Samsung Life Insurance (032830) Q4 2023 earnings summary

Executive summary

• FY23 net profit reached KRW 1,895bn, up 19.7% YoY; Dec ’23 CSM was KRW 12.2tn, up KRW 1.5tn YTD.

• APE rose 16% YoY to KRW 3,104bn, driven by expanded whole-life and health sales.

Financial highlights

• FY23 consolidated profit included KRW 1,449bn of insurance service results and KRW 1,110bn of investment profit.

• 4Q insurance service results were KRW 242bn, down QoQ from KRW 388bn in 3Q; investment profit was KRW 373bn, up from KRW 241bn.

• 4Q net profit attributable to controlling shareholders was KRW 445bn; FY23 total was KRW 1,895bn.

Outlook and guidance

• FY24 strategy focuses on CSM profitability, in-force CSM growth, whole-life and health market leadership, asset management, digital adoption, and health care and senior living.

• K-ICS ratio expected at 220–225%; management indicated it should remain above the current level despite discount-rate strengthening.

• Mid-term cash dividend payout target is 35–45%, subject to regulatory, business, and operating conditions.