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Photo: Hyundai Marine & Fire Insurance |
[Alpha Biz= Kim Jisun] SEOUL, November 14 — Hyundai Marine & Fire Insurance reported a Q3 net profit of 183.2 billion won, down 14.2% year-over-year, marking its third consecutive quarter trailing KB Insurance, which posted 208.8 billion won over the same period.
Hyundai Marine attributed the decline to a return to losses in its auto insurance segment and higher medical claims amid a summer resurgence of respiratory illnesses. However, the company noted improvements in long-term and general insurance performance and continued growth in its Contractual Service Margin (CSM) balance.
Long-term insurance profit rose 27.9% to 181.5 billion won, while general insurance profit increased 30.7% to 35.2 billion won. Investment profit fell 18.1% to 89.4 billion won due to asset valuation losses and a weaker Korean won.
The insurer’s CSM balance reached 9.63 trillion won, up 2.7% from the previous quarter, supported by a shift toward high-CSM products. Its K-ICS (risk-based capital ratio) improved to 179.8%, reflecting reduced interest-rate risk through expanded long-term bond investments.
Cumulative net profit for the first three quarters was 634.1 billion won, down 39.4%, or 24.9% excluding last year's one-off gain related to a 274.4 billion won reversal of loss-making contract costs.
Auto insurance posted a cumulative loss of 38.7 billion won, while cumulative general insurance profit fell 9.0% to 108.8 billion won. Cumulative investment profit increased 4.0% to 325.8 billion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
