Meritz Fire & Marine Insuranceir.meritzfire.com/ir/upload/(3Q)Meritz Insurance_KIS Conference.pdf · 「Meritz Fire & Marine Insurance」has been prepared based on internally audited

1

February 2007

Meritz Fire & Marine Insurance

2

Disclaimer

「Meritz Fire & Marine Insurance」has been prepared based on internally audited figures and final figures may change due to the results of independent auditors’ audit without notice.

This presentation includes forward looking statements regarding the company’s outlook for 4Q FY06 and beyond, including projected premium and net income. These forecasts are subject to unknown risks and uncertainties that may cause actual figures to differ from those stated or implied by such statements. We have no obligation or responsibility to investment made based on such forward looking statements.

3

01 Introduction to Meritz

02 Business Mix & Outlook

03 Vision & Strategy

04 Share Information

05 Financial Supplements (as of 3Q FY06)

Agenda

4

We are the 5th largest insurer with market share of 8% and has changed its corporate identity from “Oriental” to “Meritz” Insurance in Oct. ’05

• Emphasizing「Profit-based management」as a core strategy with the launch of “new-start” campaign (2nd foundation announcement)※ Myung Soo Wohn ‘s appointment as CEO: June ’05

Adaptation and implementation of「profit-based management」philosophy• Sole insurer in the industry to record decrease in auto loss ratio during FY05• High growth in the LT (long-term) line business (FY05 growth rate 28.1%, top 4 players: 15.9%)

Recorded highest LT line G/R in the industry for 2 consecutive years (FY04, FY05)• Rapid growth in new contracts sales of protection-type LT policies and high persistency rate • Recorded increase in net income despite unfavorable market conditions (FY05 net profit increased

KRW 5.3B while top 4 recorded decrease of KRW 10.2B on average)Stock price outperformed both KOSPI and the insurance sector since the new-start campaign

What Makes Us Stand Out 010101

Adjusted net income trend Market share trend Adjusted ROE trend

*Adjusted ROE : annualized figures

LT M/S 1.6%p↑13.2%

11.0%12.0%

11.5%

7.1%

11.7%

11.4%

12.9%

Meritz Top 4 players' avg

7.8 7.9 7.98.1

6.8

7.5

8.28.4

FY03 FY04 FY05 up to FY063Q

Total M/S LT line M/S30.6 32.7

38.7

17.2

FY03 FY04 FY05 Up to FY06 3Q

(KRW billion)

20.0

10.6

21.1

11.6

26.4

12.3

25.2

9.3

FY03 FY04 FY05 up toFY06 3Q

Net income Inc. in Cat reserve

34.5

5

Reference: Top 4 players net income comparison• Top 4 players’ net income has dropped 8.1% on average yoy, while we

recorded KRW 26.4 billion which is 25.1% increase yoy.

Reference: Industry Net Income for FY05 010101

4.53.40.5-3.97.83.46.9%p

15.715.914.815.718.513.028.1FY05LTG/R

3.84.13.45.43.74.0-1.1%p

76.676.075.179.274.375.975.1FY05AutoLossRatio

18.3

32.7

38.7

25.1

21.1

26.4

Meritz

0.3

324.2

325.3

-5.8

278.2

262.0

Samsung

-15.8

88.4

74.4

-34.9

68.1

44.3

Hyundai

-2.5

67.8

66.1

-21.3

45.1

35.5

LIG

14.5

133.8

153.2

7.6

114.4

123.1

Dongbu

0.8

153.6

154.7

-8.1

126.4

116.2

Top 4 Average

-6.9

63.0

58.7

-16.8

51.0

42.4

IndustryAverage

FY04

%

Adj.Net

Income

NetIncome

FY05

%

FY04

FY05

(KRW billion %)

6

010101 Stock Price Trend

Relative Price Trend (’04.3.31 ~ ’07.2.2)

