Despite a decline in investment gains and losses, Hyundai Marine & Fire Insurance's net profit in the first quarter rose 10% from a year earlier thanks to solid performance in long-term insurance.
Hyundai Marine & Fire Insurance said on the 15th that first-quarter net profit was 223.3 billion won, up 9.9% from a year earlier. Revenue for the same period was 4.6219 trillion won, up 10% from a year earlier, and operating profit was 309.3 billion won, up 8.5% from a year earlier.
By business, auto insurance gains and losses turned to a loss of 14 billion won from a year earlier. Long-term insurance gains and losses were 265.9 billion won, up 132.5% from a year earlier. General insurance gains and losses were 50.2 billion won, up 9.4% from a year earlier. Investment gains and losses were 6.1 billion won, down 94.3% from a year earlier, due to temporary valuation losses on bonds and alternative investments caused by rising interest rates.
The balance of the contractual service margin (CSM) for insurance service contracts was 9.1702 trillion won, up 0.7% from a year earlier. As of the end of March, the risk-based capital ratio (K-ICS) was 207.2%, up 17.0 percentage points from the end of the previous year.