Samsung Fire & Marine Insurance (000810) H2 2023 earnings summary

Executive summary

• 2023 net profit attributable to majority interest was KRW 1,818bn, up 12.0% YoY; insurance profit rose 18.6% to KRW 2,010bn.

• Operating profit increased 11.5% to KRW 2,429bn, while investment profit declined 13.3% to KRW 419bn.

Financial highlights

• Insurance revenue was KRW 15,293bn, up 6.9% YoY; insurance claims and expenses rose 5.3% to KRW 13,283bn.

• Investment income grew 4.9% to KRW 3,888bn, while investment expenses increased 7.6% to KRW 3,470bn.

• 4Q net profit attributable to majority interest fell 46.8% YoY to KRW 329bn; operating profit declined 46.4% to KRW 424bn.

• 2023 common-share DPS was KRW 16,000, up 15.9% from KRW 13,800 in 2022; subject to the 2023 AGM.

Outlook and guidance

• 2024 priorities: balance quality and quantity growth, deliver consistent CSM growth, improve operating efficiency, and maintain profitable business structures across lines.

• Strategy includes growing domestic insurance premiums, diversifying the portfolio, entering overseas markets, and expanding investment profit while strengthening investment risk management.

• Mid- to long-term direction emphasizes globalizing business lines, capital efficiency, differentiated stakeholder value, and new growth opportunities.