Stock price has increased by 264.2% since March 2004• KOSPI and non-life insurance sector increased by 60.5% and 148.2% respectively for the

same period • Current price: KRW 6,300 (Feb. 2, ’07), Market cap: KRW 540.5billion ($576.3 million)

0

50

100

150

200

250

300

350

400

450

Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06

Meritz KOSPI Insurance Sector

Meritz 364.2

Insurance 248.2

Announcement of 2nd foundation &

corporate identity change

KOSPI 160.5

7

목 차





05 Financial Supplements (1H FY06)

Agenda

8

Up to 3Q FY06 Key Financials : Comps020202

1.71.83.80.10.80.8%

104.2103.1106.7106.4102.1105.9Up to FY06 3QCombined

Ratio

-13.0-7.8-17.9-13.2-13.2-22.8%p

247.0219.2199.9158.4410.6177.8Up to FY06 3QSolvency

Margin Ratio

-27.5-31.9-92.0-36.9-3.018.2%

Adj. Net Income

Net Income

Net Inv.Yield

Expense Ratio

Loss Ratio

Direct PremiumWritten

(KRW Billion, %, %p)

86.781.15.735.6224.534.5Up to FY06 3Q

-29.8-43.7n.a.-69.66.636.7%

64.357.0-5.110.3195.225.2Up to FY06 3Q

-0.3

4.8

0.9

22.4

0.8

81.9

13.9

3,774

-0.8

5.2

0.2

20.9

1.6

82.2

16.9

2,960

-0.6

5.1

0.6

24.2

3.2

82.5

13.0

2,941

-0.6

5.3

0.7

24.4

-0.6

82.0

16.3

3,099

0.1

4.3

1.5

21.3

-0.7

80.8

11.6

6,098

0.3

6.1

1.8

25.1

-1.1

80.8

16.3

1,621

Meritz

%p

Up to FY06 3Q

%p

Up to FY06 3Q

Samsung Hyundai LIG DongbuTop 4

Average

%p

Up to FY06 3Q

%

Up to FY06 3Q

9

Acceleration of growth supported by long-term line sales• Total direct premium grew by 16.3% yoy in Dec FY06• Posting long-term line growth rate of 25.1% in Dec FY06 • Proportion of LT line has increased by 14.3%p from 40.9% (FY03) to 55.2%(Dec FY06)

Premium By Line 020202

Premium breakdown trend

FY03 FY04 FY05 up to FY06 3Q

commercial auto long-term

19.2%

39.9%

40.9%

15.8% 14.6% 13.0%

38.9% 33.1% 31.8%

45.2%52.3% 55.2%

Total Premium

Growth 9.8% YoY10.7% 16.3% YoY

LT linePremiumgrowth21.2%

LT premium growth 28.1%

LT premium growth 25.1% YoY

10

Continuously posting high growth in LT line• Achieving highest growth in both FY04, 05

within the industry (21.2%, 28.1%)• Posting highest growth rate among top 4

players; G/R 25.1% in Dec FY06Recording rapid growth in protection-type policies within LT line

• Posting 36.9% growth in new contract sales for protection-type policies (Top 4 players avg: 25.9%)

Long-term Line Out-performance

What is our Strength?Utilizing differentiated distribution channel

• Solid performance from specified solicitors such as FC (Financial Consultant)

• Successful implementation of TC (Total Consultant), which is a brand-new and unique channel in the industry (Current # of TC: 1,754)

High proportion of newly licensed solicitors · agents in the industry

• FY03 7.4% FY04 9.2% as of 3Q FY06 9.0% (cf. LT line total M/S 8.5%)

Setting up Agency Management Department to further strengthen relationships with agencies

020202LT line growth rate trend

FY04 FY05 Up to FY06 3Q

36.4%3,139 ( 27.6%)

Premium contribution for protection-typeNumber (Proportion) New contract sales growth for

protection-type policies

FY04 FY05 Up to FY06 3Q

15.5%

28.7%22.3%

36.9%

30.6%

25.9%

Meritz Top 4 players' avg.

