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Investing.com - Samsung Life Insurance Co., Ltd (KRX:032830) maintained its Neutral rating from Goldman Sachs with a price target of KRW125,000.00.
The South Korean insurer reported a consolidated net profit of 759 billion won in the second quarter of 2025, exceeding Goldman Sachs estimates by 5% and Bloomberg consensus estimates by 17%.
Goldman Sachs attributed the earnings beat primarily to special items that boosted insurance profit by 90 billion won and reduced the Contractual Service Margin (CSM) adjustment by 170 billion won.
Samsung Life management reaffirmed its commitment to increasing the dividend payout ratio beyond 40%, compared to 38% in 2024, potentially qualifying the company as "high-dividend" under the latest tax code revision bill.
Goldman Sachs noted that Samsung Life did not announce an official Value Up program, suggesting sensitivities around the proposed Insurance Act Revision bill and accounting standards disputes following the incorporation of SFM as a subsidiary could delay such an announcement.
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