Samsung Life Insurance (A032830) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 reached KRW 1.394 trillion, up 1.9% year-on-year, driven by strong health product sales, increased CSM amortization, and stable investment profit.

• Health new business CSM grew 27.6% year-on-year to KRW 1.1 trillion, expanding market dominance in health insurance.

• CSM balance rose by KRW 0.8 trillion year-to-date to KRW 13.7 trillion as of June 2025, reflecting quality new business and efficient contract management.

• Exclusive and GA channels contributed significantly to new business growth, with exclusive FC agents increasing by over 3,500 year-to-date.

• Shareholders' equity increased by KRW 0.9 trillion year-to-date to KRW 33.7 trillion, supported by higher SEC share price and robust profit generation.

Financial highlights

• Net profit for Q2 was KRW 759 billion, up from KRW 635 billion in Q1.

• Insurance profit reached KRW 831 billion, up 16.8% year-on-year; investment profit was KRW 1.021 trillion, slightly lower year-on-year due to reduced subsidiary contributions.

• Total assets stood at KRW 319 trillion, with shareholders' equity at KRW 34 trillion as of June.

• CSM balance at end-June was KRW 13.7 trillion, up KRW 0.8 trillion year-to-date.

• Invested assets totaled KRW 218 trillion, with insurance liabilities at KRW 208 trillion as of June 2025.

Outlook and guidance

• Targeting end-of-year KICS ratio above 180%, maintaining capital adequacy and supporting dividend policy.

• Plans to gradually increase shareholder return to a mid-term target of 50%, with payout ratio expected to exceed 40% in line with regulatory changes.

• Focus on sustaining health CSM share at around 85% and growing aggregate new business CSM.

• Plans to enhance ROE through recurring profit growth and expand environmentally friendly investments and ESG management.