Lotte Non-Life Insurance said on the 12th that it posted a net profit of 51.3 billion won last year, up 111.9% from the previous year's 24.2 billion won. Operating profit was 64.7 billion won last year, up 108.4% from the previous year's 31.1 billion won.
The balance of the contractual service margin (CSM), an insurer profitability metric, was 2.4749 trillion won at the end of last year, a slight increase from 2.3202 trillion won the previous year. The CSM added by new contracts last year was 412.2 billion won.
Insurance operating profit came to 27.0 billion won. Investment operating profit was 37.7 billion won, swinging to a profit from a loss of 146.8 billion won the previous year. Lotte Non-Life Insurance said, "This is the result of improving fundamentals through rebalancing investment assets with a focus on safe assets," adding, "Since Oct. 2019, we have carried out structural improvements such as preemptive sales of revenue securities and securing safe assets such as bonds."
The risk-based capital ratio, which evaluates whether Lotte Non-Life Insurance can pay insurance claims at once, was 159.3% at the end of last year, up 39.4 percentage points from 119.9% at the end of March last year.