Samsung Fire & Marine Insurance announced on the 13th that its consolidated net income attributable to controlling shareholders for the first half of this year was 1.2456 trillion won, a 5.1% decrease compared to the same period last year. Looking at the second quarter alone, it increased by 4.3% year-on-year to 637.4 billion won. The first quarter was at 608.1 billion won, a 13.2% decrease compared to the same period last year.
During the same period, sales increased by 17.5% to 12.9633 trillion won, but operating profit decreased by 4.5% to 1.6038 trillion won.
The total insurance contract margin (CSM) was 14.5776 trillion won, an increase of 503.7 billion won compared to the end of last year. However, the new contract CSM decreased by 13.2% year-on-year to 1.4212 trillion won in the first half of this year.
Insurance profit and loss stood at 833.4 billion won, a 7.9% decrease from the same period last year. Revenue from auto insurance was 2.765 trillion won, which is a 1.1% decrease compared to the same period last year. The profit and loss from auto insurance was 30.7 billion won, down 79.5% year-on-year. Samsung Fire & Marine Insurance attributed this to cumulative effects of consecutive rate reductions and increases in insured losses due to rising insurance prices. The profit and loss from general insurance reached 106.8 billion won, impacted by an increase in high-cost accidents.
The investment yield in the first half of this year was 3.64%, recording an investment profit of 1.5052 trillion won based on managed assets. This represents a 5.6% increase compared to the same period last year.