DB Insurance announced on the 14th that its net profit for the first half of this year was 906.9 billion won, down 19.3% compared to the same period last year.
Revenue increased by 12.6% year-over-year to 10.4911 trillion won, but operating profit fell to 1.259 trillion won, a decrease of 14.5%. Insurance profit decreased by 38.9% to 670.4 billion won compared to the same period last year.
DB Insurance noted that the long-term insurance risk loss ratio increased due to incidents such as the Gyeongbuk forest fire, and the automobile insurance operating profit dropped by 52.1% to 77.7 billion won due to factors including continuous rate reductions for four consecutive years. It added that, due to one-time incidents such as the Gyeongbuk forest fire and the Kumho Tire factory fire, general insurance recorded an operating profit deficit of 21.2 billion won for the second quarter.
The balance of the insurance contract margin (CSM) was 13.231 trillion won at the end of the second quarter, an increase of 400 billion won from 12.8 trillion won at the end of the first quarter.