Seoul: Samsung Fire and Marine Insurance Co. on Thursday reported its second-quarter net income of 738.7 billion won (US$521.3 million), marking a 15.7 percent increase from the previous year. This notable rise in net profit highlights the company's robust performance during the quarter.
According to Yonhap News Agency, the insurer revealed in a regulatory filing that it achieved an operating profit of 885.3 billion won for the quarter, up from 811.5 billion won a year ago. However, the company's sales experienced a 5.8 percent decline, totaling 6.46 trillion won.
The earnings report surpassed market expectations, as analysts had anticipated a lower net profit. The average estimate stood at 695.4 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.