Samsung Fire & Marine Insurance (000810) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw profit-centered growth strategy drive outperformance versus targets, with both insurance and investment profits rising year-over-year.

• Consolidated pre-tax profit reached KRW 857.7 billion and net profit attributable to majority interest was KRW 634.7 billion, up 4.4% year-over-year.

• Achieved KRW 858 bn pre-tax profit and KRW 635 bn net profit, driven by solid insurance and investment profit growth year-over-year.

• Operating profit rose 11.9% YoY to KRW 914 bn, with insurance profit up 5.0% and investment profit up 24.4%.

• Equity method profit from Canopius surged 127.6% YoY to KRW 58.2 bn.

Financial highlights

• Insurance profit increased 5% year-over-year to KRW 551.3 billion.

• Investment profit surged 24.4% year-over-year to KRW 362.4 billion.

• Q1 investment yields were 3.68%, with AUM-based investment profit of KRW 853.7 billion, up 15.4% year-over-year.

• Insurance revenue increased 4.6% YoY to KRW 4,786 bn, while insurance expenses fell 3.7% to KRW 3,948 bn.

• Investment income jumped 55.8% YoY to KRW 1,872 bn; investment expenses rose 65.9% to KRW 1,509 bn.

Outlook and guidance

• Q2 will focus on profit-driven management, efficiency improvements, and high-quality new business to sustain stable CSM and profit growth.

• Expectation of gradual improvement in insurance profits and continued robust growth trend, supported by stable earnings capacity and capital strength.

• K-ICS solvency ratio expected to be around 260% at year-end, subject to market conditions.

• Maintained stable capital adequacy with a K-ICS ratio of 270.1%, indicating strong solvency.