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[Alpha Biz=(Chicago) Reporter Paul Lee] Meritz Fire & Marine Insurance surpassed DB Damage Insurance in cumulative net profit in the first to third quarters of this year and ranked second in the non-life insurance industry.
According to the insurance industry on the 15th, Meritz Fire & Marine Insurance's net profit in the third quarter of this year was 496.3 billion won, up 29.2% from a year earlier. Samsung Fire & Marine Insurance (429.5 billion won) and DB Damage Insurance (369.9 billion won), which are the top companies in the industry, achieved the top quarterly net profit. Net profit of Samsung Fire & Marine Insurance and DB Damage Insurance fell 28.8% and 18.8%, respectively, compared to the same period last year.
Meritz Fire & Marine Insurance's cumulative net profit for the first three quarters was 1.3353 trillion won, surpassing DB Damage Insurance (1.2624 trillion won). There is a 308 billion won difference from Samsung Fire & Marine Insurance (1.643 trillion won), the No. 1 player in the industry.
As a result, Meritz Fire & Marine Insurance's gains and losses from auto insurance fell on-year to 32.2 billion won in the first and third quarters, while gains and losses from long-term insurance rose 9 percent on-year to 1.23 trillion won over the same period. On the other hand, DB non-life insurance's auto insurance gains and losses rose 6.3 percent to 273.3 billion won during the same period, but long-term insurance gains and losses fell 2.4 percent to 1.525 trillion won.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
