Samsung Life Insurance (A032830) Q4 2025 earnings summary

Executive summary

• Consolidated net profit for FY2025 rose 9.3% year-over-year to KRW 2.3 trillion, a record high, driven by profit-focused operations and high-margin health product sales.

• Insurance service results reached KRW 975 billion, supported by high-margin health products and better management of operating variances.

• Investment profit totaled KRW 2.022 trillion, maintained despite market volatility, with a focus on ALM and risk management.

• Maintained robust capital position with a K-ICS ratio of 198% as of December 2025.

• Dividend per share increased by 18% year-over-year, reflecting profit growth and a payout ratio of 41.3%.

Financial highlights

• Total assets stood at KRW 351 trillion as of December 2025, with KRW 247 trillion in invested assets.

• Insurance liabilities were KRW 201 trillion, including KRW 184 trillion for BEL, KRW 3 trillion for RA, and KRW 13.2 trillion for CSM.

• CSM balance at year-end was KRW 13.2 trillion, up KRW 0.3 trillion, driven by new business and actuarial adjustments.

• Shareholders' equity reached KRW 65 trillion, up KRW 26.7 trillion year-to-date, mainly due to net profit and gains from Samsung Electronics share price.

• CSM profit rose 32.2% YoY to KRW 1.122 trillion.

Outlook and guidance

• Targeting new business CSM of at least KRW 3.2 trillion in 2026, up from KRW 3.1 trillion in 2025.

• Aiming for a new business CSM multiple of 12x in 2026, up from 11x in 2025.

• Focus on sustainable growth in core insurance and asset management, with digital and healthcare ecosystem expansion.

• Plans to enhance investment returns, expand overseas and alternative investments, and leverage AI and digitalization.

• Committed to a midterm shareholder return target of 50%.