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[Alpha Biz=(Chicago) Reporter Paul Lee] eBEST Investment & Securities raised its target price of Samsung Life Insurance to 85,000 won on the 21st, up 9% from the previous year. The investment opinion has maintained its 'holding'.
The medium-term dividend propensity target is maintained at 35 to 45%, and it is judged that there is a low possibility of a significant improvement in the return on equity (ROE) in a short period of time as there is a need for capital management such as a transition to a rate cut cycle and a falling debt discount rate, and it is unlikely to expect a flexible increase in profits between 2024 and 2025. It was analyzed that expectations for the expansion of shareholder returns were partially pre-reflected to the current stock price level.
Net profit in the fourth quarter of 2023 was 445.6 billion won, exceeding market expectations. Insurance gains and losses amounted to 242.5 billion won, a sharp drop from an average of 400 billion won in the first to third quarters, but investment gains and losses rose sharply due to improved valuation disposal profits and dividend income. It showed good performance as consolidated profits were added.
Guarantee APE has decreased by more than 100 billion won following the third quarter, continuing to slow down the new contract CSM. However, the proportion of health insurance continued to increase, and the CSM multiple increased more than 15 times.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
