Samsung F&M management highlighted a shift toward underwriting quality over volume and potential earnings upside from Samsung Electronics dividends. Goldman Sachs maintains a Buy rating, citing the company's superior position for capital management and corporate governance reform.
Key Takeaways
- 1.SFM is shifting strategy to prioritize the underlying quality of insurance contracts over gains in market share.
- 2.Investors are optimistic about 2027 earnings upside due to potential increases in dividends from affiliate Samsung Electronics (SEC).
- 3.The company lacks clarity on its specific timeline for achieving its 220% K-ICS solvency ratio target and broader capital allocation plans.
Table of Contents
- Underwriting cycle at an inflection point, with auto & LT set to gradually improve
- Earnings upside risk for 2027E from higher SEC dividends
- Still lacking clarity on capital management plans but the clock is ticking
- Best-positioned to enhance shareholder return policies; Buy
- Price Target Risks and Methodology - Samsung Fire and Marine Insurance
- Disclosure Appendix
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Authors
Sinyoung Park
Securities
000810.KSSamsung ElectronicsCanopiusDBI
Themes
Corporate Governance Reform (Value Up)Capital Management & Shareholder Returns
Regions
Asia PacificSouth Korea