Samsung Fire & Marine Insurance is Korea's No. 1 non-life insurer, selling auto insurance, long-term insurance (health, accident, and the like), and general insurance, and it earns money from investment income on the premiums it collects and from insurance-underwriting profit. In 2025 it posted revenue of ₩5.2 trillion and net profit of ₩2 trillion, and in the first quarter of 2026 net profit of ₩635.2 billion rose 4.3% from a year earlier, continuing a stable earnings trend. What stands out lately is that the industry's most advanced shareholder returns (treasury-stock cancellation and dividend expansion) and overwhelming capital strength are strengths, but profit growth is gradual and the stock is priced more expensively than non-life peers, so whether it keeps earning that premium is the key question.
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 9.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 50.7%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
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
- Samsung Fire & Marine Insurance is Korea's No.
- 1 non-life insurer, covering accident, illness, and property losses in return for premiums.
- It earns money along three main axes.
- The first is long-term insurance that stays in force for years (health, accident, driver insurance, and so on), where the premiums arriving each month form the backbone of profit.
- The second is auto insurance, where a large customer base makes revenue big, but profit swings with the loss ratio (claims paid as a share of premiums received).
- The third is investment income from putting the collected premiums (assets of about ₩96 trillion) to work in bonds, stocks, and the like.
- In other words, net profit is the sum of "profit left over from selling insurance well" and "profit earned by investing."
- The latest close is ₩622,000 and the market cap is ₩27.8 trillion.
- The price sits below its 20-day line (₩655,050) and above its 60-day line (₩576,633).
- With the short- and mid-term trends diverging, the direction should be read separately.
- The RSI (a gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 47.2, a neutral reading.
- It is up 1.0% over one month and up 39.3% over three months, and it sits 14.8% below its 52-week high.
- Its relative strength versus the KOSPI is 53 (on a 1-99 scale that weights the past year's return against the index with more emphasis on recent performance; higher means stronger than the market).
- That places it in roughly the top 47% of all stocks by strength.
- Over the past three months it has led the index by 7.0%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- The P/E (how many years of earnings the price represents) is 13.76x.
- The P/B (how many times net assets the price represents) is 1.31x.
- ROE (how much a company earns in a year on its equity) is a solid 9.5%.
- The dividend yield is 2.9% and the payout ratio (the share of net profit paid out as dividends) is a generous 41%.
- A metric beginners easily misread here is the 354% debt ratio.
- At an insurer, most of this "debt" is not borrowed money but the reserve set aside to pay policyholders later (policy reserves).
- It is completely different in nature from a manufacturer's borrowings, so a high figure should not immediately be read as financial risk.
- A 38% net margin and a 51% operating margin make for strong profitability even among non-life insurers.
- Growth is gradual.
- In 2025 revenue rose 8.6% from the prior year, but net profit actually fell 2.7% to ₩2 trillion.
- Over three years revenue grew at a compound 17% a year, but the profit growth rate was lower, so it is closer to "the top line grows while profit stands still." First-quarter 2026 net profit of ₩635.2 billion rose 4.3% year on year, turning back to single-digit growth.
- Combining this first-quarter trend with the stable earnings structure of non-life insurance, 2026 annual net profit points to a picture in the low ₩2 trillion range, similar to or slightly above last year.
- Reflecting that, the expected current-year P/E is about 14x, not much different from last year's basis (14.8x).
- In other words, this is not a company whose profit swings sharply, but one in a mature, stable-growth stage.
- In May 2026, Samsung Fire & Marine Insurance announced its preliminary first-quarter 2026 results via fair disclosure.
- Net profit of ₩635.2 billion (up 4.3% from a year earlier) confirmed stable results.
- Ahead of this, the company carried out a large treasury-stock cancellation as part of enhancing corporate value and formalized a plan to lift its shareholder-return ratio through 2028.
- Because Samsung Fire & Marine Insurance holds a high proportion of treasury shares, cancelling them in stages has the effect of raising per-share value.
- In May it held an IR event to explain results and capital policy directly.
- In April, disclosures on asset management such as a decision to acquire a stake in another company continued.
- Overall, "strengthening shareholder returns rather than profit" is at the center of the recent narrative.
- Samsung Fire & Marine Insurance's strengths are clear.
- With No.
