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Hanwha General Insurance · 000370 · Insurance

Hanwha General Insurance: Low Multiples and a Sharp One-Month Share Price Drop

Why this report

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Hanwha General Insurance trades at a P/E of 2.3 and a P/B of 0.2, with the share price down 20.4% over one month but up 18.0% over one year. The model estimate per share is well above the current price, but it rests on assumptions and the data has gaps, including missing revenue figures.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a profitable insurer valued at very low multiples. Net income was ₩319.2B over the trailing period to H1 2026, and ROE was 10.7%. The share price closed at ₩6,420, which is 40.6% below its 52-week high of ₩10,800 and 27.1% above its low of ₩5,050. The one-month fall of 20.4% sits alongside a three-month gain of 15.7%, so the recent move is volatile. What the data does not show is the reason for the drop, since no news headlines are available. The dividend yield is shown as 0.0%, so shareholders are not currently receiving income per the data. Foreign ownership rose from 12.5% to 14.2% over 60 days, and the short balance is 0.1%. Over the last 20 days, foreign investors were net buyers of about ₩0.9B and retail investors of about ₩0.5B, while institutions were net sellers of about ₩3.7B. These amounts are small relative to the ₩749.5B market cap.

Business overview

Hanwha General Insurance is an insurer listed on the KOSPI. It was founded on 1 April 1946 and listed on 30 June 1975, with 116,738,915 listed shares. The CEO is listed as 나채범. Market capitalisation is about ₩749.5B and enterprise value about ₩1.47T. Among the peers provided, Samsung Life Insurance is ₩47.4T, Samsung Fire & Marine ₩26.9T, DB Insurance ₩12.3T, Hanwha Life ₩4.0T and Hyundai Marine & Fire ₩3.7T, so the company is the smallest in this group. Revenue figures are not available in the data, so the size of the business by sales cannot be described.

Financial analysis

These figures come from filed financial statements. Operating income was ₩306.5B in 2023, ₩435.7B in 2024 and ₩429.6B in 2025. Net income was ₩247.2B, ₩343.0B and ₩299.0B over the same years. ROE was 7.6%, 11.2% and 10.8%. For the trailing period to H1 2026, operating income was ₩427.4B, net income ₩319.2B and ROE 10.7%. Revenue and margins are not available. The liabilities-to-equity ratio is 528%, which is typical of a leveraged financial company but still a high figure. Cash was ₩372.7B against borrowings of ₩1.10T. Free cash flow was ₩1.01T, though for an insurer this figure can be influenced by premium and claims timing, so it should be read with caution.

Valuation

The current P/E is 2.3 and P/B is 0.2. Year-end P/E was 1.9 in 2023, 1.4 in 2024 and 2.2 in 2025, with P/B of 0.1 to 0.2, so current multiples are in line with the company's recent history. Among peers, P/E ranges from 3.1 (Hyundai Marine & Fire) to 16.9 (Samsung Life), and P/B from 0.2 (Hanwha Life) to 0.9 (DB Insurance). Hanwha General's P/E is lower than all five peers, and its P/B matches the lowest. The valuation model uses the excess method (P/B versus ROE) at a 9.7% rate, based on the trailing period to H1 2026. It gives a base estimate of ₩27,438 per share, with a bear case of ₩18,130 and a bull case of ₩39,535, against a price of ₩6,420. This is a model estimate based on the assumptions shown, not a target, and the large gap to the price shows how sensitive the result is to those assumptions and to how the market views the company's book value and earnings quality.

Catalysts

  • A corporate value-up plan was filed on 20 October 2026, which may bear on shareholder returns and valuation.
  • An investor relations event was filed on 20 October 2026, following one on 10 September 2026.
  • A change in the largest shareholder's holdings and an insider shareholding report were filed on 21 October 2026.
  • A 5%+ holding report was filed on 2 October 2026, and foreign ownership rose from 12.5% to 14.2% over 60 days.
  • The half-year report for June 2026 was filed on 13 August and amended on 31 August 2026.

Risks

  • The share price fell 20.4% in one month and the reason is not visible, as no news headlines are available in the data.
  • The liabilities-to-equity ratio is 528% and borrowings are ₩1.10T, which leaves the balance sheet sensitive to changes in funding conditions.
  • Net income fell from ₩343.0B in 2024 to ₩299.0B in 2025, so earnings have not risen every year.
  • The dividend yield is 0.0%, so the data shows no income return to shareholders.
  • Revenue and margin data are missing, which limits the analysis, and the model estimate depends heavily on its assumptions.

Closing view

The data shows a profitable insurer with ROE near 11%, very low P/E and P/B multiples, and a model estimate far above the current price. Against that stand a sharp one-month price fall with no visible explanation, high balance-sheet leverage, a dip in 2025 earnings, no dividend and missing revenue data. The latest filings on a value-up plan and shareholder holdings are worth following, but the data alone does not settle whether the gap between price and model estimate reflects mispricing or risks that the model does not capture.

Model estimate of fair value

Bear
₩18,130
+200%
Base
₩27,438
+354%
Bull
₩39,535
+555%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the P/B vs ROE (excess return) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 9.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026InitiationStart of coverage (reader request)Hanwha General Insurance: Low Multiples and a Sharp One-Month Share Price Drop

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information