Samsung Life Insurance First Take: Positive surprises on multiple fronts in 1Q26; still our top pick in the sector

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Samsung Life Insurance First Take: Positive surprises on multiple fronts in 1Q26; still our top pick in the sector

an Securities (China) Company Limited

Earnings. Samsung Life's 1Q26 net profit rose 89% oya to W1.2T, comfortably

ahead of both JPMe and consensus (W750B/W742B). The beat was primarily Korea Insurance 1Q26 post-results

driven by strong investment profit, which benefitted from robust dividend income calls

and subsidiary profit contributions, as well as a reversal of immediate annuity

- DB Insurance (22 May, 2pm HKT)provisioning amounting to approximately W426B — a one-off item. Excluding the

(Registration)one-off item, earnings were still slightly ahead of market expectations in 1Q26. We

view this beat as meaningful, given that the company's dividend decision remains - Hyundai M&F (22 May, 4pm HKT)

based on reported earnings, alongside its progressive dividend policy. Core (Registration)

insurance profit remains solid, though it did moderate to W257B in 1Q26, down - Korean Re (26 May, 3pm HKT)

8% oya. Solvency capital. The K-ICS ratio stood at 210% as of March 2026, up (Registration)

12%p q/q, with the core capital ratio at 170% — both remaining highly robust. The

improvement was supported by rising interest rates and higher Samsung * If you are subject to the MiFID II Research Unbundling

Electronics share prices, which lifted book value attributable to shareholders to regime, you may only be eligible to participate in this event if

W81.2T, up 29% q/q. This bodes well for continued solvency capital youresearch.have thePleaseappropriatecheck yourleveleligibilityof accessbeforeto J.P.participating/Morgan

strengthening, complemented by strong new business sales momentum. New accessing. If you are unsure as to your eligibility, please

business CSM.