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Samsung Fire & Marine holds robust balance sheet, leads in auto insurance

Samsung Fire & Marine holds robust balance sheet, leads in auto insurance




/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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