Samsung Fire & Marine: Earnings Steady, Shares Pull Back 9.3% in a Month

Thesis

The data supports a picture of stable profitability. Operating income rose from ₩2.4T in 2023 to ₩2.7T in 2025, and the trailing figure of ₩2.8T is higher still. Net income was ₩1.8T in 2023, ₩2.1T in 2024 and ₩2.0T in 2025, then ₩2.1T over the trailing period.

What the data does not support is a clean read on growth or margins, because revenue is missing. Return on equity has slipped from 13.1% in 2024 to 11.0% in 2025 and 8.3% on the trailing figure, which suggests equity has grown faster than earnings. The shares sit 17.8% below the 52-week high of ₩757,000 and 48.4% above the low of ₩419,000.

Two responses to rumour or news reports (2026-09-03 and 2026-10-02) were filed, but the data does not include the news content, so the cause of the recent decline cannot be determined.

Business overview

Samsung Fire & Marine is a KOSPI-listed insurer founded on 1952-01-26 and listed on 1975-06-30. It has 46,011,155 listed shares, and the CEO is listed as 이문화. Its market cap of about ₩28.6T is well above DB Insurance (₩13.7T), Hyundai Marine & Fire (₩4.3T) and the life insurers Hanwha Life (₩4.4T) and Mirae Asset Life (₩3.5T) in the peer list. Samsung Life Insurance is larger at ₩53.5T. Revenue history is not available in the data.

Financial analysis

These figures come from filed financial statements (DART), consolidated where available. Operating income was ₩2.36T in 2023, ₩2.65T in 2024 and ₩2.66T in 2025, and ₩2.80T over the trailing twelve months to H1 2026. Net income was ₩1.82T, ₩2.07T and ₩2.02T for 2023 to 2025, and ₩2.15T on the trailing basis.

ROE was 11.3% in 2023, 13.1% in 2024, 11.0% in 2025 and 8.3% on the trailing figure. Liabilities to equity stand at 219%. Cash is ₩1.45T and trailing free cash flow is ₩4.23T. Revenue, margins and borrowings are not available, so margin trends cannot be assessed.

Valuation

The stock trades at a P/E of 13.3 and a P/B of 0.8, with a dividend yield of 2.9%. Enterprise value is about ₩27.2T. At the end of 2025 the P/E was 11.3 and the P/B 1.1, so earnings multiple is higher now while book multiple is lower. Earlier year-end multiples are not available.

Among peers, only Samsung Life has multiples in the data, at a P/E of 19.1 and a P/B of 0.4. Samsung Fire & Marine's P/E is below that and its P/B is above it. The other peers have no multiples, so a broader comparison is not possible. P/S and EV/EBITDA are also unavailable.

Catalysts

• The half-year report (filed 2026-08-14) and preliminary earnings (2026-08-13) set the latest earnings baseline of ₩2.8T trailing operating income.
• Two rumour or news response filings (2026-09-03 and 2026-10-02) show the company addressing market chatter, though the content is not in the data.
• Several related-party transaction filings (2026-08-31 and three on 2026-09-18) may draw attention to dealings within the group.
• Two 5%+ holding reports (2026-08-19 and 2026-09-10) point to changes in large shareholder positions.
• An investor relations event on 2026-07-31 shows ongoing communication with investors.

Risks

• ROE has fallen to 8.3% from 13.1% in 2024, indicating weaker returns on a growing equity base.
• Liabilities are 219% of equity, a high level of leverage, though this is typical of an insurance balance sheet and no sector benchmark is in the data.
• The 9.3% one-month drop shows share price volatility after a 37.8% one-year gain.
• Missing revenue, margin, investor flow, foreign ownership and short balance data limit how fully the picture can be judged.
• The unexplained rumour or news responses and the absence of news headlines leave the reason for recent moves unclear.

Closing view

The filed numbers show a profitable insurer with operating income trending up from ₩2.4T to ₩2.8T over the period shown and strong free cash flow, but with a declining ROE. The shares have retreated from their high while the P/B has fallen to 0.8 from 1.1 at the end of 2025 and the P/E has risen to 13.3. Gaps in the data, particularly revenue, flows and peer multiples, mean conclusions should be tentative, and the evidence is mixed rather than pointing clearly in one direction.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationSamsung Fire & Marine: Earnings Steady, Shares Pull Back 9.3% in a Month