Long-term insurance drives Samsung Fire & Marine’s 2023 profit growth

Revenues climbed 6.9% for the year.

Insurance earnings of Seoul-headquartered Samsung Fire & Marine Insurance leaped 18.6% year-on-year (YoY) to KRW20.1t in 2023.

Revenue also saw a rise of 6.9% to KRW15.3t. On the other hand, claims and expenses expanded 5.3% YoY to KRW13.3t.

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Net profit attributable to majority interest for the year saw a 12% YoY rise to KRW1.8t.

Its long-term insurance business had the largest share which saw profits rise 12.8% YoY to KRW15.4t. This was followed by P&C business with KRW2.0t, up 112.3% YoY and Auto insurance with KRW1.9t, expanding 14.8%.