Samsung Fire Q3 net surges 42% on decreased loss rate

Samsung Fire & Marine Insurance Co., the non-life insurance arm of Samsung Group, reported a 42.2 percent rise in its third-quarter earnings amid a fall in accident-linked insurance payments amid tightened social distancing rules.

Net income came to 278.15 billion won ($235.5 million) during the January-September period, compared with a net profit of 195.56 billion won a year earlier, the company said in a regulatory filing.

The improved bottom line is attributable to a fall in loss ratios as accident-related insurance payments declined amid strict curbs on private gatherings and outdoor activities in place to fight the coronavirus pandemic.

Operating profit surged 38.9 percent on-year to 397.53 billion won, while sales edged up 0.3 percent over the same period to 4.97 trillion won.

Its cumulative net income in the first three quarters soared 62.5 percent to 1.02 trillion won from a year earlier, the company said. (Yonhap)