SEOUL, May 12 (Yonhap) -- Samsung Fire & Marine Insurance Co. said Wednesday its first-quarter net profit more than doubled from a year earlier on cost savings and increased investment returns.
Net income came to 431.5 billion won (US$386 million) in the January-March period, up 163 percent from a year earlier, the leading non-life insurer said in a regulatory filing.
Revenue edged down 0.2 percent on-year to 4.85 trillion won, but its operating income jumped 136 percent to 595.3 billion won.
Samsung Fire & Marine Insurance attributed the bottom-line surge to a sharp drop in costs and a surge in investment profits, including special dividends from affiliate Samsung Electronics Co.
The company said its investment earnings stood at 691.8 billion won for the last quarter, up 40.3 percent from a year earlier.
Samsung Fire & Marine Insurance is the non-life insurance arm of Samsung Group, South Korea's largest family-controlled conglomerate.
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