Hyundai Marine & Fire Insurance (001450) Q2 2024 earnings summary

Executive summary

• Net income for 1H 2024 rose 67.6% year-over-year to KRW 833 billion, with ROE at 15.4% for the period.

• Total consolidated revenue for H1 2024 was KRW 8.7 trillion, with net income of KRW 833 billion (separate basis).

• Total assets at the end of Q2 2024 reached KRW 44.9 trillion, with operating assets at KRW 42.8 trillion and equity of KRW 5.5 trillion (separate basis).

• The solvency margin ratio (K-ICS) stood at 169.7%, indicating stable capital adequacy.

Financial highlights

• Insurance service result increased 118.7% year-over-year to KRW 909 billion in 1H 2024.

• Net investment income declined 20.0% year-over-year to KRW 204 billion.

• Consolidated net income for H1 2024 was KRW 721 billion, up from KRW 608 billion in H1 2023.

• Operating profit for H1 2024 was KRW 1.02 trillion, compared to KRW 788 billion in H1 2023.

• Basic EPS for H1 2024 was KRW 9,195, up from KRW 7,610 in H1 2023.

Outlook and guidance

• Forward-looking statements are based on internal expectations and market conditions, with actual results potentially differing due to market volatility.

• The company maintains a focus on stable growth in long-term insurance and digital channel expansion.

• No specific new business initiatives are planned for the near term.

• The company aims to sustain a payout ratio above 20% and continue stable dividend growth.