28.1%

21.2%

25.1%

15.9%

12.5%

18.9%

Meritz Top 4 players' avg.

*as of 1H FY06

11

Long-term Line Growth 020202Two-digit growth rate sustained by sales of protection-type policies

• Increasing importance of risk management for the elderly as the population is rapidly aging

• Demand for hybrid-type of financial plans including investment and insurance are expected to boost, especially from the age group of 40’s and 50’s

<Aging population trend ( %)>

9.1

71.8

19.1

2005

10.9

72.8

16.3

2010

15.77.25.165 years & over

71.771.769.315~64 years old

12.621.125.60~14 years old

202020001990Age group

New contract sales premium breakdown trend (%)

11.3%p ↑Compared

to FY04

74.5%

25.5%

82.8%

17.2%

85.8%

14.2%

FY04 FY05 up to 3Q FY06

New protection-type premium New savings premium

12

LT line loss ratio trend of Meritz

86.585.585.288.386.784.8Loss ratio*

(up to 3Q FY06)

57.0

Top 4 players’average

56.0

LIG

54.0

Hyundai

58.4

Dongbu

59.560.4Persistency Ratio(as of 1H FY06)

SamsungMeritz

25th month persistency ratio ranked highest among top 5 players

Continuous sales of protection policiesStrengthening underwriting guideline Complete implementation of image U/W system & centralized U/W process

Consistent improvement of risk & net premium earned basis loss ratio for LT line

(Unit: %)

(Unit: %)

020202 Long-term Line Loss Ratio Improvement

*Loss ratio calculation based on net premium earned

72.074.9 76.6

69.8

84.8

89.689.691.9

FY03 FY04 FY05 as of 3Q FY06

Risk loss ratio Total LT loss ratio

-4.6%p (YoY)

-7.1%p (YoY)

13

Auto Insurance

De-marketed low profitable policies and was the sole insurer to realized decrease in auto loss ratio in FY05

• Market share 7.8%(FY04) 7.1%(FY05) 7.2% (as of 3Q FY06)

Increase in accident rate have deteriorated auto loss ratio for the whole industry till 3Q FY06Due to unexpected unfavorable auto insurance environment, we have changed our strategy to strengthening u/w guidelines for the 2nd half of FY06

4Q FY06 Auto Ins. Outlook

020202

(Unit:%)

FY03 FY05 Up to FY06 3QFY04

Auto L/R trend

Down-turn of the auto loss ratio in 4Q FY06 • Premium hike effect (4 times since

Nov. ’05) : total of 16.9% premium increase

• Rationalizing price calculation mechanism - Improving surplus/discount program (Extending the full discount reaching time frame from 7 yrs to 12 yrs) & differentiating price among different vehicle types

Re-adjustment6.6% ↑Feb. ’07

Price differentiation by vehicle modelsApr. ’07(e)

Implementing surplus/discount programJan. ’07

2.5% ↑

0.6% ↑

3.6% ↑

3.6%↑

Premium Change

Hike in repair wagesNov. ‘05

FY06 annual adjustmentNov. ‘06

Special surplusOct. ‘06

FY05 annual adjustmentApr. ’06

DetailsDate

<Auto premium hike time table>

79.2

75.1

78.7

71.9

76.076.7

72.8

79.5

76.2

76.0

78.576.6

Meritz Top 4 avg. Industry avg.

Our Stance

14

0.5

15.3

20.4

0.4

18.3

n.a.

0.8

1.6

-0.4

10.1

YoY

12.5

43.4

30.2

5.7

150.3

-105.7

104.9

25.1

79.8

2,171.9

FY06(e)

0.513.212.0Adj. ROE

12.1

14.4

-0.1

0.5

n.a.

