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[Alpha Biz=(Chicago) Reporter Paul Lee] Lotte Insurance's performance deteriorated last year, a report showed.
Lotte Insurance announced on the 16th that its net loss last year turned into a deficit compared to the previous year at 62.8 billion won.
Operating losses also turned into a deficit of 84.1 billion won. Sales rose 2.6% to 2.3292 trillion won.
An official from Lotte Insurance said, "Last year, costs increased by increasing sales of long-term guarantee insurance to secure contract service margins, and there was some loss perception of fair value measurement assets due to a sharp rise in interest rates," adding, "Excluding these one-off factors, last year's operating profit surplus would have been about 180 billion won."
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