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Samsung Life Insurance: 4Q18 Misses But New Business Value Solid

Summary

Samsung Life Insurance posted a consolidated net loss of KRW61.2bn for 4Q18, far below the consensus net profit estimate of KRW243.1bn.

Without the loss, net income would have come to KRW275bn.

We cut our target price to KRW125,000 while keeping the rating unchanged at BUY.

samsung samsung life insurance

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: Hyundai Motor Company is a passive shareholder in our bank.