-1.4

0.7

-2.1

15.7

YoY

38.7

26.4

6.4

149.5

-114.1

106.3

24.4

81.9

1,876.9

FY05

121.7Inv. Income

-90.4U/W income

105.9Combined ratio

25.1Expense ratio

6.1Net inv. Yield

80.8Loss ratio

26.2Adj. Net income

25.2Net income

1,621.4Direct Premium

Up to FY06 3Q

(Unit: KRW billion, %, %p)

020202 FY06 Profit Guideline

15

목 차






Agenda

16

030303 Management Philosophy

• Reinforcing internal control process

나눔경영

• Dedicated to optimizing customer satisfaction

• Enhancing sense of pride and loyalty among employees

• Placing priority on profitability over growth to further enhance efficiency and productivity

• Practice corporate social responsibility as an exemplary corporate citizen

Trans-parency

Customer Satisfaction

EmployeeSatisfaction

Profit-

based

CorporateSocial

Responsibility

• Offer steady stream of innovations

towards policyholders

• Transparent management

• Sustainable and profitable growth

17

030303 FY06 Management Goals

• Maximize efficiencies through prudent allocation of management resources

- Non-profitable points withdrawal and de-marketing plan

- Profitable points Concentrating of resources

- Allocating resources in view of long-term value creation

• Maximize efficiencies through prudent allocation of management resources

- Non-profitable points withdrawal and de-marketing plan

- Profitable points Concentrating of resources

- Allocating resources in view of long-term value creation

• Realize customer-driven management by satisfying the various needs of customers• Realize customer-driven management by satisfying the various needs of customers

• Upgrade our competitive edge through adoption of an innovative corporate culture• Upgrade our competitive edge through adoption of an innovative corporate culture

Ensuring the best practice of profitable growth through execution of strategic management

18

Meritz Securities share acquisition completed on Nov. 24, 2005

Realizing the Meritz Financial Group plan via participation of Korean French Banking Corp. share acquisition

Shares acquisition in Nov. 27, ‘06

Financial Group

SecuriSecuri--tiesties

KoreanKoreanFrenchFrench

57.2% (34.3M shares), KRW 37.6B

Acquisition: KRW 1,101

BPS: KRW 1,682

28.8% (9.6M shares), KRW 36.1B

Acquisition price: KRW 4,250

BPS: KRW 6,962

13% (7.8M shares), KRW 8.6B

Acquisition price: KRW 1,101

BPS: KRW 1,682

MeritzInsurance

030303 Meritz Financial Group

19

21.6

127.6

107.8

5.5

232.1

-78.8

102.0

3,264.9

FY09

3.4

45.3

52.7

-

19.5

n.a.

-0.9

15.5

YoY

18.3

87.8

70.6

5.5

194.2

-93.2

102.9

2,826.5

FY08

16.1

65.1

50.0

5.5

167.2

-95.2

103.6

2,455.3

FY07FY06(e)

0.2

12.1

14.4

-0.1

0.5

n.a.

-1.4

15.7

YoY

3.6

50.0

65.6

-0.2

11.2

n.a.

-1.3

13.0

YoY

2.1

34.9

41.2

-

16.1

n.a.

-0.7

15.1

YoY

12.5Adj. ROE

43.4

30.2

5.7

150.3

-105.7

104.9

2,171.9

Inv. Income

Underwriting income

Combined ratio

Net inv. Yield

Adj. Net income

Net income

Direct premium

(KRW billion, %, %p)

030303 Long-term Plan

P&L

20

목 차






Agenda

21

ESOP, 0.79%

BlackRock, 5.21%

Hunter Hall,4.99%

Other foreigners,14.75%

Treasury Shares,7.60%

Domestic, 44.23%

Jung-Ho Cho,22.43%

Shareholders (as of Sep 30, ’06)

Outstanding shares: 85,800,000 shares

Major shareholder: Jung-Ho Cho (Chairman)- 22.43%

Treasury shares: 7.60%

Major foreign shareholder: BlackRock Inv. Managers (formerly “Merrill Lynch Inv. Managers”)

