Samsung Fire & Marine Insurance Co., Ltd.
000815.KS · KSC
Company research
Samsung Fire & Marine Insurance Co., Ltd. (000815.KS) is South Korea's largest non-life insurance company, founded in 1952 and headquartered in Seoul as a key member of the Samsung Group. The company offers a comprehensive range of non-life insurance products and services — including automobile, long-term damage, fire, marine, liability, personal pension, and retirement pension products — serving both individual policyholders and corporate clients domestically and internationally. With a global footprint spanning approximately 20 offices across 11 countries, including presence in China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom, SFMI generates revenue through premium collection, investment income, and fee-based services such as claims adjustment, underwriting, and insurance consulting. Led by CEO Mun Hwa Lee and employing over 5,300 full-time staff, the company holds a market capitalization of approximately KRW 21.7 trillion, underscoring its position as one of the most significant property and casualty insurers in the Asia-Pacific region.
Research reports
KB Securities' January 14, 2026 report previews weaker-than-consensus 4Q25 earnings, yet maintains a BUY rating with a KRW570,000 base-case target price derived from a P/B–ROE model and sees around 24.1% total return upside from the then-current share price. It highlights surging onerous contract costs, adverse variance between expected and actual claims, and deteriorating auto and medical insurance profitability—as well as CSM revisions—as key risk factors, while emphasizing relatively sound in-force CSM management, stable claims/expense ratios, and growth from equity-method income (Canopius) and Samsung Re as drivers of longer-term valuation upside.
Mirae Asset Securities · July 21, 2025Samsung Fire & Marine – Positives already priced inMirae Asset Securities' July 21, 2025 equity research note raises its target price on Samsung Fire & Marine to KRW473,000 but downgrades the stock to Hold, arguing that announced shareholder-return measures—including a value enhancement plan, high payout ratio and planned treasury-share cancellations—are largely priced in and imply only about 1.4% upside from the prevailing price. The report expects 2Q25 net profit to track consensus, with underwriting profit pressured by higher loss ratios in general and auto insurance, investment profit boosted by property sales gains, and new business CSM and K-ICS ratios improving, yet concludes that the dividend yield and limited scope for incremental treasury-share actions leave the risk‑reward profile more balanced than compelling.
DB Securities (via Chosun Biz) · November 13, 2025DB Securities sees Samsung Fire & Marine facing core business challenges but praises dividend expansionIn this November 2025 article summarizing DB Securities’ research view, the analyst maintains a Buy rating on Samsung Fire & Marine and keeps a fair value estimate of KRW620,000—about 24% above the prior closing price—arguing that relatively solid profit trends and a higher dividend payout ratio make the shares attractive despite some operational headwinds. The piece notes that weakness in insurance underwriting profit stemming from higher loss ratios and expanding auto losses, plus year‑end assumptions that constrain CSM growth, weigh on the near‑term earnings outlook, but highlights prospects for future auto premium hikes and the 800 billion won Canopius equity stake as key upside drivers supporting ongoing dividend expansion and global growth.