/Kenishirotie from Envato
SFM maintains the highest regulatory solvency ratio amongst non-life insurers in South Korea
Samsung Fire & Marine Insurance Co. (SFM) held its strongest balance sheet, along with a strong operating performance, favourable business profile, and very strong enterprise risk management (ERM), according to AM Best.
SFM’s risk-adjusted capitalisation, supported by its capital base of $12.4b at the end of 2023, is expected to remain robust.
Despite market volatility, SFM maintains the highest regulatory solvency ratio amongst non-life insurers in South Korea, aided by its conservative investment strategy and debt-free position.
SFM has consistently delivered strong operating results, driven by low combined ratios and robust investment income.
The company holds a 22% market share in South Korea’s non-life insurance sector and leads the growing online auto insurance market. It also benefits from its affiliation with Samsung Group, which provides a steady flow of profitable underwriting business.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.