DB Insurance (005830) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
DB Insurance is a non-life insurer that earns premiums from auto insurance, long-term insurance (health, accident, illness and other multi-year policies) and general insurance, and also invests the accumulated funds in bonds and other assets to generate investment income. Net profit for 2025 was about ₩1.79 trillion, down slightly from the prior year, but return on equity (ROE) of 16.4% is high for the industry and the dividend yield reaches 4.7%. What stands out recently is a two-sided picture: a thick base of long-term insurance earnings and a high solvency ratio of 232% (capital soundness) give the company ample room to pay dividends, while a rising auto-insurance loss ratio and one-off losses such as a large fire in the first quarter of 2026 can cause sharp swings in quarterly earnings.
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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 1.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 94.8% higher than a year earlier.
- ROE is 13.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 30.5%.
- 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 Kim Nam-ho 9.19% (individual)
Controlling bloc incl. related parties 25.94%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
DB Insurance is one of Korea's large non-life insurers. It makes money in two ways. The first is insurance underwriting. It collects premiums from auto insurance, long-term insurance (health, accident, driver and fire coverage and other multi-year policies) and general insurance (corporate property, liability and so on), and pays claims when accidents occur. When premiums collected exceed claims paid plus expenses, the difference becomes profit. Within this, long-term insurance is the core pillar, accounting for more than half of earnings. The second is investment. It manages the large pool of funds built up from premiums in bonds, alternative investments and other assets to earn interest and investment income. In 2025, standalone revenue was about ₩5.84 trillion and net profit about ₩1.79 trillion. Auto insurance earnings swing widely with the loss ratio (claims paid relative to premiums collected), while long-term insurance produces relatively stable earnings based on the future profit (CSM) that is amortized each year.
The latest close is ₩159,800 and the market capitalization is ₩10.5 trillion. The price sits above its 20-day moving average (₩159,555) and above its 60-day moving average (₩151,433). 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 54.2, a neutral level. The one-month change is +6.5%, the three-month change is -1.4%, and the position relative to the 52-week high is -22.2%. Relative strength versus the KOSPI is 47 (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 47% of all stocks. Over the past three months it outpaced the index by 15.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation looks low relative to earnings and assets. The P/E ratio (how many times a year's earnings the price represents) is about 6x, and the P/B (how many times book net assets the price represents) is 0.90x, so it trades near the level of its net assets. Profitability is solid. ROE (how much the company earns in a year on its equity) is 16.4%, high for the non-life insurance industry, and the net margin is 30.6%. Financial soundness is also good. The solvency ratio at the end of the first quarter (K-ICS, a regulatory measure of how much capital cushion an insurer has to absorb unexpected losses) was 232% on a consolidated basis, well above the regulatory minimum of 100%. Note that non-life insurers carry large reserves for future claim payments as accounting liabilities, so the debt ratio figure looks high, but this is normal given the business structure and differs in nature from the borrowing burden of a typical manufacturer. The dividend yield is 4.7% (dividend per share of ₩7,600), and the payout ratio (the share of net profit paid out as dividends) is about 26%.
Standalone net profit over the past three years — ₩1.74 trillion in 2023, ₩1.85 trillion in 2024 and ₩1.79 trillion in 2025 — shows a mature stage with modest fluctuations at a high level. This is not an explosive growth phase. The first quarter of 2026 was weak: net profit was about ₩239.6 billion, down 44% year on year. Three factors combined. The auto-insurance loss ratio rose to the mid-80% range, sharply cutting earnings; long-term insurance profit also declined; and on top of that came large-loss claims in general insurance, such as a major fire in the Daejeon area. Of these, the large fire is a one-off factor. Looking ahead, the loss-ratio pressure is likely to ease somewhat as the 2026 auto-insurance premium increase takes effect, and the CSM (the balance of long-term insurance contracts that will be converted into future profit), which has built up to ₩12.8 trillion, is amortized each year and forms a stable base for insurance earnings. Our own estimate is that full-year 2026 net profit will stay at a level slightly below 2025. Even on this year's basis, therefore, the earnings multiple remains on the low side.
In May 2026, first-quarter results and the quarterly and consolidated review reports were disclosed. Revenue rose sharply, but net profit was weak owing to the higher auto-insurance loss ratio and a large-loss claim. In May there were filings on changes in shares held by the largest shareholder and on large shareholding positions. In June, disclosures related to corporate-bond issuance and credit ratings followed — routine activity for raising funds and maintaining creditworthiness. A voluntary disclosure on management matters in May also covered items the company chose to communicate separately.
