Meritz Fire & Marine Insurance has achieved remarkable performance growth despite the difficult management conditions stemming from the COVID-19.
Meritz Fire & Marine Insurance announced on Nov. 13 that its accumulated net profit in the first three quarters of this year was 323.6 billion won ($286 million), up 52.1 percent from last year's 212.7 billion won ($188 million).
Its sales rose 15 percent to 6.7 trillion won in the third quarter from 5.8 trillion won a year earlier, and operating profit jumped 54.1 percent to 450.8 billion won over the same period (292.6 billion won).
The combined ratio of the loss ratio (the ratio of damage divided by insurance premiums) and the business ratio (the ratio of business expenses divided by insurance premiums) stood at 105.4 percent, down 4.4 percentage points from the same period.
An official from Meritz Fire & Marine Insurance explained, "The net profit has improved significantly due to continuous increase in sales and improvement in the combined ratio (loss ratio + business ratio). The return on equity (ROE) is also the highest in the industry at 16.7 percent."