Meritz Financial announced on the 13th that its consolidated net profit for the first half of this year was 1.3584 trillion won, an increase of 2.3% compared to the same period last year, marking the largest performance on a half-year basis. In the second quarter of this year, the net profit also recorded 737.6 billion won, up 0.2% from the same period last year, achieving an all-time high. Meritz Financial explained that the increase in investment income from Meritz Fire & Marine Insurance and improvements in corporate finance performance from MERITZ Securities contributed to this result.
The total assets of Meritz Financial were tallied at 124.2453 trillion won. In the first half of this year, total revenue (premium income) was 17.5817 trillion won, and operating profit was 1.6715 trillion won. The return on equity (ROE) was 26.3%.
By subsidiary, Meritz Fire & Marine Insurance's standalone net profit for the second quarter of this year was 524.7 billion won, a 3.5% increase compared to the same period last year. It is the largest quarterly performance on record. However, the net profit for the first half of this year was 987.3 billion won, a decrease of 1% from the same period last year.
For the first half of this year, the insurance profit was 724.2 billion won, and the investment profit was 704.8 billion won. In the second quarter, the new contract service margin (CSM) increased by 373.1 billion won, bringing the CSM balance for the first half to 11.2482 trillion won. The solvency ratio (KICS) is provisionally set at 238.9%.
For the first half of this year, the consolidated net profit of MERITZ Securities was 443.5 billion won, a 19.9% increase compared to the same period last year. The net profit for the second quarter was 256.1 billion won, up 5.2% from the same period last year. However, operating profit for the second quarter was 448.5 billion won, down 10.6% from the same period last year. The second quarter was recorded at 300.3 billion won, down 13.2% compared to the same period last year.
For the second quarter, the total operating assets of MERITZ Securities stood at 41.4 trillion won, an increase of 8.7 trillion won compared to the same period last year. Customer deposit assets rose by 11.2 trillion won during the same period, amounting to 35.4 trillion won. MERITZ Securities noted that they are pursuing stable revenue growth through 'quality-oriented selective investments' and diversifying their portfolio with alternative investments.