Samsung Fire & Marine Insurance said on the 14th that it posted 634.7 billion won in net income in the first quarter on a consolidation basis. That was up 4.4% from a year earlier.
Pre-tax profit on a consolidation basis in the first quarter reached 857.7 billion won. Operating profit in the first quarter was 861.1 billion won, up 8.7% in the same period, and revenue rose 9.3% to 6.6763 trillion won. In long-term insurance, cumulative insurance income was 440 billion won, up 4.9% from a year earlier.
The insurance contract service margin (CSM) multiple improved to 14.2 times, up 2.3 times from a year earlier. The total CSM, an indicator of insurers' future earnings, also increased by 301.5 billion won from the end of last year to 14.4692 trillion won.
Auto insurance posted a 9.6 billion won loss in the first quarter due to the cumulative effect of past premium cuts and higher loss per claim from heavy snowfall early in the year. Insurance profit in general insurance was 14.7 billion won, up 111.0% from a year earlier. Domestic and overseas insurance income came to 449.1 billion won, up 9.6% from a year earlier. asset management investment income was 853.7 billion won, up 15.4% from a year earlier.
Ku Young-min, chief of staff for management support (CFO) at Samsung Fire & Marine Insurance, said, "Based on a consistent management stance focused on profitability and our preemptive overhaul, first-quarter insurance profit returned to growth," and added, "With continued innovation across all business institutional sector, we will differentiate our core fundamentals and build a foundation for growth."