By Kwanwoo Jun
Samsung Fire & Marine Insurance Co.'s second-quarter net profit climbed 38% thanks to lower loss ratios, as the Covid-19 pandemic led to fewer hospital visits and insurance claims.
Net profit for the quarter ended June 30 was 269.32 billion won ($227.4 million) compared with KRW195.26 billion in the same quarter a year earlier, the South Korean insurer said Tuesday. That beat a FactSet consensus forecast for net profit of KRW240.88 billion.
Revenue rose 3.5% to KRW4.905 trillion, while operating profit gained 37% to KRW387.87 billion.
The results were based on standalone financial statements rather than consolidated statements.
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