Q1 2026 Samsung Life Insurance Co Ltd Earnings Call Transcript
Key Points
- New business CSM increased by 11% quarter-on-quarter to 848.6 billion yuan, indicating strong growth in new business.
- Net income for the first quarter rose 89.5% year-over-year to 1,203.6 billion won, supported by stable insurance earnings and higher dividend income.
- The CICS ratio improved to 210%, up 12 percentage points from year-end, reflecting strong capital position and favorable market conditions.
- Samsung Life Insurance Co Ltd (XKRX:032830) continues to develop new health insurance products and enhance its portfolio with value-added services, contributing to competitive advantage.
- The company is committed to stable and sustainable dividend growth, with a focus on delivering higher shareholder returns and maintaining a strong capital position.
- The rise in expenses due to aggressive market competition and regulatory changes could impact profitability.
- Increased surrender value reserves due to variable products may pose a risk to financial stability.
- Potential challenges in managing capital efficiency and allocation amid changing market conditions and regulatory requirements.
- The company's reliance on potential special dividends from Samsung Electronics introduces uncertainty in future earnings and dividend policies.
- Concerns over the impact of rising interest rates and share prices on the company's sensitivity to market risks, which could affect capital adequacy.
Yes, good afternoon. This is Kim Yong-gwon, head of Samsung Live's IR team.
Thank you for taking the time out of your busy schedules to join us for the first-quarter 2026 earnings conference call for Samsung Live. Before we proceed with the Q&A, we will brief you on the key performance highlights for the first quarter using the materials that we have prepared and made available in advance.
First, new business CSM increased 11% Q-on-Q to 848.6 billion yuan, driven by balanced growth across both exclusive FC and non-exclusive channels, supported by sales of products with sound underlying profitability. Our new business CSM multiple remained healthy at 11.4 times.
The company continues to develop new health insurance products while implementing underwriting strategies that balance market expansion with disciplined risk management. In addition, we are enhancing the competitiveness of our health insurance portfolio by offering value-added services such as healthcare management and family-bundled discounts
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