Hyundai Marine & Fire Insurance Co., Ltd.
001450.KS · KSC
Company research
Hyundai Marine & Fire Insurance Co., Ltd. (KRX: 001450) is one of South Korea's leading non-life insurers, founded in 1955 and headquartered in Seoul, holding approximately 17% market share as the country's second- or third-largest property and casualty insurer. The company offers a comprehensive range of insurance products including automobile, health, fire, marine, liability, engineering, workers' compensation, and long-term savings and annuity policies, serving both individual and corporate clients through an extensive network of agents and digital channels. Beyond underwriting, the firm engages in asset management, investment advisory, reinsurance brokerage, building and facility management, and claims services, generating a record net profit of 1.15 trillion KRW in FY2024. While primarily domestically focused, Hyundai Marine & Fire maintains an international presence through subsidiaries in the United States, China, and Singapore, as well as representative offices in London and Vietnam.
Research reports
This Meritz company brief reviews 1Q26 results, highlighting a W2,333bn net profit up 71.7% YoY and sharply above consensus, driven by long‑term insurance improvement, reduced adverse experience, and a one‑off RA release that lifts K‑ICS above 200%, while investment income is pressured by market‑driven valuation losses; it maintains a Buy rating with a W45,000 target and argues that upcoming health‑insurance and auto‑insurance reforms plus potential surrender‑value reserve changes support growth and eventual dividend resumption, though earnings volatility and current negative distributable earnings remain key risks.
Mirae Asset Securities · January 21, 2026Hyundai Marine & Fire (001450 KS/Hold) – Likely to post weak 4Q25 earningsMirae Asset expects Hyundai Marine & Fire to post a 4Q25 net loss of about W103.3bn versus consensus profit of W69.4bn, citing persistent adverse experience, potential large‑scale industry‑wide CSM adjustments if standardized loss‑ratio guidelines are introduced, and continued constraints on dividends due to surrender‑value reserve requirements; the report maintains a Hold rating, cuts the target price to W27,000 using a lower P/B multiple, and notes that with only 0.7% implied upside and unresolved modeling and regulatory risks, near‑term performance is likely to be weak despite some CSM growth.
Korea Investment & Securities · September 16, 2025현대해상(001450) – 다음주 날씨는 맑음Korea Investment re‑initiates coverage with a Buy rating and W33,000 target price, emphasizing “quality growth” as Hyundai Marine & Fire deliberately shrinks low‑margin volumes while lifting protection‑type CSM multiples from around 10.9x to 18.9x and achieving roughly W1.0tr of new‑contract CSM in 1H25 despite a soft industry backdrop; it argues the company is best positioned to benefit from managed care for non‑reimbursed services, auto tariff hikes, and the fifth‑generation indemnity product, projecting 2026 net profit of about W1.01tr and the highest earnings growth among covered non‑life insurers, while flagging duration‑gap regulation, capital adequacy, and the timing of surrender‑value reserve reform as the main risks, particularly for dividend resumption.
Hanwha Investment & Securities · August 14, 2025현대해상 (001450) – 예상된 당기 부진, 개선된 미래 지표Hanwha’s 2Q25 review reports separate‑basis net profit of W2,478bn, down 30.4% YoY and slightly below consensus due to weaker underwriting from adverse experience and PAA losses, yet highlights that CSM adjustments are smaller, K‑ICS improves to around 170%, and new‑business CSM margin multiples rise, strengthening future earnings capacity; the note maintains a Buy rating with a W38,000 target, viewing Hyundai Marine & Fire as a sector “second‑favorite” with significant upside once managed‑care measures and capital‑rule easing are realized, but stresses that ALM duration‑gap reduction and execution of regulatory reforms are critical to unlocking value.