Samsung Life Insurance (A032830) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 surged 89.5% YoY to KRW 1,203.6 billion, driven by stable insurance earnings, higher dividend income, and increased equity method and consolidated earnings from subsidiaries and associates.

• Net profit for 1Q FY26 surged 90% year-over-year, driven by stable insurance profit and a significant increase in investment profits.

• New business CSM increased 11% QoQ to KRW 848.6 billion, with balanced growth across exclusive and non-exclusive channels.

• CSM balance reached KRW 13.6 trillion, up KRW 0.4 trillion YTD, supported by solid new business and stable insurance efficiency management.

• Shareholders' equity increased by W18.5 tn year-to-date, supported by robust profit generation and higher SEC share price.

Financial highlights

• 1Q FY26 consolidated net profit was W1.2 tn, with W257 bn from insurance service results and W1.3 tn from investment profits.

• Investment profits rose 125.5% year-over-year, mainly from dividend income and subsidiary contributions.

• Loss ratio maintained at 85%, in line with business plan.

• K-ICS ratio stood at 210% at Q1 end, up 12 percentage points from year end, reflecting growth in CSM, earnings expansion, and favorable equity and interest rate movements.

• Dividend per share (DPS) has grown by more than 16% annually over the last five years.

Outlook and guidance

• Commitment to stable and sustainable dividend growth per share, with a mid- to long-term payout target of 50%.

• Open to spreading out special dividend distributions over multiple years if large-scale non-recurring profits are realized.

• Focus on enhancing corporate value through higher dividends and improved operating ROE.

• Continued focus on disciplined ALM management and strategic asset allocation amid changing macroeconomic and geopolitical conditions.