Latest news with #SamsungFire&MarineInsurance
Korea Herald
28-07-2025
- Business
- Korea Herald
Insurers target Korea's 1m foreign workers with improved access
With coverage still at about 50%, foreign workers drive new insurance push As South Korea's foreign workforce surpasses 1 million, insurers are lining up products tailored to this growing but historically underserved population. With local insurance markets nearing saturation, foreign residents have become increasingly attractive as a new source of growth — launching tailored products, forming partnerships and expanding digital services. Workers make up half of Korea's 2.04 million long-term foreign residents, and financial institutions are expanding insurance offerings and streamlining access through digital platforms. A recent agreement between KB Kookmin Bank, Korea's largest commercial bank, and Samsung Fire & Marine Insurance, the nation's biggest non-life insurer, targets blue collar workers. The partnership aims to simplify access to the four types of mandatory insurance required under the government's Employment Permit System for workers on E-9 (non-professional employment) and H-2 (work-and-visit) visas. The four types are: Departure Guarantee Insurance, which serves as a severance substitute for those who complete over one year of work and return home; Wage payment guarantee insurance, covering unpaid wages in case of employer default; Return-expense insurance, which helps cover flight costs, with premiums paid by the worker and reimbursed upon verified departure; and Accident insurance, which compensates for non-work-related injuries, illness or death, supplementing Korea's industrial accident coverage. Of the four, the first two must be arranged by the employer, while the latter two are the employee's responsibility. Return-expense insurance is the only one for which the worker pays the premium directly. Although Departure Guarantee Insurance is similar to statutory severance pay, it is only payable when workers leave Korea, making it difficult to resolve disputes if the amount is less than what is owed. Recent moves such as this make it easier to monitor what has been paid in, allowing workers to check the amount in advance and take action if necessary. Starting this month, foreign workers will be able to view their Samsung Fire-provided insurance policies via KB Kookmin Bank. By the third quarter, the service will expand to include online claim filing, enabling a fully digital policy management for foreigners. This marks Samsung Fire's second partnership with a domestic bank for E-9 visa holders, following its collaboration with Hana Bank last September. Meanwhile, Woori Bank has also expanded access, allowing foreign laborers to view work-related insurance policies via its 'Woori Won Global' app. NongHyup targets seasonal workers NH NongHyup Bank — one of Korea's five largest commercial banks, with a focus on rural and agricultural finance — has also entered the space with a financial package tailored to seasonal workers on E-8 visas. Launched in June, the 'E-8 Package' is the first product under the bank's new foreign customer brand 'NH Global With.' It offers integrated services including insurance coverage in partnership with group affiliate NH Property & Casualty Insurance. The package was developed based on feedback from seasonal workers themselves, aiming to close service gaps for those who still fall through the cracks of Korea's insurance system. In a related move, NH Casualty also rolled out a specialized policy for public seasonal workers — those hired directly by municipal governments and dispatched to farms via NongHyup cooperatives. Their number, which includes non-E-8 holders reached 95,700 this year, up 40 percent on-year. The policy covers farm-related liability, early repatriation due to illness or injury, and losses from government-declared disaster zones. Foreign policyholders on the rise This wave of activity comes as the number of insured foreign residents in Korea continues to grow. As of last year, 1.03 million of them were enrolled in a plan with a local private insurance firm. That's just over half, and up from 990,000 the year before. Despite this growth, the coverage rate among foreign residents still lags far behind that of Korean nationals, which nears 90 percent. Reflecting this gap and its potential, insurance contracts held by foreign nationals in Korea grew at an average annual rate of 19 percent between 2019 and 2023, significantly outpacing the 13.2 percent growth recorded among Korean policyholders, according to the Korea Credit Information Services. To support these developments, the Financial Supervisory Service established a dedicated task force in May and launched a comprehensive review of insurance subscription trends among foreign residents. The regulatory agency requested insurers to submit data on the number of foreign policyholders and contracts from 2021 to 2024, along with measures taken to improve accessibility. The FSS also plans to roll out standardized guides in English and Chinese for each stage of the insurance process — including enrollment, maintenance and claims — in the coming month. Starting in the fourth quarter, insurers will be required to provide these multilingual guides alongside existing materials at key touchpoints.
Korea Herald
08-07-2025
- Automotive
- Korea Herald
Seoul shares soar nearly 2% as US-led trade talks to continue till Aug.
