Heungkuk Fire & Marine Insurance흥국화재

Heungkuk Fire & Marine is very cheap on reported earnings, but its 2026 profit has dropped sharply from 2025 and its share price is down over the past year.

Heungkuk Fire & Marine Insurance is a Korean non-life insurer with a market value of about ₩212B at a share price of ₩3,300. Half-year 2026 net income of ₩165B is already close to full-year 2025 net income of ₩152B, but trailing operating income of ₩57B is far below 2025's ₩188B, and the data does not give revenue, margins or capital ratios.

What stands out

• Reported P/E is 1.3 and P/B is 0.3 at year end 2025 levels, which is low against the listed peers, though the data does not explain the reason for the discount.
• Trailing operating income (₩57B) is much lower than 2025 (₩188B), while trailing net income (₩165B) is higher, so the gap between operating and net results needs checking in the filings.
• The share price is down 15.4% over one year and 6% over one month, after trading between ₩2,870 and ₩7,480 over the past 52 weeks.
• Foreign ownership fell from 1.6% to 1.3% over 60 days, and 20-day flows show foreign and institutional net selling with retail net buying.
• No dividend yield is shown (0%), and revenue, cash, borrowings and free-cash-flow margins are not provided in the data.

What to watch

• The amended half-year 2026 report filings (August 2026) and any further amendments, which may explain the operating income drop.
• Next quarterly or annual results, to see whether the gap between operating and net income persists.
• Recent product news such as the CertBear launch and the unused medical expense carry-over, and whether these affect future earnings.