Meritz Fire & Marine Reports Q1 Net Profit of 466.1 Billion Won, Up 0.8% Year-on-Year

Meritz Fire & Marine announced on May 14 that it recorded a net profit of 466.1 billion won for the first quarter of this year, marking a 0.8% increase from 462.5 billion won in the same period last year.

During the same period, the company reported revenues of 3.3079 trillion won and operating profit of 630.7 billion won, reflecting increases of 9.8% and 1.4%, respectively, compared to the previous year.

Investment income rose to 296.2 billion won, a 13% increase from 262.1 billion won a year earlier, driving the overall performance. The asset management investment return rate stood at 5.4%, demonstrating effective capital management.

In contrast, insurance profits fell to 334.6 billion won, down 7% from 359.8 billion won in the same quarter last year. Although the insurance contract margin (CSM) amortization increased by 5.7% to 304.1 billion won, losses in other areas, including a deficit of 38.9 billion won, impacted the results.

The automobile insurance segment reported a loss of 6.4 billion won, with the loss ratio at 82.7%, a slight increase from the same period last year.

The provisional solvency ratio (K-ICS) was 240%, up 1.1 percentage points from 238.9% a year ago, indicating a stable trend.

A representative from Meritz Fire & Marine stated, "Despite challenging domestic and international conditions, we continue to grow through our differentiated strategy of maximizing total value."