DB Insurance announced on the 21st that its net profit for the previous year was recorded at 1.77 trillion won, the highest ever on an annual basis. This is a 15.3% increase compared to the previous year.
Sales increased by 5.9% compared to the same period last year, reaching 18.83 trillion won. Operating profit for the same period showed an increase of 17.2%, coming in at 2.36 trillion won.
In long-term insurance, the insurance profit was 1.34 trillion won, a decrease of 0.4% from the previous year. DB Insurance explained that the loss ratio improved due to cost reductions from enhanced rigorous reviews and adjustments to disease coverage risk rates.
In automobile insurance, a profit of 170.9 billion won was recorded. However, the profit margin decreased by 46.8% compared to the previous year. This was due to rising costs from premium reductions and increased maintenance costs, leading to a 3.4 percentage point increase in the loss ratio.
The insurance profit for general insurance turned into a profit of 102.5 billion won. Investment income increased by 59.3% compared to the previous year, amounting to 743.6 billion won, influenced by evaluation profits from equity holdings and improvements in insurance financial income.
As of the end of last year, the insurance contract margin (CSM) reached 12.2 trillion won, which is an increase of 79.3 billion won compared to the previous year. This is attributed to regulatory changes such as the financial authorities' guidelines on the termination rates of non- and low-surrender insurances.