Hanwha General Insurance한화손해보험

Hanwha General Insurance trades at a very low multiple of its recent earnings, while its share price has fallen about 20% over the past month.

Hanwha General Insurance is a South Korean non-life insurer offering long-term, automobile and general insurance, with a subsidiary in Indonesia. Trailing earnings to H1 2026 were about ₩319B net income on a market value of roughly ₩710B, and the shares sit near ₩6,080, well below the 52-week high of ₩10,800. Revenue is not reported in the data, so margin trends cannot be assessed.

What stands out

• Trailing operating income is about ₩427B and net income about ₩319B, broadly flat against the 2025 full year (₩430B operating, ₩299B net).
• Year-end P/E fell from 1.9 in 2023 to 1.4 in 2024 and 2.2 in 2025; P/B is around 0.2, far below listed peers such as Samsung Fire & Marine (0.7) and Samsung Life (0.4).
• The internal fair value model gives a base case of ₩27,963 per share, with a bear case of ₩18,436 and bull case of ₩40,407; this is a model output, not a forecast or target.
• Liabilities are about 528% of equity and borrowings are about ₩1.1T, which is high for a balance sheet read on its own; the data does not explain how much of this is typical for insurers.
• Filings in October include a corporate value-up plan, an investor relations event, and a change in largest shareholder's holdings. Foreign ownership rose from 12.7% to 14.5% over about 60 days, while 20-day net flows were negative across foreign, institutional and retail investors.

What to watch

• Upcoming full-year 2026 results and any revenue disclosure, since revenue and margin figures are currently missing from the data.
• Details of the corporate value-up plan and any dividend policy; the current dividend yield is 0%.
• Further filings on the largest shareholder's stake changes and the reasons behind the roughly 20% one-month share price decline, which the data does not explain.