South Korean stocks closed higher for two sessions in a row Tuesday as investors were relieved with US President Donald Trump's letters to trade partners that extend the deadline for tariff talks to the start of next month. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index added 55.48 points, or 1.81 percent, to close at 3,114.95. Trade volume was heavy at 735.5 million shares worth 13.2 trillion won ($9.65 billion), with gainers outnumbering decliners 643 to 240. Foreign investors led the bullish mode, scooping a net 251.6 billion won worth of stocks, and institutions bought a net 21.6 billion won. However, individuals dumped a net 263.1 billion won. Earlier in the day, Trump unveiled a letter addressed to South Korean President Lee Jae Myung, saying that the United States will start imposing 25 percent tariffs on South Korean products on Aug. 1. He also sent such letters to Japan and other countries. Analysts said that the letter is negative for South Korea but it brushed off uncertainties over US tariff policies. Washington imposed country-specific reciprocal tariffs in April but placed a 90-day pause, which was set to end Tuesday. Financial and energy shares were among the biggest winners. Hana Financial Group surged 10.27 percent to 94,500 won, and Woori Financial Group soared 8.32 percent to 25,400 won. Samsung Fire & Marine Insurance jumped 5.11 percent to 463,000 won, and Kyobo Securities vaulted 9.1 percent to 9,110 won. Korea Electric Power Corp. rose 4.46 percent to 38,650 won, and Doosan Enerbility advanced 5.88 percent to 66,600 won. Carmakers also finished in positive territory, with industry leader Hyundai Motor gaining 1.2 percent to 211,000 won and its sister Kia adding 0.51 percent to 99,100 won. However, Samsung Electronics lost 0.49 percent to 61,400 won following its worse-than-expected second-quarter earnings guidance. The world's largest memory chipmaker estimated its second-quarter operating profit plunged 55.9 percent from a year earlier due to sluggish chip business and the fallout from US trade policies, missing market expectations. The local currency was quoted at 1,367.9 won against the greenback at 3:30 p.m., down 0.1 won from the previous session. (Yonhap)
Korea Herald
12-06-2025
- Business
- Korea Herald
Samsung Fire ups Canopius stake to 40% in global push
Samsung Fire & Marine Insurance is ramping up its overseas expansion with a $570 million investment in Canopius Group, increasing its stake in the London-based specialty insurer to 40 percent. The Korean general insurer said Wednesday it will acquire an additional 21.17 percent stake in Fortuna Topco, the holding company that owns 100 percent of Canopius. A Samsung Fire official noted the stake effectively translates to a direct holding in Canopius, which specializes in property and casualty insurance and reinsurance. The shares are being acquired from a Centerbridge-led consortium, which will retain a 60 percent controlling stake after the transaction. Pending regulatory approvals in both countries, the deal is expected to close by the end of September. This marks Samsung Fire's third investment in Canopius, following a combined $300 million in stakes acquired in 2019 and 2020. Samsung Fire's latest move further solidifies its position as the second-largest shareholder and establishes its role as a co-operator of Canopius alongside the Centerbridge-led consortium. Canopius has posted steady growth in recent years, reporting $3.53 billion in gross written premiums in 2024 and ranking among the top five at Lloyd's, one of the world's largest specialty and reinsurance marketplaces. It operates underwriting platforms in Bermuda, the Netherlands, Singapore, Switzerland, the UK, the US and Lloyd's China. Samsung Fire said its partnership with Canopius has also delivered tangible benefits, including around 300 billion won ($221 million) in reinsurance revenue and 88 billion won in equity-method gains in 2024. With its expanded stake, the company plans to step up its board involvement and decision-making role to further strengthen its global footprint. 'This deal goes beyond a simple stake investment — it marks a strategic milestone for joint management and value creation in the global market,' said Samsung Fire & Marine CEO Lee Mun-hwa. 'We will continue to move beyond Korea's insurance market through bold global expansion and innovation, aiming to become a leading international insurer.'
