DB Insurance's 9-Month Net Profit Rises 10.5% to 1.5605 Trillion Won

DB Insurance said Thursday that its net income for the first three quarters of this year totaled 1.5605 trillion won, up 10.5% from the same period last year.

Cumulative insurance profit through the third quarter was 1.3008 trillion won, up 55.8% year on year. Investment profit was 904.4 billion won, down 11.7% over the same period.

Long-term insurance profit was 309 billion won, up 35.5% year on year. This is attributed to a decline in losses from the difference between actual and expected insurance claims, as the loss ratio stabilized and contract persistency improved following institutional changes, including stronger management of non-covered medical services, premium adjustments, and measures to improve profitability.

Auto insurance profit was 15.5 billion won, turning a profit after recording a loss of 55.8 billion won in the third quarter of last year. The cumulative loss ratio was 84.3%, down 6.2 percentage points from the same period last year.

General insurance profit was 6.2 billion won, also turning a profit. The cumulative loss ratio was 71.9%, improving by 3.6 percentage points year on year.

The balance of the Contractual Service Margin (CSM) stood at 13.4 trillion won. The ratio under the Korean Insurance Capital Standard (K-ICS) stood at 212%.

Fortegra, DB Insurance's U.S. insurance subsidiary, recorded a cumulative combined ratio of 88.9% and a cumulative return on equity (ROE) of 18.9% this year.

A DB Insurance official said, "In the fourth quarter, we will continue to strengthen our competitiveness in our core business and, using Fortegra as a springboard, secure sources of profit in the United States and Europe, prioritizing stable operations and the creation of synergies."

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