By Kwanwoo Jun
Samsung Fire & Marine Insurance Co.'s fourth-quarter net profit--based on standalone earnings results--plunged 85% on year due to rising loss ratios and falling investment yields.
Net profit for the quarter ended Dec. 31 was 23.37 billion Korean won ($19.6 million) compared with KRW154.32 billion in the same quarter a year earlier, the South Korean insurer said Wednesday. It missed a FactSet consensus forecast of KRW114.50 billion.
Revenue during the quarter rose 4.2% on year to KRW4.728 trillion, while operating profit dropped 76% on year to KRW55.11 billion.
For the whole year of 2019, revenue gained 3.3% to KRW18.839 trillion while both operating profit and net profit fell 40% to KRW914.41 billion and 42% to KRW609.23 billion, respectively.
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