Seoul: Samsung Fire and Marine Insurance Co. reported a significant rise in its third-quarter net income, reaching 554.6 billion won (US$395.4 million), which marks a 29.4 percent increase compared to the previous year. The announcement was made on Thursday, highlighting the company's strong financial performance amidst challenging market conditions. According to Yonhap News Agency, Samsung Fire and Marine Insurance Co. disclosed in a regulatory filing that its operating profit for the quarter amounted to 717.5 billion won, up from 572.9 billion won in the same period last year. This growth in operating profit reflects the company's effective strategies in managing its operations and optimizing its financial resources. The report also noted a slight increase in revenue, which rose by 0.5 percent to reach 5.32 trillion won. Despite the modest revenue growth, the company's net profit exceeded market expectations, showcasing its ability to generate substantial earnings. The average estimate of net profit by an alysts was projected at 541.8 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.