Hyundai Marine & Fire Insurance (001450) Q3 2024 earnings summary

Executive summary

• Net income for the first nine months of 2024 rose 33.1% year-over-year to KRW 1,046 billion, with a significant increase in insurance service results, especially in long-term and commercial segments.

• Third quarter net income declined 40% sequentially from Q2, reflecting a sharp drop in insurance service results across all segments.

• Total operating revenue for Q3 2024 was KRW 12.4 trillion, with net income of KRW 1.05 trillion on a standalone basis.

• Total assets at Q3-end were KRW 46.2 trillion, with equity of KRW 5.4 trillion.

• The solvency margin ratio (K-ICS) stood at 170.1%, indicating strong capital adequacy.

Financial highlights

• Insurance service result for 1–3Q 2024 increased 44.6% year-over-year to KRW 1,091 billion.

• Net investment income for 1–3Q 2024 was KRW 313 billion, up 0.5% year-over-year.

• ROE improved to 17.0% for 1–3Q 2024, up 9.6 percentage points from the prior year.

• Consolidated operating revenue for the first nine months was KRW 12.33 trillion, with consolidated net income of KRW 933.3 billion.

• Total assets increased to KRW 46.75 trillion from KRW 44.09 trillion at the previous year-end.

Outlook and guidance

• Forward-looking statements are based on internal expectations and external sources, but actual results may differ due to market volatility.

• The company continues to focus on stable growth in core insurance lines and digital transformation.