Current Shareholders 040404

22

Recent 5 years average payout ratio is 29.08%

• Recorded highest payout & dividend ratio among top 5 players in FY03, 04

• Recorded dividend yield of 2.4% which is the highest among top 5 players

Stock included in Korea Dividend Stock Price Index (KODI) since year ’03

Management is committed to boost up shareholders value

Dividend Policy Dividend related ratio comps for FY05

040404

29.6%2.4%KRW 26.4B KRW 100FY2005

36.7%4.9%KRW 21.1BKRW 100FY2004

38.7%5.5%KRW 20.0BKRW 100FY2003

22.7%8.6%KRW 34.0BKRW 100FY2002

17.7%5.4%KRW 43.7BKRW 100FY2001

Payout ratioDividend ratioNet incomeDividend amount

29.6%27.4%

40.6%

21.9%

38.2%

2.4%

1.2%

1.9%1.9%

2.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Meritz A B C D0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Payout ratio (left) Dividend yield (right)

23






Agenda

24

Key Financials050505

-22.8

18.2

36.7

22.5

1.8

-4.6

2.7

1.7

-1.1

n.a.

16.2

16.3

YoY

Long-term

Auto

Commercial

FY04FY05UP to

FY05 3QUp to

FY06 3Q

14.0179.1193.1200.6177.8Solvency margin ratio

15.31,392.01,604.31,189.61,382.1Net premium earned

1.323.124.423.225.1Expense ratio

-2.591.989.489.484.8

-1.176.275.176.078.7

5.643.549.146.848.5

-0.382.281.981.980.8Loss ratio

32.7

21.1

125.6

-87.2

1,694.8

18.238.729.234.5Adj. Net income

25.126.418.425.2Net income

149.5

-114.1

1,876.9

19.099.3121.7Inv. Income

n.a.-714-904U/W income

10.71,393.91,621.4DPW

YoY

*DPW: direct premium written, up to 3Q: April ~ December cumulative figures


25

New contact

3.925.155.2895.551.4716.1Long-term

16.3

29.6

10.4

-0.3

%

-100.01,621.4100.01,393.9Total

0.22.339.22.130.2

-1.731.8515.833.5467.2Auto

-2.213.0210.115.1210.6Commercial

△ProportionProportionAmountProportionAmount

YoYUp to 3Q FY06Up to 3Q FY05

0.2

0.3

0.1

-0.7

8.17.9Total

8.58.2Long-term

7.27.1Auto

8.59.2Commercial

ChngUp to

3Q FY06Up to

3Q FY05


(%, %p)

Commercial

Auto

Long-term

up to 3Q FY05 up to 3Q FY06

51.4

33.5

15.1 13.0

31.8

55.2

Premium Mix

050505 Premium SalesPortfolio Mix and Premium Sales

Market Share (e)

*Excluding one-time payment LT line market share :8.1%(as of 3Q FY05 ) → 8.5%(as of 3Q FY06)

26

장기보험 상품 구성비 변화Total LT-line Composition (Including personal annuities)

-3.6-43.52.926.46.546.7(Non-Banca)

1.136.313.1117.412.086.1(Banca)

One-time payment

-1.614.517.0152.118.6132.9Savings

△Proportion%

25.1

-51.6

27.5

ProportionAmountProportionAmount

100.0

0.9

83.0

100.0

2.4

81.4

-895.5716.1Total

-1.58.317.2

1.6743.4583.2Protection


New contracts Composition for LT line (Including personal annuities, excluding one-time payment)


050505 Change in LT Portfolio Mix

0.348.42.40.92.10.6(Banca)

(Non-Banca)

