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A view of Meritz Securities’ headquarters in Yeouido, Seoul. (Photo: Meritz Securities) |
[Alpha Biz= Kim Jisun] SEOUL, November 17 — Major Korean insurers reported their third-quarter results, revealing significant shifts in industry rankings. While overall profitability among non-life insurers weakened, Meritz Fire & Marine and KB Insurance recorded strong relative performance. In the life insurance sector, Shinhan Life overtook Hanwha Life to solidify its position as the No. 3 player.
According to industry data, the combined cumulative net profit of the five major non-life insurers—Samsung Fire, DB Insurance, Meritz Fire, Hyundai Marine & Fire, and KB Insurance—fell 13.2% year-over-year to 5.84 trillion won as of Q3.
Samsung Fire retained its No. 1 position with cumulative net profit of 1.7859 trillion won (down 4.4% YoY). Meritz Fire rose to second place, posting 1.4511 trillion won (down 3% YoY), overtaking DB Insurance, whose profit plunged 23.9% to 1.1999 trillion won, pushing it to third.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
