Samsung Fire & Marine Insurance (000810) Q2 2025 earnings summary

Executive summary

• Consolidated net income for H1 2025 was KRW 1,247.4 billion, with consolidated revenue of KRW 12,963.3 billion, reflecting robust insurance and investment operations.

• Net profit attributable to majority interest was KRW 1,246 billion, a 5.1% decrease year-over-year.

• Q1 profit declined 10.4% year-over-year, but Q2 profit rebounded by 4.5% to KRW 842.6 billion.

• All business divisions focused on strengthening core competitiveness and enhancing shareholder value, including share cancellation and additional stake acquisition in Canopius.

• Maintained strong capital adequacy with a K-ICS ratio of 274.48% as of June 2025, and received AA- (S&P) and A++ (A.M.Best) credit ratings.

Financial highlights

• Insurance revenue for H1 2025 was KRW 9,030.4 billion, up 8.97% year-over-year, while insurance service expenses rose 17.66% to KRW 7,903.6 billion.

• Insurance profit for H1 FY2025 was KRW 1,005 billion, down 16.1% year-over-year; investment profit increased 24.4% to KRW 646 billion.

• Investment income for H1 FY2025 was KRW 3,252.9 billion, up 38.3% year-over-year.

• Auto insurance revenue slightly declined 1.1% year-over-year to KRW 2,765 billion; profit dropped 79.5% to KRW 30.7 billion.

• Total assets were KRW 88,437.1 billion and total equity KRW 16,648.1 billion as of June 2025.

Outlook and guidance

• Focus in H2 on quality revenue from high CSM margin products and operational efficiency to strengthen profitability.

• Plans for progressive increases in shareholder returns and annual cancellation of 2.5–3.0% of treasury shares over four years.

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

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

• Continued focus on capital strength, risk management, and digital transformation to maintain market leadership.