Hanwha General Insurance's Q3 net profit rises 34.1% to 96.1 billion won
Insurance profit nearly triples as loss ratios improve
New business CSM at 306.6 billion won
Hanwha General Insurance said on Wednesday that its net income for the third quarter rose 34.1% from the same period last year to 96.1 billion won. Revenue increased 21.2% to 1.9379 trillion won.
As loss ratios improved overall, insurance profit rose 196.7% to 132.1 billion won. Long-term insurance profit increased by 69.4 billion won, as actual insurance claims and business expenses were lower than expected. The company said profitability improved because it focused on high-quality contracts in auto and general insurance and accidents declined.
New business contract service margin (CSM), an indicator of future profits, increased 8.0% to 306.6 billion won. At the end of the third quarter, in-force CSM stood at 4.6225 trillion won, up 8.5%.
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As of the end of September, the company’s solvency ratio (K-ICS) was 186% before transitional measures and 231% after their application.
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