Samsung Life Insurance (032830) Q2 2026 earnings summary

Executive summary

• Net profit for the first half of 2026 rose 35.8% year-on-year to KRW 1.97 trillion, driven by strong investment profits, robust new business CSM growth, and stable earnings capacity.

• New business CSM reached KRW 1.718 trillion in H1 2026, up 20.4% year-on-year, with health and whole-life products contributing significantly.

• The group included 173 consolidated subsidiaries as of June 2026, reflecting active portfolio management.

• The company received AAA credit ratings with stable outlooks from major Korean agencies, citing strong market position, profitability, and capital adequacy.

• Regulatory changes, including the GA 1,200% commission rule, are shifting the industry focus to profitability and sustainability.

Financial highlights

• Total consolidated assets reached KRW 460.3 trillion at June 2026, up from KRW 350.7 trillion at December 2025.

• Investment profits surged 82.0% year-on-year to KRW 1.858 trillion, supported by higher dividend income and subsidiary contributions.

• Insurance service results declined 35.9% year-on-year due to higher operating variance, increased claims, and one-off expenses.

• One-off operating expense of KRW 83 billion recognized, mainly due to higher wages and retirement benefit provisions.

• Surrender value reserve increased to KRW 3.1 trillion in Q2, up KRW 1.4 trillion from Q1, mainly due to market volatility and new business sales.

Outlook and guidance

• Targeting more than KRW 3.2 trillion in new business CSM for the year and double-digit annual earnings growth.

• Plans to maintain a stable dividend policy, aiming for dividend growth above recurring profit growth and a 50% payout ratio.

• ESG initiatives target carbon neutrality by 2050 and KRW 20 trillion in eco-friendly finance by 2030.

• Additional regulatory guideline changes expected in Q4, but most impacts already reflected.

• The company aims to expand digital and senior-focused businesses, diversify revenue streams, and maintain capital strength amid regulatory and demographic changes.