Samsung Life Insurance Co. Ltd. reported a 31.1% year-over-year decline in net profit for the first quarter as it posted an insurance loss amid a decline in insurance revenues and a rise in insurance expenses.
The company posted first-quarter net profit attributable to majority interest of 389.91 billion South Korean won, down from 566.26 billion won in the prior-year quarter.
The insurer reported an insurance loss of 384.06 billion won for the quarter, compared to insurance income of 506.33 billion won in the same period the prior year.
Insurance operating revenues fell to 4.103 trillion won from 4.465 trillion won, while premium income dropped to 4.032 trillion won from 4.395 trillion won. Reinsurance income inched up to 71.32 billion won from 70.67 billion won.
Investment operating revenues declined to 3.347 trillion won from 4.198 trillion won, while investment income declined to 1.981 trillion won from 2.032 trillion won.
Operating income more than halved to 203.32 billion won from 447.26 billion won in the prior-year period.
Insurance operating expenses climbed to 4.487 trillion won from 3.959 trillion won, while investment operating expenses declined to 1.366 trillion won from 2.157 trillion won.
The insurer's risk-based capital ratio clocked in at 304% as of March 31, compared to 318% as at Dec. 31, 2017, and 313% as at March 31, 2017. Loss rate for the period rose to 84.1% from 81.8% in the prior-year period.
As of May 10, US$1 was equivalent to 1,066.18 South Korean won.