- 1 domestic scale and overwhelming capital strength, its profit varies little, and it is the most advanced in the non-life industry at executing shareholder returns (treasury-stock cancellation and dividend expansion).
- A 2.9% dividend yield plus a plan to raise the payout ratio makes it a good fit for investors who want stable cash returns.
- On the other side, the cautions are just as clear.
- Profit growth is gradual, so the main driver of the share price is "expanding shareholder returns" rather than "earning more." It is also priced at a higher P/E and P/B than non-life peers, while its ROE is in fact lower than theirs.
- As long as the premium for scale, stability, and shareholder-return leadership holds, it is strong; but if the auto-insurance loss ratio worsens or the pace of shareholder returns falls short of expectations, that premium could wobble.
🔎 Valuation vs peers Fairly valued
Domestic listed non-life insurers — the three diversified non-life insurers comparable in scale and business structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| DB Insurance | 5.55x | 0.91x | 16.43% |
| Hyundai Marine & Fire Insurance | 3.01x | 0.60x | 19.77% |
| Hanwha General Insurance | 2.19x | 0.24x | 11.20% |
Samsung Fire & Marine Insurance has a clearly higher P/E (14.8x) and P/B (1.41x) than its non-life peers. Compared with DB Insurance (P/E 5.6, P/B 0.9) and Hyundai Marine & Fire Insurance (P/E 3.2, P/B 0.6), it carries a considerable premium. Interestingly, its ROE (9.5%) is actually lower than peers' (16-20%). That said, since the new accounting standards took effect the P/E figures vary widely by company, so it is hard to conclude cheap or expensive from the P/E alone. It is more appropriate to look at earnings stability, net asset value, and dividends together. Samsung Fire & Marine Insurance's premium has a real basis in scale, capital strength, and shareholder-return leadership, so the current valuation is better read as "fairly valued with a quality premium" than as excessively overvalued. Even so, it is not cheaper than peers, so the margin of safety is not large.
Price history Close · MA20 · MA60
The latest close is ₩622,000 and the market capitalization is ₩27.8 trillion. The price sits below its 20-day moving average (₩655,050) and above its 60-day moving average (₩576,633). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.2, a neutral level. The one-month change is +1.0%, the three-month change is +39.3%, and the position relative to the 52-week high is -14.8%. Relative strength versus the KOSPI is 53 (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 53% of all stocks. Over the past three months it outpaced the index by 7.0%. 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 +7.03% / 6M -22.02% / 12M -39.72%
Key metrics vs sector median
Valuation
The P/E of 13.76x is above the sector median (5.37x). The P/B of 1.31x is above the sector median (0.88x).
Profitability & financials
Return on equity (ROE) is 9.5%, in line with the sector average (11.0%). The operating margin is 50.7%. The debt ratio is 353.6%, 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 | $2.5B | $3.2B | $3.5B | +8.58% ↓ slower |
| Operating profit | $1.6B | $1.8B | $1.8B | +0.36% ↓ slower |
| Net profit | $1.2B | $1.4B | $1.3B | -2.67% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.5B | $3.2B | $3.5B |
| Operating profit | — | — | $1.6B | $1.8B | $1.8B |
| Net profit | — | — | $1.2B | $1.4B | $1.3B |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.1%, 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
- 2026-05-14EarningsFair disclosure of preliminary consolidated first-quarter 2026 results — net profit of ₩635.2 billion (up 4.3% year on year) and cumulative revenue of ₩1.8122 trillionProfit turned from a decline to slight growth. A result that reaffirms the earnings stability of non-life insurance; favorable over the medium term. Source
- 2026-05-04IRHeld an investor-relations (IR) event — explained results and capital and shareholder-return policy directlyCommunicates the direction of expanded shareholder returns directly to investors. Positive for credibility. Source
- 2026-04-15FilingDecision to acquire shares and equity securities of another company (amended filing) — a stake acquisition tied to asset management and investmentPart of managing its ₩96 trillion asset holdings. The near-term impact is limited but is linked to its investment-income base. Source
- 2026-05-15FilingFiled its first-quarter 2026 report — disclosed detailed financial and business statusBacks the preliminary results with confirmed figures. Neutral to positive on financial transparency. Source
Figure cross-check computed ↔ external
Recent filings
- 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.