Asia Summer School: South Korea Insurance: Investor Presentation | Asia Pacific

研报英文原文证据摘录

Asia Summer School: South Korea Insurance: Investor Presentation | Asia Pacific

FoundationM

Key Issues #4

Capital Management & Shareholder Return Policy: Boosted by Corporate Governance Reform?

In our view, insurers are generally lagging banks in terms of execution. Room for incremental improvements include:

Samsung affiliates (SLI, SFM)

• Potential upside to earnings/dividend pool given stronger earnings profile and shareholder return at SEC

• More updates likely on value-up plans, treasury cancellation plans

DB Insurance

• Potential updates on value-up plans (likely in 2Q26 earnings season), expect upside to earnings from overseas acquisition

• Partially cancelled existing treasury shares; likely to cancel remaining shares but timeline remains to be seen

• Developments around activist campaign (Align Partners) worth monitoring

Hanwha Life

• Limited visibility for dividend resumption for now; expect more updates on treasury cancellation

Capital Management Ownership StakeholderActions

Does the company

Is management

have upside to Does the company Higher dividend expected to focus more Has the company Potential for Higher annual DPS Will the company announce total shareholder provide Company Name payout ratio on capex/M&A in 2026- already cross- Activist posted (positive Y/Y growth) additional share buyback/cancellation? returns mid-to-long term (Y/Y increase) 2027 value-up shareholding engagement

(div. payout + share capital management

than on shareholder disclosure? unwinding

buybacks) plans?

returns?

in 2026-2027?

2026E 2027E 2026E 2027E 2026E 2027E

Existing treasury Existing treasury

modest modest modest modest

Samsung Fire & Marine Unlikely modest upside Yes Yes shares cancellation shares cancellation Yes No

upside upside upside upside

only only