Samsung Fire & Marine Insurance announced on the 14th that its consolidated net profit attributable to shareholders for the first quarter of this year was 68.1 billion won, a decrease of 13.2% compared to the same period last year. Revenue was 6.158 trillion won, an increase of 10.9% from the same period last year, while operating profit decreased by 11.7% to 79.24 billion won.
Long-term insurance achieved an average monthly sales of 19.6 billion won for guaranteed new contracts through the enhancement of product competitiveness and strategic responses to the GA channel, growing 1.7% compared to the same period last year. The total amount of the insurance contract margin (CSM) increased by 25.89 billion won to 14.3328 trillion won compared to the end of the previous year.
Insurance profit and loss recorded 41.94 billion won, a decrease of 6.0% compared to the same period last year, due to a reduction in claims variance resulting from large disasters despite increased amortization profit based on the expansion of the total amount of CSM. Auto insurance recorded revenue of 1.3772 trillion won, similar to the same period last year, but insurance profit and loss decreased by 70.9% to 2.99 billion won due to the cumulative effect of continuous rate reductions and an increase in average claims due to heavy snowfall.
General insurance recorded an insurance profit and loss of 49.6 billion won due to an increase in loss ratio caused by the rise in high-cost accidents. Asset management saw a decline in valuation profit and loss due to increased volatility in financial markets at the beginning of the year, but achieved an investment yield of 3.57% and investment profit of 739.7 billion won based on managed assets in the first quarter, maintaining performance at the same level as the previous year.
Koo Young-min, Chief Financial Officer of Samsung Fire & Marine Insurance, said, "We will do our best to ensure a year that secures a stable future revenue base and achieves balanced and valuable growth to enhance shareholder value."