Hyundai Marine & Fire Insurance Reports First-Half Net Profit of 615.1 Billion Won, Up 36.4% Year-on-Year

Hyundai Marine & Fire Insurance recorded a net profit of 615.1 billion won in the first half of this year. The improvement in both long-term and general insurance earnings drove the company’s performance growth.

According to a statement released on August 14, Hyundai Marine & Fire Insurance reported a standalone net profit of 615.1 billion won for the first half of the year, marking a 36.4% increase compared to the same period last year.

Long-term insurance profit amounted to 613.9 billion won, up 105.7% year-on-year. This performance was attributed to a reduction in the deficit from the difference between expected and actual insurance claim payments, as well as a one-off reversal due to the implementation of advanced actuarial guideline assumptions.

General insurance profit reached 102.2 billion won, increasing by 38.9% compared to the first half of last year. The base effect from the large-scale claims that occurred last year, along with overall stabilization in the loss ratio, contributed to this improvement.

On the other hand, automobile insurance recorded a loss of 10.2 billion won, turning to a deficit compared to the same period last year. Although insurance premiums were raised in February, the cumulative effects of previous premium reductions and rising claims costs had a negative impact. The burden was further exacerbated by delays in improving the “8-week rule” system related to treatment of minor injury patients.

Investment profit was 105.8 billion won, down 55.3% year-on-year.

The Contractual Service Margin (CSM) balance stood at 9.8944 trillion won, up 11.2% from the end of the previous year.

The new capital adequacy ratio, known as the Korea Insurance Capital Standard (K-ICS), was 209.0%, up 18.9 percentage points from the end of last year.

This content was produced with the assistance of AI translation services.