Report

ING Life Insurance (079440.KS): Interest margin and mortality margin lift 1Q18

  • The firm’s growth strategy based on its industry-high capital ratio and unique FC strategy remains valid, in our view. Solid and continued growth of protection-type APE is also positive. We maintain BUY and our target price of KRW65,000.

Underlying
Orange Life Insurance Ltd.

Orange Life Insurance Ltd Formerly known as ING Life Insurance Korea Ltd. Orange Life Insurance, Ltd., formerly ING Life Insurance Korea, Ltd., is a Korea-based company principally engaged in the provision of life insurance products and related services. The Company provides insurance products, including whole life insurance, critical illness whole life insurance, health insurance, term insurance, annuity insurance and saving insurance, among others. The company offers its products through channels, including financial consultants (FC), banks, and general agents. It also provides insurance and financial consulting services.

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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