Seoul: Samsung Fire and Marine Insurance Co. on Wednesday reported its first-quarter net income of 609 billion won (US$429.2 million), reflecting a 13.2 percent decrease compared to the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the January-March period saw an 11.7 percent decrease on-year, amounting to 792.4 billion won. Meanwhile, sales experienced an increase of 10.9 percent, reaching 6.1 trillion won.
Despite the decline in net income, the earnings surpassed market expectations. Analysts had predicted an average net profit of 595.3 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.