1) Investment highlights
- Consolidated net income for 1Q18 came in at KRW389.9bn, missing the consensus of KRW429.4bn, because: 1) underwriting profit remained in the red for a second consecutive quarter due to an increase in the loss ratio; and 2) investment income fell by 2.5%p as investment yield declined. What is positive though is a considerable improvement in policy reserve provisions (-33.3% YoY).
Samsung Life Insurance is engaged in life insurance business. Co.'s business coverage includes insurance, loan products, investment fund and retirement pension. Co. provides guarantee insurance, pension insurance, savings insurance and other financial plans for individual customers, and corporate pension systems, private health insurance and the selective corporate welfare systems for business customers. Its loan products include medium and long-term mortgage loans and credit loans to direct investors such as shareholders and bondholders. With its investment fund business, Co. provides asset management services and sells investment trusts.
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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