 2.9 percentage points from the second quarter, maintaining the highest level in the industry.

A representative from Meritz Fire & Marine Insurance explained, "Despite external challenges such as an increase in surgical and diagnostic expenses following the end of the medical strike, the decline in net profit was limited thanks to efforts to secure new contracts focused on profitability and strong asset management performance."