Samsung Fire & Marine: Broadly in-line earnings; capital deployment remains key

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Samsung Fire & Marine: Broadly in-line earnings; capital deployment remains key

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Samsung Fire & Marine

Broadly in-line earnings; capital

deployment remains key

Reiterate Rating: BUY | PO: 679,500 KRW | Price: 538,000 KRW

Earnings generally in line 14 May 2026

Samsung Fire & Marine (SFM) posted 1Q26 net profit of W659bn, up 170% QoQ/4% Equity

YoY, above Bloomberg consensus of W617bn but below our estimate of W659bn. The

difference versus our estimate came mainly from non-operating income, but excluding

Key Changesthis, we think earnings were broadly in line with our expectations. Looking specifically

into results, while CSM from new business slowed YoY, total CSM increased 1% YoY, as (W) Previous Current

the CSM multiple expanded to 14.1x in 1Q26 from 11.8x in 1Q25. We think this is 2026E EPS 53,027.39 50,515.27

broadly in line with management’s guidance to focus on improving profitability over 2027E EPS 55,883.09 54,924.75

volume this year. Operating variance also improved YoY, which management attributed 2028E EPS 59,127.97 58,993.18

to better loss ratios in living coverage. General insurance profit improved 111% YoY, led

by both domestic and overseas premium growth and a stable loss ratio. Auto insurance Jisun Lee >>

Research Analyst

recorded losses for three consecutive quarters, although the magnitude of losses has Merrill Lynch (Seoul)

been narrowing. Investment profit also increased 24% YoY/54% QoQ, driven by +82 2 3707 0418 jisun.lee@bofa.com

improved book yields. We reiterate our Buy rating. Simon Woo, CFA >>

Merrill Lynch (Seoul)No big promises on capital deployment yet

+82 2 3707 0554

While there was no further update on the previously guided shareholder return plan of at simon.woo@bofa.com