SSMMF - Samsung Life Insurance: 1Q Underwriting Profit Modest
Investment highlights
Samsung Life Insurance (SSMMF) reported KRW230bn in 1Q20 net income, below the consensus of KRW300.1bn, due to losses stemming from the instability of the financial market, notably stock market plunges in March. Without the one-off events, net income would have met consensus expectations. Underwriting profit came to KRW401bn in 1Q20, the highest since 4Q17. The mortality margin may weaken somewhat in 2H20 on a rise in insurance claims, but continued growth in the expense margin should easily propel the 2020 underwriting profit above the guidance of KRW1.4tn.
The loss ratio in