Samsung Fire & Marine Insurance (000810) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 2025 declined 13.2% year-over-year to 608bn KRW, impacted by market volatility and natural catastrophes.

• Achieved consolidated net income of KRW 609.0 billion for Q1 2025, down from KRW 702.0 billion in Q1 2024.

• Consolidated revenue reached KRW 6,105.8 billion, up 10.9% year-over-year.

• Number of customers reached 13.04 million.

• Maintained strong capital adequacy with a K-ICS ratio of 266.61% at March 2025.

Financial highlights

• Operating profit decreased 10.6% year-over-year to 816bn KRW, with insurance profit and investment profit both slightly down.

• Insurance profit fell 15.4% year-over-year to 525bn KRW; investment profit was stable at 291bn KRW, down 0.6%.

• Insurance revenue grew 12.1% year-over-year to 4.57tn KRW, while insurance expenses rose 24.4%.

• Consolidated operating income for Q1 2025 was KRW 792.4 billion, down from KRW 897.1 billion in Q1 2024.

• Basic EPS (consolidated) was KRW 14,306, compared to KRW 16,489 in Q1 2024.

Outlook and guidance

• Plans for progressive increase in shareholder return and annual cancellation of 2.5-3.0%p of treasury shares over four years.

• Targeting a dividend payout ratio of 50% by FY2028, with stable increases in per-share dividends.

• No new share buyback plans; existing treasury shares to be reduced below 5% by 2028.