Hanwha Life: Low Book Multiples, Rising Profit, a Recent Pullback and a New Rights Offering Filing

Thesis

The data supports a picture of a company trading at low multiples (P/E 4.2, P/B 0.3) while earnings have risen. Trailing net income to H1 2026 is ₩1,062.1B, versus ₩641.3B in 2025.

The data is less clear on quality and sustainability. Revenue is not available, trailing free cash flow is negative at -₩599.3B, and liabilities are 866.8% of equity. ROE is 7.6%.

The 30 September filings (a rights offering decision, an acquisition of shares in another company, and a related-party transaction) are notable, but their terms and size are not in the data given. The share price is 17.3% higher over three months but 32.4% below its 52-week high of ₩7,560.

Business overview

Hanwha Life Insurance (088350) is a KOSPI-listed insurer, founded in 1946 and listed on 2010-03-17. It has 868.53M listed shares and is led by co-CEOs 권혁웅 and 이경근.

At ₩4.4T, its market cap is similar to Hyundai Marine & Fire (₩4.3T) and Mirae Asset Life (₩3.5T) among the peers given. It is far smaller than Samsung Life (₩53.5T) and Samsung Fire & Marine (₩28.6T). Revenue figures are not available in the data, so the scale of the business cannot be described by sales.

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 21, 2026Update noteNewsHanwha Life Falls 7% on Q3 Loss Forecast and Halt in Key Product Sales
2. Oct 13, 2026InitiationHanwha Life: Low Book Multiples, Rising Profit, a Recent Pullback and a New Rights Offering Filing