DB Insurance (005830.KS): Earnings and dividend both very good
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- 4Q17 saw net income of KRW96.8bn (+90.3% YoY), which was higher than the consensus of KRW88.2bn. Despite a marketing cost hike caused by the change of the CI design, the long-term loss ratio improved considerably (-3.8% YoY), which led to an improvement in the combined ratio (-0.5%p YoY ) .
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- The loss ratio in December fell by 4%p YoY. The general and long-term loss ratios respectively declined by 19.85%p and 5.6%p YoY while the long-term risk loss ratio fell by 11.6%p YoY. Indemnity policy renewals helped improve risk loss ratios, and fewer business days (-3 YoY) also helped.
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- The December expense ratio climbed by 4% YoY to 24.8% on a marketing cost hike (KRW10bn) stemming from the change of the CI design and an additional amortization of deferred acquisition expense. Even so, the combined ratio improved by 0.1%p YoY as lower loss ratios helped offset the impact.
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.
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