Samsung Life Insurance (A032830) Q3 2024 earnings summary

Executive summary

• Q3 net profit reached ₩673.6 billion, up 41.6% year-over-year, with YTD profit surpassing ₩2.042 trillion, driven by strong health product sales and asset diversification.

• CSM balance increased by ₩0.7 trillion YTD, reaching ₩13 trillion as of September 2024, supporting future earnings.

• Profitability improved due to a 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 ₩9.1 trillion to ₩35.3 trillion due to regulatory changes and lower interest rates.

Outlook and guidance

• Targeting a mid-to-long-term shareholder return ratio of 50%, aligning with global top-tier standards.

• FY24 new business CSM guidance set at ₩3.2 trillion, with a continued focus on health insurance and senior market expansion.

• Double-digit annual profit growth remains a goal, with dividend policy under review to enhance investment appeal.

• Value-up program and mid-to-long-term growth strategies are being developed, with disclosure planned once finalized.