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Samsung Fire & Marine Q1 net profit drops 3.2% YOY

Samsung Fire& Marine Insurance Co. Ltd.'s first-quarter net profit dropped3.2% year over year as it saw higher incurred losses for the period.

The company's net profit fell to 284.29 billion won from 293.70billion won in the first quarter of 2015.

Incurred losses for the quarter rose to 1.495 trillion wonfrom 1.330 trillion won in the prior-year period. Underwriting loss improvedyear over year to 95.66 billion won from 105.03 billion won.

Earned premium for the quarter rose to 4.248 trillion wonfrom 4.225 trillion won. Premium profit climbed to 4.476 trillion won from4.376 trillion won, with direct premium written rising to 4.433 trillion wonfrom 4.306 trillion won.

Net premiums written increased to 4.324 trillion won from4.197 trillion won in the prior-year quarter.

The company's operating income dropped year over year to382.25 billion won from 395.47 billion won.

As of April 28, US$1was equivalent to 1,142.92 South Korean won.