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

Executive summary

• Profit-centered growth strategy led to outperformance against targets in Q1 2026, with pre-tax profit reaching KRW 857.7 billion and net profit attributable to majority interest at KRW 634.7 billion, up 4.4% year-over-year.

• Operating profit rose 11.9% YoY to KRW 914 billion, with insurance profit up 5% and investment profit up 24.4%.

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

Financial highlights

• Q1 insurance profit: KRW 551.3 billion (+5% YoY); investment profit: KRW 362.4 billion (+24.4% YoY).

• Asset management investment yield: 3.68%; AUM-based investment profit: KRW 853.7 billion (+15.4% YoY).

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

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

Outlook and guidance

• Q2 focus remains on profit-driven management, efficiency, and high-quality new business.

• Gradual improvement in insurance profits and stable CSM quality expected.

• K-ICS solvency ratio expected to be around 260% by year-end, with current ratio at 270.1%.