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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] On the 14th, Kiwoom Securities adjusted its target price for Hanwha Life Insurance from 3,500 won to 3,200 won, citing ongoing uncertainty regarding dividends, though it maintained a "Buy" rating.
Kiwoom noted that "while Hanwha Life continues to achieve solid results in new contract sales, the company's contract service margin (CSM) adjustments persist, preventing a steady increase in balance." The report also highlighted concerns over constraints on dividends, linked to factors like the new solvency regulation ratio (K-ICS) and surrender value reserves.
The securities firm acknowledged, "The company is seeing strong new contract sales and a reduced capital burden due to the narrowing duration gap." However, it emphasized that "concerns around shareholder returns need to be resolved to support a rise in stock prices."
In the third quarter, Hanwha Life achieved a net profit of 236.8 billion won, a turnaround from a net loss of 40.8 billion won in the same period last year, though it fell 25% short of market expectations.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
