Samsung Life Insurance (032830 KP) Buy: 1Q26 review – stable insurance profit and strong investment profit

研报英文原文证据摘录

Samsung Life Insurance (032830 KP) Buy: 1Q26 review – stable insurance profit and strong investment profit

a 29% stake in the company. Its K-ICS ratio rose to 210% (up 52-WEEK PRICE (KRW)

12ppt) due to rising SEC share prices and market rates. For every KRW10k change in 370000

SEC share price, the K-ICS ratio moves by 0.5ppt. Furthermore, new business CSM is

expected to grow by 29% y-o-y, supported by high-margin products and expanding tied

channels (exhibits 11-12). Total CSM grew by 2.5% y-o-y, and we believe the annual 05/25 11/25 05/2651000

target of KRW3.2trn in new business is achievable. Target price: 336000 High: 306000 Low: 83500 Current: 306000

Increasing expectations for the value-up plan despite absence of details Source: LSEG IBES, HSBC estimates

During the conference call, SL emphasized its commitment to increasing the cash payout

ratio up to 50% in the mid-term, with payouts expected to grow alongside SEC dividends. Jaewoong Won*

Analyst, Korea Financials & Fintech

While SL has yet to specify a timeline, management clearly stated that DPS will continue The Hongkong and Shanghai Banking Corporation

Limited, Seoul Securities Branch

to rise and that a value-up plan will be released before March 2027. Given the recent DPS jaewoong.won@kr.hsbc.com

growth trajectory, we expect DPS to continue rising by at least 20% y-o-y (exhibit 15). +82 2 3706 8770

Chan Park*

Retain Buy rating; raise TP to KRW336k (from KRW307k) Research Associate, Korea Autos & Financials

Despite a sluggish economy, we believe SL will continue to demonstrate stable The Hongkong and Shanghai Banking Corporation

fundamentals through steady new business growth and controlled experience variance chan.park@kr.hsbc.com

+822 3706 8713

losses.