By Kwanwoo Jun

Samsung Fire & Marine Insurance Co.'s third-quarter net profit rose 22%, thanks to lower loss ratios.

Net profit for the quarter ended Sept. 30 was 195.56 billion won ($176.5 million) compared with KRW159.78 billion a year earlier, the South Korean insurer said Monday. That was above a FactSet consensus forecast for a net profit of KRW179.00 billion.

Revenue rose 3.6% to KRW4.953 trillion, while operating profit gained 17% to KRW286.20 billion.

The results were based on standalone financial statements rather than consolidated statements.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

11-16-20 0253ET