Seoul: Samsung Fire and Marine Insurance Co. has announced a significant increase in its fourth-quarter net profit, reporting a 12.8 percent rise to 234.4 billion won (US$161.5 million) compared to the same period last year. This financial improvement was disclosed by the company on Friday in a regulatory filing.
According to Yonhap News Agency, the company’s operating profit for the October-December period saw a substantial increase of 54.8 percent year-on-year, reaching 391.3 billion won. Despite this growth in operating profit, the company’s revenue experienced a decline of 3.4 percent, totaling 6.08 trillion won for the quarter.
However, the earnings did not meet market expectations. Analysts had anticipated a higher net profit, with an average estimate of 240.9 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.