Seoul Guarantee Insurance: Lower Multiples and a 6.8% Dividend Yield After a Weak Year for the Shares

Thesis

The data supports a picture of improving earnings and a lower valuation. Trailing net income of ₩307.1B (as of H1 2026) compares with ₩268.4B for 2025. The price-to-earnings ratio is 9.5 now versus 12.9 at the end of 2025, and price-to-book is 0.6 versus 0.7. Trailing return on equity is 6.1%, up from 5.2% in 2025. The dividend yield is 6.8%.

What the data does not support is a full view of business quality. Revenue, margins, borrowings, investor flows, foreign ownership and short interest are not available, and there are no news headlines. The shares are 35.3% below their 52-week high of ₩64,800 and only 5.7% above the low of ₩39,650, so the market has not yet rewarded the profit growth shown in the filings.

Business overview

Seoul Guarantee Insurance (code 031210) is an insurer listed on KOSPI since 2025-03-14, with 69,821,598 listed shares. The company was founded on 1969-02-19, and the CEO is listed as 이명순. At ₩2.9T, its market cap is well below Samsung Life (₩53.5T) and Samsung Fire & Marine (₩28.6T), and below DB Insurance (₩13.7T). It is closer in size to Hanwha Life (₩4.4T) and Hyundai Marine & Fire (₩4.3T), although it is smaller than both. The data has no business-line breakdown, so nothing further can be said about what drives results.

Financial analysis

These figures come from filed financial statements (DART). Operating income was ₩375.7B in 2025 and ₩444.4B on a trailing basis as of H1 2026. Net income rose from ₩268.4B to ₩307.1B over the same comparison. Revenue and the operating and net margins are not available.

ROE improved from 5.2% in 2025 to 6.1%. Liabilities to equity stand at 85.3%. Cash is ₩125.8B and trailing free cash flow is ₩328.0B. Borrowings are not available. Enterprise value is ₩2.8T.

Valuation

The P/E is 9.5 now, versus 12.9 at the end of 2025. P/B is 0.6, versus 0.7. The dividend yield is 6.8%. P/S and EV/EBITDA are not available.

Among the peers listed, P/E ranges from 3.6 (Hyundai Marine & Fire) to 19.1 (Samsung Life). Seoul Guarantee at 9.5 sits mid-range, between DB Insurance (7.5) and Samsung Fire & Marine (13.3). On P/B, its 0.6 compares with 0.3 to 1.0 for the peers: Hanwha Life 0.3, Samsung Life 0.4, Hyundai Marine & Fire 0.7, Samsung Fire & Marine 0.8 and DB Insurance 1.0. Only one year-end point of company history is available, so a longer comparison with its own past is not possible.

Catalysts

• The company filed a cash dividend decision and a shareholder register closing (record date) notice on 2026-08-11, which bears on the 6.8% yield.
• A corporate value-up plan was filed on 2026-08-11, which may matter for how the company approaches shareholder returns.
• Half-year results and preliminary earnings were filed on 2026-08-14, showing the trailing profit figures.
• The largest shareholder's holdings changed and an insider shareholding report was filed on 2026-08-25, following similar filings on 2026-04-01.
• An IR event was held on 2026-08-04, though the data gives no details of its content.

Risks

• The share price is down 17.0% over one year and 3.6% over one month, close to the 52-week low.
• Revenue, margins and borrowings are not available, so the quality and sustainability of earnings cannot be fully checked.
• Trailing ROE of 6.1% is modest, which may limit how much the market rewards the stock.
• Investor flows, foreign ownership and short interest are not available, so positioning cannot be assessed.
• Only one full year of annual financials and a short listing history (since March 2025) limit trend analysis.

Closing view

The filings show rising profit, improved ROE, a lower P/E and P/B than at the end of 2025, and a 6.8% dividend yield, while the share price has fallen over the past year. Against that, missing revenue, margin, borrowing and flow data, along with a short listing record, leave important questions open. The evidence is mixed but leans on stronger reported earnings; it does not settle why the market is valuing the shares as it does.

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, 2026InitiationSeoul Guarantee Insurance: Lower Multiples and a 6.8% Dividend Yield After a Weak Year for the Shares