Samsung Fire & Marine Insurance said on the 20th that last year's net income was 2.0183 trillion won, down 2.7% from a year earlier. It was the only non-life insurer to keep net income above 2 trillion won for two consecutive years.
Insurance profit came to 1.5077 trillion won, down 4.4% year over year due to a narrower gap between expected and actual results. The expected-actual gap refers to the difference between the amount of insurance claims an insurer expects to pay in the future and the amount actually paid. Over the same period, profit from general insurance was 170.8 billion won, down 2.8%, while auto insurance posted a loss of 159 billion won.
Investment income was 2.9813 trillion won last year, up 13.8% from a year earlier. The investment return was 3.44%, improving by 0.22 percentage point.
The balance of the contractual service margin (CSM), a forward-looking profitability indicator, was 14.1677 trillion won at the end of last year, a slight increase.
Operating profit was 2.6591 trillion won last year, up 0.4% from a year earlier. During the same period, revenue totaled 247.785 trillion won, up 9.4%.