Samsung Life Insurance 1Q26 Review

Samsung Life Insurance delivered a 1Q26 earnings beat driven by one-off provision write-backs, but its 'Value Up' corporate governance announcement remains pending. Goldman Sachs maintains a Neutral rating with an increased price target of W245,000, citing high correlation with Samsung Electronics shares.

Key Takeaways

• 1.Samsung Life Insurance (SLI) reported a strong 1Q26 net profit of W1,204bn, exceeding consensus due to a W426bn provision write-back.
• 2.The company's 'Value Up' plan announcement is delayed and likely contingent on Samsung Electronics' (SEC) own shareholder return strategy.
• 3.SLI's share price is increasingly correlated with Samsung Electronics, driven by investor focus on the sum-of-the-parts (SOTP) value of its SEC stake.

Table of Contents

• Earnings beat on provision write-back and stronger affiliate profit contribution
• Value Up announcement could take time but likely before Mar27 AGM
• All eyes on SEC share price movement, a key driver for share price performance
• Maintain our Neutral rating but raising TP to reflect stronger affiliate earnings
• Valuation and risks
• Disclosure Appendix

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