Samsung F&M delivered solid 1Q26 results with a net profit of W635bn, supported by a 24% rise in investment profit and stable insurance trends.
Key Takeaways
- 1.Samsung F&M reported 1Q26 net profit of W635bn, which was in-line with consensus and showed underlying strength in insurance and investment profit.
- 2.Operational trends are showing a positive reversal as the company shifts towards underwriting quality and conservative actuarial assumptions.
- 3.Pressure is mounting on SFM to accelerate its 'Value Up' timeline for shareholder returns, driven by government corporate governance reforms.
Table of Contents
- More than meets the eye, above expectations on the underlying
- Starting to show a positive trend reversal in underwriting quality
- Expecting more pressure to bring forward the Value Up timeline
- Best-positioned to enhance shareholder return policies; Buy
- Price Target Risks and Methodology - Samsung Fire and Marine Insurance
- Disclosure Appendix
- Ratings, coverage universe and related definitions
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Authors
Sinyoung Park
Securities
000810.KS
Themes
Corporate Governance Reform (Value Up)Insurance Underwriting Quality Shift
Regions
Asia PacificSouth Korea