Hyundai Marine & Fire Insurance announced on the 14th that its net profit for the first quarter of the year was 203.2 billion won, a decrease of 57.4% compared to the same period last year. The company explained that excluding a one-time profit of 270 billion won in the first quarter of last year, the actual decrease was about 24%.
During the same period, sales decreased by 5.3% to 4.2 trillion won, while operating profit was recorded at 272.2 billion won, a decrease of 56.9%.
In particular, the profit and loss from long-term insurance sharply declined by 74.2% to 114.3 billion won. Hyundai Marine & Fire Insurance explained that this was due to an increase in the number of influenza patients and the rise in claims from respiratory infectious diseases.
The profit and loss from general insurance also decreased by 2.1% to 45.9 billion won. The profit and loss from automobile insurance fell 63% to 15.7 billion won due to factors such as premium reductions and increased maintenance costs.
The solvency ratio, a key indicator of financial health, improved by 2.4 percentage points from the previous quarter to 159.4%, maintaining above the regulatory recommendation of 150%. The balance of the contract service margin (CSM), an indicator of profitability, stands at 9.1 trillion won.