Samsung F&M Insurance (000810 KP) Buy: 1Q26 review – Fundamentals hit bottom and expectations for TSR are growing

研报英文原文证据摘录

Samsung F&M Insurance (000810 KP) Buy: 1Q26 review – Fundamentals hit bottom and expectations for TSR are growing

oss ratios to stabilise gradually due to the effect of premium hikes and

tightening claims processes. In particular, high loss ratios in 2025 were affected by

the doctors' strike in 2024 as a reverse base effect. Auto premium hikes in February 05/25 11/25 05/26320000

will affect loss ratios from 2H26, and potential regulatory changes excluding minor Target price: 682000 High: 630000 Low: 363500 Current: 498000

injuries will also help stabilise auto loss ratios. In addition, the launch of 5th- Source: LSEG IBES, HSBC estimates

generation insurance, higher co-payments, and premium hikes in December 2025

are positive for stabilising risk-loss ratios. Jaewoong Won*

Analyst, Korea Financials & Fintech

Growing expectations for enhanced shareholder returns The Hongkong and Shanghai Banking Corporation

Due to rising K-ICS ratios and growing shareholder demand amid falling ROE, SFM is Limited, Seoul Securities Branch

jaewoong.won@kr.hsbc.com

discussing various measures to utilise excess capital. Enhanced shareholder returns and +82 2 3706 8770

expanding investment are the primary methods. Regarding the 3rd Commercial Act Chan Park*

amendment requesting the cancellation of treasury shares, SFM should take action Research Associate

The Hongkong and Shanghai Banking Corporation

before September 2027. We believe the possibility of SFM enhancing shareholder returns Limited, Seoul Securities Branch

chan.park@kr.hsbc.com

in 2026 is rising. +822 3706 8713

Maintain Buy rating; maintain TP of KRW682,000

We believe the upward trend in loss ratios peaked in 2025 and will continue to stabilise. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is