-4.6-2.114.25.618.85.7Savings

-4.9-8.411.84.716.75.1

△Proportion%

29.6

36.9

ProportionAmountProportionAmount

100.0

85.8

100.0

81.2

-39.230.2Total

4.633.624.5Protection


27


050505 Long-term line Portfolio Mix

--25.129.6100895.5100.03921007,161100.030.2Total

--0.250.0-42.9-0.30.20.1-0.20.40.1Corporate pension

-1.20.20.545.24.641.61.60.65.841.41.40.4Annuities

0.9-2.190.3-22.92.825.53.11.21.913.45.21.6Bundle Policies

-1.6-4.614.4-2.117.0152.114.25.618.6132.918.85.7Savings

-1.4-13.515.4-42.616.6148.910.74.218.0129.024.37.3Disease

-2.6-4.15.3-9.913.7122.69.33.616.3116.413.34.0Property

-1.7-3.215. 36.120.9187.014.75.722.6162.217.95.4Drivers

7.527.680.4222.124.3217.446.218.116.8120.518.65.6Accident

TotalNew contactTotalNew

contactProportionProportionProportionProportion

△Proportion%TotalNew contractTotalNew contract


28

장기보험 상품 구성비 변화

Total

Life benefit

DeathCover-

age

-19.53.398.926.1118.422.8Medical treatment

-0.5-2.740.227.440.730.1Sum

payable at death

0.7-87.610.486.910.4Disease

-9.21.394.811.0104.09.7Daily allowance

2.90.239.211.336.311.1Driver

-36.8-3.156.79.893.512.9Property

△Loss Ratio△Proportion

-

1.0

Loss RatioProportionLoss RatioProportion

69.8

87.0

76.9

81.9

-7.1100.0100.0

5.14.03.0Other Accident



050505 LT Breakdown by Coverage

• Risk Loss Ratio basis

29

-1.180.881.9Loss Ratio

16.21,382.11,189.6Earned Premium

2.778.776.0Loss Ratio

19.2733.5615.1Losses

Long-term

3.3439.3425.5Earned Premium


1.748.546.8Loss Ratio


TotalL/R

Auto

Commercial

YoY

6.137.735.6Losses

7.0345.7323.1Losses

-4.684.889.4Loss Ratio

973.8

Up to 3Q FY05

14.71,116.9Losses

Up to 3Q FY06

(KRW Billion %, %p)

050505 Loss Ratio

Loss ratio by line

30

30.744.4189.0144.6Sales related

1.8-25.123.2Expense Ratio

41.7

11.4

81.3

80.7

318.0

276.3

Up to 3Q FY05

-24.4-10.231.5Expenses recovered

20.12.313.7Others

1.91.582.8Administrative

Wages & benefits

%△ Amount

11.6

59.8

70.0

14.4

18.8

25.3

92.3

377.8Expenses spent

346.3Total Expenses

YoYUp to 3Q FY06


050505 Expense Ratio

Breakdown of Expenses

22.0258.81,434.01,175.2Written Premium

192.5

227.5

16.21,382.11,189.6Earned Premium

16.31,621.41,393.9Direct Premium

*Sales related expenses: acquisition cost/collecting fees, commission paid out to agencies, acquisition cost amortization, deferred acquisition cost, etc.

*Other expenses: loss adjustment expenses, co-insurance paid, reinsurance commission paid etc.

31

-18.5100.02,913.4100.02,458.4Total Invested Asset

-2.21.312.9376.415.1371.7Real Estates

2.334.918.7545.616.4404.4Loans

-1.9-46.71.646.03.586.3Other Securities

3.6133.97.3213.33.791.2Overseas Securities

0.865.62.675.01.845.3Structured Sec.

