Samsung Fire & Marine Insurance (000810) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samsung Fire & Marine Insurance is Korea's No.1 non-life insurer, selling auto, long-term and general insurance, and it makes money on the margin between premiums collected and claims paid out, plus the investment return on the assets it manages. In 2025 it posted net profit of ₩2.0183 trillion, the only non-life insurer to clear ₩2 trillion for a second straight year, raised its dividend for a sixth consecutive year to ₩19,500 per share, and in March 2026 cancelled ₩690 billion of treasury shares. The point to watch is that its dominant No.1 position and strong shareholder returns through high dividends and buybacks make it robust, and it has even set a 2028 total-return target of 50%, but the shares trade at 1.4 times net assets, clearly more expensive than non-life peers (0.3-1.0x), so whether profitability keeps improving enough to justify that premium is the key question.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Insurance” (Financials), a type typically read first through P/B.
For insurers, the base of the business is the pool of assets and reserves they hold, while accounting profit can swing sharply year to year with investment results and reserve changes. That makes price-to-book (P/B) — the price against net asset value — a steadier gauge than earnings multiples.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 8.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 54.3% higher than a year earlier.
- ROE is 8.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 46.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Samsung Life Insurance 15.43% (individual)
Controlling bloc incl. related parties 19.07%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Samsung Fire & Marine is the No.1 company by market share in Korea's non-life insurance market. Its main lines are threefold: first auto insurance; second long-term insurance, which provides long-duration coverage for illness, injury and death; and third general insurance, covering corporate property, liability and the like. It earns money on two axes. One is insurance underwriting profit, the premiums collected minus the claims and expenses actually paid out. The other is investment income from investing in bonds, equities and other assets the vast pool built up until it is returned to policyholders. With assets reaching ₩96 trillion, interest rates and the investment environment weigh heavily on profit. In other words, results are made by both "the ability to underwrite insurance well" and "the ability to manage assets well."
The latest close is ₩648,000 and the market capitalization is ₩28.9 trillion. The price sits above its 20-day moving average (₩632,150) and above its 60-day moving average (₩626,017). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.2, a neutral level. The one-month change is -5.0%, the three-month change is +34.9%, and the position relative to the 52-week high is -11.2%. Relative strength versus the KOSPI is 72 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 72% of all stocks. Over the past three months it outpaced the index by 57.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is stable. In 2025 the net margin (net profit relative to revenue) was 38% and the operating margin 51%. ROE (how much is earned in a year on equity) reads 9.5% on an accounting basis. This figure may look low. But because the equity in the denominator carries large accumulated valuation gains on bonds and equities not yet sold, there is an optical effect that makes it read lower than actual business profitability. The company's own medium-to-long-term ROE target is 11-13%. On valuation, the P/E ratio (how many times one year's earnings the share price represents) is 14.33x and the P/B (how many times net assets the share price represents) is 1.20x. For a non-life insurer, liabilities and interest expense are inherently large by the nature of the business, so it is hard to judge its finances by the debt ratio as with a typical manufacturer. It is more appropriate to look at a non-life insurer through price relative to net assets (P/B), actual earning power (ROE) and dividends together. The dividend yield is 2.95% and the payout ratio 41%.
Growth is gradual. In 2025 revenue rose 8.6% year-on-year. Net profit, however, fell 2.7% to ₩2.0183 trillion. The slight step back in profit was due to swings in the loss ratio and the investment environment. Even so, it was the only non-life insurer to hold the ₩2 trillion mark for a second straight year. First-quarter 2026 net profit was ₩634.7 billion, up 4.4% from a year earlier, turning back to growth. Revenue in the same quarter appears to surge 54%, but this largely reflects the recognition method under the new insurance accounting standard; it is not a figure that reflects the profit trend as is. On an earnings basis, this year is on a slightly improving path versus last year. If the first-quarter growth rate (+4.4%) continues, this year's net profit would be around ₩2.1 trillion. In that case the earnings-based share multiple is about 14x.
Disclosures and IR focus on strengthening shareholder returns. In March 2026 it completed the cancellation of ₩690 billion of treasury shares, lowering its treasury-share holding ratio from 13.4% to 10.8%. Cancellation reduces the number of shares outstanding, increasing the share of remaining shareholders. In the May IR and preliminary-results disclosure it reported first-quarter net profit of ₩634.7 billion. Through its value-up plan the company has specified medium-to-long-term targets: ROE of 11-13%, a K-ICS solvency ratio of 220% or higher, and a 50% total shareholder-return ratio by 2028. The dividend has risen for six consecutive years, to ₩19,500 per share for the 2025 fiscal year.
The strengths are clear. It has the No.1 position in Korean non-life insurance and the advantages of scale. Profit is steady at around ₩2 trillion a year. Its shareholder returns through dividends and buybacks are aggressive even among peers. Its solvency is also comfortably above target. The caution is valuation. The shares trade at 1.4 times net assets, clearly more expensive than other non-life insurers that trade below or around net assets. Much of this premium is justified by its No.1 position, dividend reliability and brand. That said, since accounting ROE (9.5%) reads lower than non-life peers (11-20%), the company must actually lift ROE toward its 11-13% target for the premium to hold. In sum, from a perspective that values the steadiness of dividends and shareholder returns, it is strong. Conversely, if you prioritize a cheap price and high return on equity within the non-life sector, it is a relatively demanding range.
