Samsung Life Insurance (A032830) Q3 2025 earnings summary

Executive summary

• Net profit attributable to controlling shareholders reached KRW 2.1171 trillion for Q3 FY2025, up 3.7% year-over-year, 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.

• 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.

• The report covers Q3 FY2025, presenting consolidated and separate financials, segment performance, capital allocation, and risk management.

Financial highlights

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

• 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.

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

• Consolidated net income attributable to owners: KRW 2,117.1 billion for Q3 FY2025, up from KRW 2,042.1 billion in Q3 FY2024.

Outlook and guidance

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

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

• Continued focus on expanding high-margin health products and strengthening distribution channels.

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

• The group continues to focus on stable growth in insurance, asset management, and credit card segments, with ongoing digital transformation and risk management initiatives.