S. Korea Insurers: 1Q26 Wrap: Confidence Growing After 1Q; Upgrade SFM to OW

Research evidence excerpt

S. Korea Insurers: 1Q26 Wrap: Confidence Growing After 1Q; Upgrade SFM to OW

Idea

May 18, 2026 07:33 PM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MS. Korea Insurers | Asia Pacific Heewon Choi

Equity Analyst

1Q26 Wrap: Confidence Heewon.Choi@morganstanley.comJoon Seok +82 2 399-4836

Joon.Seok@morganstanley.com +82 2 399-4934

Growing After 1Q; Upgrade SFM

S. Korea Financials

Asia Pacific

Industry View Attractiveto OW

What’s Changed

Insurance earnings visibility improved after 1Q26, though it Samsung Fire & Marine

(000810.KS) From To

remains early in the recovery. We upgrade SFM on catch-up Rating Equal-weight Overweight

potential and stronger fundamental confidence, while keeping Price Target W540,000 W660,000

DBI OW but tactically less preferred for the near term. DB(005830.KS)Insurance Co Ltd From To

Price Target W220,000 W209,000

1Q26 wrap - Early signs of stabilization boost confidence: 1Q26 results suggest

Please refer to related reports below:the industry is likely past the earnings trough, though the recovery is still at an early

Samsung Life Insurance: 1Q26 Review: Still astage. For most insurers, negative claims experience variance narrowed Q/Q, while

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May 2026)improvement toward year-end. The improvement is not dramatic, but we think it

Samsung Fire & Marine: 1Q26 In-Line: A Stepmatters because earnings visibility had been the key overhang since 2H25. We think

Toward Recovery (14 May 2026)1Q26 provides a basis for investors to start rebuilding confidence in insurance

DB Insurance Co Ltd: 1Q26 Miss: 2Q Deliveryfundamentals, especially as underwriting discipline, loss-ratio stabilization and