The company said gross written premiums rose 13.0% to $4.7 billion for the 3 months ended June 30, 2024, from $4.2 billion a year earlier, and rose 15.3% to $9.1 billion for the 6 months, from $7.9 billion a year earlier.

1. 01

   The company said gross written premiums rose 13.0% to $4.7 billion for the 3 months ended June 30, 2024, from $4.2 billion a year earlier, and rose 15.3% to $9.1 billion for the 6 months, from $7.9 billion a year earlier.

2. 02

   The company said incurred losses and LAE rose 17.9% over the 3-month period to $2.3 billion, and that current year catastrophe losses of $151 million included the Dubai and Germany floods ($40 million each) and the Brazil floods ($35 million), among others.

3. 03

   The company said net income for the 3 months was $724 million, compared with $670 million a year earlier, and its combined ratio was 90.3%, compared with 87.7% a year earlier. The company cited higher commission and brokerage expenses and higher catastrophe losses as factors that increased the combined ratio.

4. 04

   The company said net cash flows from operating activities for the 6 months were $2.4 billion, compared with $2.2 billion a year earlier, and that shareholders' equity rose from $13.2 billion on December 31, 2023 to $14.2 billion on June 30, 2024.

Key figures

Quarter ended June 30, 2024

Revenue

$4.2B

Net income

$724M

EPS

$16.70

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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