-1.31.07.2210.38.5208.2Beneficiary Certificates

-2.710.035.11,021.937.8929.3Bond

△Proportion%ProportionAmountProportionAmount

77.7

54.0

1.2

55.2

292.0

Up to 3Q FY06

1.9

2.9

0.4

3.3

7.9

46.3

70.1

10.9

81.0

194.6

Up to 3Q FY05

0.867.82.7Equity-method applied stocks

-1.1-23.01.8Available-for-sale

Trading -89.0

-31.9

50.1

-0.3

-1.4

2.1

0.1

1.9Stocks

10.0Cash & Deposits

YoY

(KRW billion,%, %p)

050505 Invested Assets

32

Collateralized

Credit

Policy

-35.3100.05,525100.0408.4Total Loan

12.076.351.6285.539.6161.9

-0.55.41.89.82.39.3

11.572.553.4295.341.9171.2Corporate Loan

△Proportion%ProportionAmountProportionAmount

175.2

79.7

2.3

257.2

Up to 3Q FY06

34.8

22.7

0.6

58.1

142.0

92.6

2.6

237.2

Up to 3Q FY05

-3.023.431.8

-8.3-13.914.4Collateralized

Credit -11.5

8.4

-0.2

-11.5

0.4

46.6Retail Loan

YoY


050505 Loan Breakdown

• Total loan excludes loan loss provision

• Retail credit loans are given out to internal employees only

3318.25.334.529.2Adjusted net income

36.76.825.218.4Net income

-17.5-1.36.07.3Income tax

21.35.531.225.7Ordinary income

n.a.2.2-0.1-2.3Non-operating income

11.83.331.328.0Total operating income

22.522.4121.799.3Investment income

n.a.-19.0-90.4-71.4U/W income

-13.4-1.49.410.8Increase in Cat. Reserve

n.a.-0.3-0.5-0.2Increase in policyholder

Dividend reserve

34.686.4335.8249.4Increase in LT savings

premium reserve

25.370.0346.3276.3Net expenses

292.9

431.7

1,189.6

1,393.9

Up to 3Q FY05

-1.3-4.0288.9LT savings Refund

%△ Amount

60.9

192.5

227.5

14.1

16.2

16.3

492.6Incurred losses

1,382.1Earned premium

1,621.4Direct premium

YoYUp to 3Q FY06(KRW Billion, %)

050505 Summary P/L

34

1.3-13.211.9Adjusted ROE

20.0605.53,629.33,023.8Total assets

26.6150.5715.9565.4Non-invested assets

1.34.7376.4371.7Real estates

34.9141.2545.6404.4Loans

67.831.477.746.3Equity method applied stocks

-7.3-25.6327.0352.6Held-to-maturity

969.1

119.7

194.6

2,458.4

Up to 3Q

FY05

2.423.0992.1Available-for-sale

%△ Amount

183.0

97.4

455.0

152.9

50.1

18.5

302.7Trading Sec.

292.0Cash/deposits

2,913.4Invested asset

YoYUp to 3Q

FY06


-22.8-177.8200.6Solvency Margin Ratio

9.922.8252.3229.5Total S.E.

-58.2-3.22.35.5Capital adjustments

16.525.3178.2152.9Retained earnings

2.50.728.928.2Capital surplus

--42.942.9Capital stocks

20.9582.63,376.92,794.3Total liabilities

337.1

119.3

2,337.9

2,457.2

Up to 3Q

FY05

15.151.0388.1Other liabilities

%△ Amount

10.8

520.9

531.7

9.1

22.3

21.6

130.1Cat. Reserve

2,858.8Policy reserve

2,988.9Insurance reserve

YoYUp to 3Q

FY06

050505 Summary B/S

Asset Liabilities

35

Thank you!

Investor Relations Contacts:

Jae-Hyoung Kim (General Manager)

822-3786-1010, [email protected]

Seung-Hee Han (Assistant Manager)

822-3786-1013, [email protected]

http://ir.meritzfire.com

Documents

Meritz Fire & Marine Insuranceir.meritzfire.com/ir/upload/(3Q)Meritz Insurance_KIS Conference.pdf · 「Meritz Fire & Marine Insurance」has been prepared based on internally audited