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Samsung Fire & Marine posts 40.1% YOY drop in Q1 net profit

Samsung Fire & Marine Insurance Co. Ltd. reported a 40.1% year-over-year decline in net profit for the quarter ended March 31.

The company said its first-quarter net profit fell to 301.12 billion South Korean won from 503.00 billion won in the prior-year quarter. EPS fell to 30,241 won from 50,517 won.

Net premium earned dropped to 4.394 trillion won from 4.409 trillion won, while direct premiums written also fell to 4.546 trillion won from 4.565 trillion won.

The insurer said investment profit declined to 599.31 billion won from 1.022 trillion won in the first quarter of 2017.

The company posted an underwriting loss of 80.77 billion won for the quarter, compared to an underwriting loss of 80.90 billion won in the year-ago period. Operating income for the quarter fell year over year to 431.89 billion won from 653.50 billion won.

The insurer's combined ratio stood at 101.7% as of March 31, compared to 101.8% in the year-ago period. As of the end of the first quarter, the insurer's risk-based capital ratio clocked in at 321.6%, compared to 324.5% as of the end of 2017.

As of May 11, US$1 was equivalent to 1,068.91 South Korean won.