🔎 Valuation vs peers Fairly valued
Listed domestic non-life insurers (pure non-life insurers with a similar auto, long-term and general underwriting structure).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| DB Insurance | 5.85x | 0.90x | 13.79% |
| Hyundai Marine & Fire Insurance | 3.23x | 0.59x | 18.82% |
| Hanwha General Insurance | 2.32x | 0.24x | 9.72% |
Samsung Fire & Marine's P/E of 14.6x and P/B of 1.39x are distinctly higher than listed non-life peers (P/B 0.26-0.98x). Interestingly, its accounting ROE reads 9.5%, lower than peers (11-20%). This largely reflects an optical effect in which large unrealized valuation gains inflate the equity denominator. The company's actual ROE target is 11-13%. For a non-life insurer it is more appropriate to look at price relative to net assets (P/B) and dividend stability than at profit swings. Much of the premium is explained by its No.1 position, dividend reliability and top-tier financial soundness. That said, since the premium reaches two to three times that of peers, it is justified only if the company achieves its ROE target and follows through on shareholder returns. For these reasons we see it as fairly valued, neither undervalued nor overvalued.
Price history Close · MA20 · MA60
The latest close is ₩648,000 and the market capitalization is ₩28.9 trillion. The price sits above its 20-day moving average (₩632,150) and above its 60-day moving average (₩626,017). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.2, a neutral level. The one-month change is -5.0%, the three-month change is +34.9%, and the position relative to the 52-week high is -11.2%. Relative strength versus the KOSPI is 72 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 72% of all stocks. Over the past three months it outpaced the index by 57.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +57.32% / 6M +5.79% / 12M -24.56%
Key metrics Computed vs sector median
Valuation
The P/E of 14.33x is above the sector median (5.85x). The P/B of 1.20x is above the sector median (0.90x).
Profitability & financials
Return on equity (ROE) is 8.5%, below the sector average (10.0%). The operating margin is 46.4%. The debt ratio is 317.5%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.7B | $3.4B | $3.7B | +8.58% ↓ slower |
| Operating profit | $1.7B | $1.9B | $1.9B | +0.36% ↓ slower |
| Net profit | $1.3B | $1.5B | $1.4B | -2.67% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.7B | $3.4B | $3.7B |
| Operating profit | — | — | $1.7B | $1.9B | $1.9B |
| Net profit | — | — | $1.3B | $1.5B | $1.4B |
| Revenue CAGR | 2-yr avg 17.45% | ||||
Revenue rose 8.6% year over year (2023 ₩3.8 trillion → 2024 ₩4.8 trillion → 2025 ₩5.2 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 0.4% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 17.4%. The two-year revenue CAGR is 17.4%. In the most recent quarter (Q1 2026), revenue was 54.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 3.0%, is on the high side.
Points to watch
- Revenue rose 8.6% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-24UpdateCompleted cancellation of about ₩690 billion of treasury shares. Treasury-share holding ratio fell from 13.4% to 10.8%.Fewer shares outstanding raise per-share value and per-share earnings. A direct signal of stronger shareholder returns (medium-term positive). Source
- 2026-05-14EarningsConsolidated preliminary-results disclosure. First-quarter 2026 net profit attributable to controlling shareholders of ₩634.7 billion, up 4.4% year-on-year.A turn back to growth after a slight profit decline in 2025. Both insurance and investment income improved (short-term positive). Source
- 2026-05-04IRNotice of investor-relations event. Explanation of results and the shareholder-return roadmap.Sharing progress on the value-up plan (ROE 11-13%, K-ICS ratio 220%+, 50% total-return ratio by 2028) (medium-term reference). Source
- 2026-05-15FilingQuarterly report as of March 2026 filed. Regular disclosure of financial and business status.A basis for confirming first-quarter results and asset composition (reference). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit | 2₩18.3 billion(net profit 2,018,286,152,118) | 2₩18.3 billion | Confirmed | link |
| Dividend per share (DPS) | ₩19,500 | 1 ₩19,500, ₩828.9 billion | Confirmed | link |
| First-quarter 2026 net profit | ₩635.2 billion(base Q1 net_income 635,218,715,258) | net profit ₩634.7 billion(+4.4% YoY) | Confirmed | link |
| 2026 net-profit estimate | approx. 2₩100.0 billion | — | Unverified | — |
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-14EarningsFair-disclosure notice
- 2026-05-06OwnershipOwnership-change filing
- 2026-05-04Disclosure
- 2026-04-29Disclosure
- 2026-04-15Amended filing
- 2026-04-14Disclosure
- 2026-04-14Disclosure
- 2026-04-14Disclosure
- 2026-03-24Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.