Samsung Life Insurance (A032830) Q3 2025 earnings summary

Executive summary

• Net profit attributable to controlling shareholders rose 3.7% year-over-year to KRW 2.1171 trillion for 9M FY25, driven by strong investment profits and stable insurance service results.

• CSM balance increased by KRW 1.1 trillion year-to-date to KRW 14 trillion as of September 2025, reflecting quality new business and assumption changes.

• New business CSM reached KRW 2.3 trillion year-to-date, with health CSM up 23.9% year-over-year to KRW 1.7517 trillion, driving overall growth.

• Shareholders' equity rose by KRW 8.2 trillion year-to-date to KRW 40.9 trillion, supported by profit growth and higher SEC share price.

Financial highlights

• New business CSM margins remain robust at 11.5x for all policies and 16.8x for health products.

• RBC/K-ICS ratio improved to 193% as of September 2025, up 6 percentage points from Q2, maintaining strong capital adequacy.

• Investment profits grew 11.9% year-over-year to KRW 1.713 trillion, with notable gains from dividends and real estate disposals.

• Insurance service results declined 7.9% year-over-year due to increased CSM losses and operating variance.

• Third quarter included a one-off real estate disposal gain; no similar disposals expected in the near term.

Outlook and guidance

• Investment gains for Q4 and 2026 are expected to remain stable if current interest and FX rates persist.

• CSM adjustments at year-end are projected to be similar to last year, with no major one-off factors anticipated.

• Targeting improvement in ROE through recurring profit growth and increasing shareholder return ratio toward 50%.

• Focus remains on high-margin product sales, stable net CSM growth, and strengthening distribution channels.