Hyunundai M&F (001450.KS): Asia Financials Corporate Day takeaways

研报英文原文证据摘录

Hyunundai M&F (001450.KS): Asia Financials Corporate Day takeaways

Equity Research

24 June 2026 | 9:19AM KST

Hyundai M&F (001450.KS): Asia Financials Corporate Day takeaways

Sinyoung Park

+82(2)3788-1778 |

sinyoung.park@gs.com

Goldman Sachs (Asia) L.L.C., Seoul

Branch

We hosted Hyundai M&F (HMF) at our Asia Financial Corporate Day on June 23rd, 2026.

Given the weak 1Q print and scheduled regulatory guidelines, discussions centered on

underwriting cycles, reform initiatives, and the path to dividend resumption.

Expecting an improving underwriting cycle ahead, aided by reform initiatives

While top-line trends could remain sluggish following premium hikes and given the

focus on quality over quantity, management expects solid insurance profit in the

coming quarters due to 1) positive seasonality in respiratory disease and auto

insurance claims and 2) government-led reform initiatives to curb excessive claims

growth (i.e., capping the pricing and frequency of managed items such as

manual/shock-wave therapies). Coupled with the reversal of FVPL losses in 1Q26,

HMF guided for a meaningful improvement in bottom-line earnings.

Expecting muted CSM growth given scheduled revisions to assumption guidelines

Despite a 4-5% recurring CSM (Contractual Service Margin) growth expectation,

management guided that scheduled guideline updates (i.e., the Advanced Actuarial

Oversight Plan announced in January 2026) in 2Q26E/4Q26E could lower the

year-end CSM balance. That said, management believes this will be the finalizing

steps in assumption guidelines and highlighted that the anticipated GA (General

Agencies) commission cap will help rationalize competition and ease insurers’

expense burden.

Strengthening fundamentals in preparation for dividend resumption