DB Insurance is a large non-life insurer whose strengths are its dividend and capital soundness. The favorable conditions are these: an earnings structure centered on long-term insurance and a thick CSM balance support the base of insurance profit, and a high solvency ratio of 232% underpins the capital capacity to sustain and expand dividends. A 4.7% dividend yield and a P/B below 1x point to a low price relative to earnings and assets. On the other hand, the cautionary conditions are clear. If the auto-insurance loss ratio keeps rising, core earnings are squeezed. One-off events such as large fires or disasters can sharply move a given quarter's earnings. Investment results depend on interest rates and market swings. In short, when the loss ratio is stable and there are no large-loss events, the stock is strong on high dividends and stable earnings; when a spike in the loss ratio coincides with a large-loss event, quarterly earnings can swing considerably.
🔎 Valuation vs peers Undervalued
The peer set is Korea's listed large non-life insurers — comprehensive insurers that handle auto, long-term and general insurance together.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Fire & Marine Insurance | 14.33x | 1.20x | 8.47% |
| Hyundai Marine & Fire Insurance | 3.23x | 0.59x | 18.82% |
| Hanwha General Insurance | 2.32x | 0.24x | 9.72% |
Within the peer set, DB Insurance sits as follows. Industry leader Samsung Fire & Marine commands a premium at roughly 15x P/E and 1.4x P/B. Hyundai Marine & Fire and Hanwha General Insurance trade lower, at P/E of 2-3x and P/B of 0.3-0.6x. DB Insurance sits in between, at roughly 6x P/E and 0.98x P/B. What stands out is price relative to profitability. DB Insurance's ROE of 16.4% is higher than Samsung Fire & Marine's (9.5%), yet its P/B is lower — it uses its capital well while still trading near net-asset level. On top of that comes a 4.7% dividend yield. The caution is that first-quarter 2026 earnings were weak on the rising auto-insurance loss ratio and a large-loss event, and this earnings volatility is one reason for the low multiple. On the premise that the loss ratio stabilizes and dividend capacity is maintained, the price relative to earnings, assets and dividends is judged to be on the low side.
Price history Close · MA20 · MA60
The latest close is ₩159,800 and the market capitalization is ₩10.5 trillion. The price sits above its 20-day moving average (₩159,555) and above its 60-day moving average (₩151,433). 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 54.2, a neutral level. The one-month change is +6.5%, the three-month change is -1.4%, and the position relative to the 52-week high is -22.2%. Relative strength versus the KOSPI is 47 (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 47% of all stocks. Over the past three months it outpaced the index by 15.2%. 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 +15.21% / 6M -10.84% / 12M -36.37%
Key metrics Computed vs sector median
Valuation
The P/E is 5.85x. The P/B is 0.90x.
Profitability & financials
Return on equity (ROE) is 13.8%, above the sector average (10.0%). The operating margin is 30.5%. The debt ratio is 544.0%, 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 | $2.9B | $4.0B | $4.1B | +1.45% ↓ slower |
| Operating profit | $1.6B | $1.7B | $1.7B | -1.69% ↓ slower |
| Net profit | $1.2B | $1.3B | $1.3B | -3.43% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.9B | $4.0B | $4.1B |
| Operating profit | — | — | $1.6B | $1.7B | $1.7B |
| Net profit | — | — | $1.2B | $1.3B | $1.3B |
| Revenue CAGR | 2-yr avg 18.27% | ||||
Revenue rose 1.5% year over year (2023 ₩4.2 trillion → 2024 ₩5.8 trillion → 2025 ₩5.8 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 1.7% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 18.3%. The two-year revenue CAGR is 18.3%. In the most recent quarter (Q1 2026), revenue was 94.8% 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 4.8%, is on the high side.
- ROE of 13.8% points to solid profitability.
Points to watch
- Revenue rose 1.5% 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
- 2026-05-15EarningsFirst-quarter 2026 quarterly report and consolidated review report disclosed. Revenue rose sharply, but net profit fell year on year owing to the higher auto-insurance loss ratio and a large-loss claim.Short term: confirms weak quarterly earnings from a worsening core loss ratio and a one-off event. Medium term: the pass-through of the auto-insurance premium increase and CSM amortization are the keys to recovery. Source
- 2026-05-21FilingFiling on changes in shares held by the largest shareholder and report on large shareholding positions.Short and medium term: updates information related to the ownership and governance structure. Source
- 2026-06-09FilingDisclosures related to corporate-bond issuance and credit ratings. Routine activity for raising funds and maintaining creditworthiness.Medium term: relevant to financial stability from the standpoint of funding costs and credit-rating management. Source
- 2026-05-11FilingVoluntary disclosure on management matters (including an amended attachment).Short term: management-related matters the company chose to communicate voluntarily. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-09Earnings disclosure
- 2026-06-09Disclosure
- 2026-06-02Disclosure
- 2026-06-02Amended filing
- 2026-06-01Large-business-group status disclosure
- 2026-05-27Disclosure
- 2026-05-22Amended filing
- 2026-05-21OwnershipLargest-shareholder ownership change report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-15EarningsFair-disclosure notice
- 2026-05-11Corporate governance report (amended)
📖 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.