Meritz Financial Group reported a 10% increase in net profit to 2.33 trillion won (US$1.8 billion) for 2024, driven by strong performance in its securities business and steady growth in insurance operations.
The Seoul-based financial group’s consolidated net income benefited from improved returns on financial investments and reduced foreign exchange losses. Total assets expanded 13.1% to 116 trillion won, while return on equity declined to 23.4% from 28.1% a year earlier.
Meritz Securities, the group’s brokerage unit, emerged as a standout performer with a 48.5% surge in net profit to 630.1 billion won. The securities arm benefited from robust investment banking fees and higher returns from bond investments as interest rates declined.
The insurance division, which remains the group’s largest profit center, posted a 9.2% increase in net profit to 1.71 trillion won. Strong protection sales and improved investment yields helped offset rising claims.
However, Meritz Capital saw profits decline 48% to 117.1 billion won amid higher funding costs and decreased corporate finance fees.
The group maintained a solid capital position with a consolidated ROA of 2.1%. Its debt ratio increased to 42.7% from 36.4% in 2023.
“While our securities business delivered exceptional results, we saw mixed performance across divisions,” said Kim Yong Beom, CEO of Meritz Financial Group. The company plans to continue its shareholder return policy, targeting a 53.1% payout ratio through dividends and share buybacks.
