Samsung Fire & Marine Insurance said on the 13th that cumulative net income for the third quarter came to 1.7836 trillion won. The figure was down 4.4% from a year earlier.
In long-term insurance, cumulative insurance revenue fell 8.8% from a year earlier to 1.2172 trillion won. Although amortization income increased due to an expansion in the total volume of the contractual service margin (CSM), the loss ratio rose, shrinking the variance between expected and actual insurance payments and expenses.
At the end of the third quarter, the CSM aggregates were 15.0077 trillion won, up 5.8% from a year earlier. Auto insurance swung to a third-quarter insurance loss of 64.8 billion won due to the cumulative impact of consecutive premium rate cuts and an increase in accidents from natural disasters such as heavy rain and heat waves. As a result, it posted a cumulative loss of 34.1 billion won.
In general insurance, cumulative insurance revenue rose 4.4% from a year earlier to 156.7 billion won on the back of concurrent growth in domestic and overseas operations. In asset management, cumulative investment income increased 10.3% year over year to 2.3141 trillion won thanks to a buoyant stock market in the third quarter and gains from swapping into lower-coupon bonds. The investment return was 3.67%, up 0.22 percentage points from a year earlier.