Samsung Fire & Marine Insurance posted a first-quarter net profit of 608.1 billion won (US$429 million), falling 13.2% from the same period last year as market volatility and large-scale accidents weighed on results. The Korean insurer’s automobile insurance sector was particularly hard hit, with profits plunging 70.9% to 29.9 billion won amid premium rate reductions and weather-related claims.
Despite these challenges, the company’s long-term insurance division showed positive signs, with contractual service margin increasing by 258.9 billion won to reach 14.33 trillion won. Average monthly premiums for new guaranteed insurance policies also rose 1.7% year-on-year to 19.6 billion won.
The general insurance sector delivered mixed results, with revenue growing 6.3% to 409.9 billion won, while profits declined 10% to 49.6 billion won due to an increase in high-value claims. Meanwhile, overseas subsidiaries provided a bright spot, with profits nearly doubling to 17.8 billion won.
Samsung Fire’s financial soundness indicators remained stable, with its K-ICS ratio at 266.6%, up 2.1 percentage points from the previous quarter. CFO Gu Young-min indicated the company would focus on “bold innovation” to strengthen its competitive edge while working to enhance shareholder value.
