Samsung Life Insurance (A032830) Q3 2024 earnings summary

Executive summary

• Q3 net profit reached ₩674 billion, up 41.6% year-over-year, with YTD profit surpassing ₩2 trillion and CSM balance increasing by ₩0.7 trillion to ₩13 trillion, driven by strong health insurance and asset diversification.

• Consolidated net income for 2024 Q3 was 2,165.9 billion KRW, with basic EPS of 11,372 KRW and total consolidated assets at 312.7 trillion KRW.

• Profitability improved due to focus on high-quality health insurance and asset diversification.

Financial highlights

• YTD consolidated net profit reached ₩2.042 trillion, up ₩592.4 billion year-over-year, with insurance service profit at ₩1.187 trillion and investment profit at ₩1.53 trillion.

• 3Q24 investment profit grew 73% year-over-year, driven by non-interest income and asset diversification.

• Health products accounted for 62% of new business CSM in Q3, with YTD new business CSM at ₩2.5 trillion.

• Shareholders' equity decreased by W9.1tn to W35.3tn due to regulatory changes and lower interest rates.

• Total comprehensive income was a loss of 8,331.5 billion KRW, mainly due to negative other comprehensive income from financial asset revaluations.

Outlook and guidance

• Targeting a mid-to-long-term shareholder return ratio of 50%, with dividend policy under review and FY24 new business CSM guidance set at W3.2tn.

• Double-digit annual profit growth remains a goal, with value-up program and mid-to-long-term growth strategies in development.

• Focus on digital transformation, risk management, and expansion in health and senior insurance markets.