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

Executive summary

• Consolidated pre-tax profit reached KRW 857.7 billion to KRW 858 billion; net profit attributable to majority interest was KRW 634.7 billion to KRW 635 billion, up 4.4% year-over-year, driven by strong insurance and investment profit growth.

• Operating profit rose 11.9% YoY to KRW 914 billion; insurance profit improved 5% YoY to KRW 551.3 billion; investment profit surged 24.4% to KRW 362.4 billion.

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

• Insurance revenue for Q1 FY26 was KRW 4,662.9 billion to KRW 4,786 billion.

• Maintained strong capital position with a solvency ratio (K-ICS) of 270.1%–270.13% as of March 2026.

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).

• Net income attributable to shareholders was KRW 634.7 billion for Q1 FY26.

• Total assets at Q1 FY26 were KRW 100,840.3 billion, up from KRW 96,450.4 billion at year-end FY25.

• Operating income for Q1 FY26 was KRW 861.1 billion, with an operating margin of 7.43%.

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, subject to market conditions.

• The company targets a dividend payout ratio of 50% by FY28, with stable increases in per-share dividends.

• Continued focus on overseas expansion, digital transformation, and risk management.