Report

Korea Non-life Insurance: October review

The combined net income of Korea’s three big three non-life insurers—Samsung Fire & Marine Insurance (000810.KS, BUY),

Hyundai Marine & Fire Insurance (001450.KS, BUY), and DB Insurance (005830.KS, BUY)—climbed 4% YoY to KRW232.4bn

in October. IBNR provisioning in the previous month and fewer business days helped improve the loss ratio (-3.5%p YoY)

which led to better earnings. The expense ratio edged up slightly (+1.2%p YoY) but the combined ratio improved by 2.3%p

thanks to the lower loss ratio.

Underlying
Hyundai Marine & Fire Insurance Co. Ltd.

Hyundai Marine & Fire Insurance is engaged in non-life insurance businesses including fire, marine, flight, casualty, long-term insurance and automobiles.

Provider
Hyundai Motor Investment & Securities
Hyundai Motor Investment & Securities

Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc. 

Analysts
Jin Sang Kim

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