Samsung Life Insurance삼성생명
032830 · KOSPI · ₩032830 · 삼성생명
Valuation model · P/B vs ROE (excess return)
Banks, insurers and brokers don't suit a cash flow model (borrowing and lending is their business), so we value them on book value and return on equity: P/B vs ROE.
Fair value per share
₩291,672
vs the current price (₩246,500)
- Cost of equity
- 9.7%
- Fair P/B
- 0.40×
- P/B now
- 0.34×
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩91,596
- −62.8%
- Base
- ₩291,672
- +18.3%
- Bull
- ₩551,499
- +123.7%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 5.1%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 3 annual reports.
- 2%
How fast book value and profits grow over the long run.
Default: close to the economy's long-run growth.
Discount rate
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 1.03
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 1.04, adjusted toward 1 and kept between 0.6 and 2.0.
- 5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Starting point
- Net debt (borrowings and leases − cash and deposits)
- ₩22T
- Equity (book value)
- ₩145T
- Book value per share ₩724,194
- Shares
- 200,000,000
- Share price
- ₩246,500
- Market cap
- ₩49T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 3.1% | 4.1% | 5.1% | 6.1% | 7.1% |
|---|---|---|---|---|---|
| 8.7% | ₩118,951 | ₩227,088 | ₩335,225 | ₩443,362 | ₩551,499 |
| 9.2% | ₩110,687 | ₩211,311 | ₩311,936 | ₩412,560 | ₩513,185 |
| 9.7% | ₩103,497 | ₩197,584 | ₩291,672 | ₩385,760 | ₩479,848 |
| 10.2% | ₩97,184 | ₩185,532 | ₩273,881 | ₩362,230 | ₩450,578 |
| 10.7% | ₩91,596 | ₩174,866 | ₩258,135 | ₩341,405 | ₩424,674 |
Now (TTM)
- Market cap
- ₩49T
- Enterprise value
- ₩71T
- P/E
- 17.6×
- P/B
- 0.3×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩157,600 | ₩94,800 | ₩69,100 |
| Market cap | ₩32T | ₩19T | ₩14T |
| P/E | 13.7× | 9.0× | 7.3× |
| P/B | 0.5× | 0.6× | 0.3× |
| P/S | — | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Samsung Life Insurance | 17.6× | 0.3× | — | — | 0.0% |
| Samsung Fire & Marine Insurance | 12.4× | 0.7× | — | — | 3.3% |
| DB Insurance | 6.5× | 0.8× | — | — | 4.2% |
| Hyundaimarine&Fireinsuranceco | 3.0× | 0.5× | — | — | 0.0% |
| Hanwha Life Insurance | 3.3× | 0.2× | — | — | 0.0% |
| Seoul Guarantee Insurance | 9.7× | 0.6× | — | — | 6.7% |
| Korean Reinsurance | 6.9× | 0.6× | — | — | 4.2% |
| Similar companies (median) | 6.7× | 0.6× | — | — | 3.7% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Samsung Life Insurance / 삼성생명 / 032830 / KRX:032830
Source: KRX statistical information