Yahoo
31-01-2025
- Business
- Yahoo
3 Top Dividend Stocks To Consider For Your Portfolio
As global markets react to the Trump administration's emerging policies and AI-related optimism, major indices like the S&P 500 have reached new highs, reflecting positive investor sentiment. With this backdrop of market enthusiasm and shifting economic dynamics, dividend stocks present a compelling option for investors seeking stable income streams amid potential volatility. Name Dividend Yield Dividend Rating Tsubakimoto Chain (TSE:6371) 4.19% ★★★★★★ Guaranty Trust Holding (NGSE:GTCO) 5.94% ★★★★★★ Southside Bancshares (NYSE:SBSI) 4.58% ★★★★★★ CAC Holdings (TSE:4725) 4.52% ★★★★★★ Yamato Kogyo (TSE:5444) 3.90% ★★★★★★ Padma Oil (DSE:PADMAOIL) 7.45% ★★★★★★ GakkyushaLtd (TSE:9769) 4.34% ★★★★★★ Nihon Parkerizing (TSE:4095) 3.93% ★★★★★★ FALCO HOLDINGS (TSE:4671) 6.52% ★★★★★★ E J Holdings (TSE:2153) 3.12% ★★★★☆☆ Click here to see the full list of 1938 stocks from our Top Dividend Stocks screener. Let's dive into some prime choices out of the screener. Simply Wall St Dividend Rating: ★★★★★☆ Overview: Samsung Fire & Marine Insurance Co., Ltd. provides non-life insurance products and services across Korea, China, the United States, Indonesia, Vietnam, Singapore, and the United Kingdom with a market cap of approximately ₩14.31 trillion. Operations: Samsung Fire & Marine Insurance Co., Ltd. generates its revenue primarily from its insurance business, amounting to approximately ₩19.31 billion. Dividend Yield: 4.2% Samsung Fire & Marine Insurance's dividend payments have been volatile over the past decade, despite increasing overall. The company's dividends are well-covered by earnings and cash flows, with payout ratios of 37.5% and 39.7% respectively, suggesting sustainability from a financial standpoint. Trading significantly below fair value estimates, it offers a competitive dividend yield in the top 25% of the Korean market. Recent earnings growth supports potential future stability in payouts. Take a closer look at Samsung Fire & Marine Insurance's potential here in our dividend report. The valuation report we've compiled suggests that Samsung Fire & Marine Insurance's current price could be quite moderate. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: China Banking Corporation offers a range of banking and financial products and services to individuals and businesses in the Philippines, with a market cap of ₱180.19 billion. Operations: China Banking Corporation's revenue segments include interest income of ₱37.25 billion, service charges and fees of ₱5.13 billion, trading and securities gains of ₱2.47 billion, and foreign exchange gains of ₱1.08 billion. Dividend Yield: 2.4% China Banking Corporation's dividends have been stable and reliable over the past decade, supported by a low payout ratio of 13.3%, indicating strong coverage by earnings. However, its dividend yield of 2.37% is relatively low compared to top-tier payers in the Philippine market. Despite this, CBC has seen consistent earnings growth at 18.3% annually over five years, although it faces challenges with a high bad loans ratio of 2.4%. Dive into the specifics of China Banking here with our thorough dividend report. Insights from our recent valuation report point to the potential overvaluation of China Banking shares in the market. Simply Wall St Dividend Rating: ★★★★★☆ Overview: Meiwa Corporation operates in the chemicals, lubricants, battery materials, automotive and mineral resource, and environmental sectors both domestically in Japan and internationally, with a market cap of ¥26.41 billion. Operations: Meiwa Corporation's revenue segments include First Business at ¥42.86 billion, Third Business at ¥59.98 billion, Second Business at ¥47.67 billion, and Automobile/Battery Materials Business at ¥11.34 billion. Dividend Yield: 4.7% Meiwa's dividend yield of 4.66% ranks in the top 25% of payers in Japan, though its dividends have been volatile over the past decade, with drops exceeding 20%. Despite this instability, dividend payments are well-supported by a low payout ratio of 45.2% and a cash payout ratio of 25.9%. The company's earnings surged by 94.6% last year, and it trades at a significant discount to its estimated fair value. Click here and access our complete dividend analysis report to understand the dynamics of Meiwa. In light of our recent valuation report, it seems possible that Meiwa is trading behind its estimated value. Unlock our comprehensive list of 1938 Top Dividend Stocks by clicking here. Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up. Invest smarter with the free Simply Wall St app providing detailed insights into every stock market around the globe. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KOSE:A000810 PSE:CBC and TSE:8103. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
