Corporate Logo(source: samsunglife.com)
Korea Investment & Securities Co.,Ltd announced on July 9 that it has raised its target price for Samsung Life Insurance (032830) from 120,000 won to 150,000 won. This marks the second upward revision within a month.
According to analyst Hong Ye-ran at Korea Investment & Securities Co.,Ltd, Samsung Life has been steadily increasing its focus on health insurance products. Driven by the company’s exclusive sales channels, new business Contractual Service Margin (CSM) from health insurance surged 38.4% year-on-year to 602.4 billion won. The share of health insurance within new business CSM rose from 58% in 2024 to 74% in the first quarter of 2025, and is projected to reach 80% in the second quarter.
Hong estimates Samsung Life’s second-quarter net income attributable to controlling interests at 663.4 billion won, falling 6% short of the market consensus. This shortfall is attributed to the fading impact of one-off gains and reduced contributions from consolidated subsidiaries, resulting in weaker investment income compared to the same period last year. Insurance profit is expected to grow 4.4% year-on-year to 463.3 billion won.
CSM amortization income is projected at 371.8 billion won, a 4.1% increase from the previous year. However, this figure falls 44.9 billion won short of earlier estimates, representing a 24.7% decline year-on-year, mainly due to higher benefit payouts driven by business expansion. Investment income is forecast to decline 18.4% year-on-year to 448.6 billion won, as last year’s second-quarter results were boosted by real estate sales and strong earnings from Samsung Card—factors not present this year.
Hong added, “Ongoing discussions regarding the gradual adjustment of the ultimate forward rate for insurance liabilities are a positive development for life insurers,” noting that “Samsung Life’s sale of Samsung Electronics shares in February is expected to contribute approximately 440 won to its 2025 dividend per share (DPS), with additional upside potential depending on Samsung Electronics’ treasury share cancellation schedule.”
*[KOSPI]Samsung Life(032830) is a life insurance company within the Samsung Group, possessing the industry's largest exclusive network of planners and actuarial experts.
Korea Investment & Securities Co.,Ltd announced on July 9 that it has raised its target price for Samsung Life Insurance (032830) from 120,000 won to 150,000 won. This marks the second upward revision within a month.
According to analyst Hong Ye-ran at Korea Investment & Securities Co.,Ltd, Samsung Life has been steadily increasing its focus on health insurance products. Driven by the company’s exclusive sales channels, new business Contractual Service Margin (CSM) from health insurance surged 38.4% year-on-year to 602.4 billion won. The share of health insurance within new business CSM rose from 58% in 2024 to 74% in the first quarter of 2025, and is projected to reach 80% in the second quarter.
Hong estimates Samsung Life’s second-quarter net income attributable to controlling interests at 663.4 billion won, falling 6% short of the market consensus. This shortfall is attributed to the fading impact of one-off gains and reduced contributions from consolidated subsidiaries, resulting in weaker investment income compared to the same period last year. Insurance profit is expected to grow 4.4% year-on-year to 463.3 billion won.
CSM amortization income is projected at 371.8 billion won, a 4.1% increase from the previous year. However, this figure falls 44.9 billion won short of earlier estimates, representing a 24.7% decline year-on-year, mainly due to higher benefit payouts driven by business expansion. Investment income is forecast to decline 18.4% year-on-year to 448.6 billion won, as last year’s second-quarter results were boosted by real estate sales and strong earnings from Samsung Card—factors not present this year.
Hong added, “Ongoing discussions regarding the gradual adjustment of the ultimate forward rate for insurance liabilities are a positive development for life insurers,” noting that “Samsung Life’s sale of Samsung Electronics shares in February is expected to contribute approximately 440 won to its 2025 dividend per share (DPS), with additional upside potential depending on Samsung Electronics’ treasury share cancellation schedule.”
*[KOSPI]Samsung Life(032830) is a life insurance company within the Samsung Group, possessing the industry's largest exclusive network of planners and actuarial experts.