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001450KOSPI

Hyundai Marine & Fire Insurance

47,150
-950 (-1.98%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Hyundai Marine & Fire Insurance Co., Ltd. was established in 1955 and is headquartered in Seoul. The company is listed on the KOSPI market.

The company operates as a comprehensive non-life insurance provider. Its business segments include non-life insurance, third-party insurance, and other insurance services, along with asset management and loss adjustment services. Main products cover marine, fire, automobile, long-term, and pension insurance.

Business overview as filed

당사의 주요사업은 보험업법 및 관계법령에 의한 손해보험업, 제3보험업, 기타보험업 등의 보험업이며, 허용되는 범위 내의 자산운용, 손해사정업 등 겸영가능업무 및 부수업무를 수행하고 있습니다. 당사는 1955년 해상보험 전업회사로 출범한 이후 해상, 화재, 자동차, 특종, 장기, 연금 및 퇴직보험(연금) 등 손해보험 전 부문을 취급하는 종합 손해보험회사로서 사회안전망으로서의 역할 수행과 보험산업의 발전을 선도하고 있습니다. 2025년 총 영업수익은 17조 5,694억원, 별도기준 당기순이익은 5,611억원을 기록하였습니다. 재무적으로는 2025년 말 현재 총자산 49.6조원, 운용자산 47.0조원이며, 자본총계는 별도기준 4.8조원을 기록하였습니다. 보험사의 자본적정성을 나타내는 지표인 지급여력비율은 190.1%로 안정적인 수준을 유지하고 있습니다.

Company overview

가. 연결대상 종속회사 개황 - 연결대상 종속회사 현황(요약)

- 연결대상회사의 변동내용

- 중소기업 등 해당 여부

- 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

나. 회사의 법적ㆍ상업적 명칭 당사의 명칭은 현대해상화재보험주식회사라고 표기합니다. 또한 영문으로는 HYUNDAI MARINE & FIRE INSURANCE CO., LTD. 라고 표기합니다.

다. 설립일자 및 존속기간 당사는 1955.3.5 해상보험 전업회사인 동방해상보험주식회사로 창립하였습니다.동방해상화재보험주식회사(1968.8.1), 동방화재해상보험주식회사(1980.5.12), 현대해상화재보험주식회사(1985.10.17)로 세차례 상호를 변경하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소 주소 : 서울 종로구 세종대로 163 (세종로 178번지) 현대해상화재보험빌딩 전화번호 : 1588-5656 홈페이지주소 : http://www.hi.co.kr

마. 회사 사업 영위의 근거가 되는 법률 당사는 보험회사로서 보험업법, 자본시장과 금융투자업에 관한 법률 등 관계 법령이 허용하는 사업을 영위하고 있습니다.

바. 중소기업 해당 여부 당사는 중소기업기본법에 의한 중소기업에 해당하지 않습니다.

사. 주요 사업의 내용(주요종속회사 포함) (1) 주요사업 개요 당사의 주요사업은 보험업법 및 관계법령에 의한 손해보험업, 제3보험업, 기타보험업 등의 보험업이며, 허용되는 범위 내의 자산운용, 겸영가능업무 및 부수업무를 수행하고 있습니다. 연결실체로서도 주요사업인 손해보험업과 이와 관련한 부가사업을 주로 영위하고 있으며, 온라인자동차보험업을 포함한 손해보험업, 자산운용업 등을 영위하는 금융업과 손해사정서비스업, 기타서비스업을 영위하는 비금융업으로 사업부문을 나눌 수 있습니다.

(2) 회사가 영위하는 목적사업 지배회사 및 주요종속회사가 영위하는 목적사업은 아래와 같습니다.

(3) 향후 추진하고자 하는 사업 해당사항 없음

아. 신용평가에 관한 사항

당사는 국제적인 신용평가 전문기관인 스탠더드앤푸어스(S&P), 보험회사 신용평가 전문기관인 에이엠베스트(A.M.Best)로부터 전사적 재무건전성에 대해 매년 정기적으로 신용평가를 받고 있습니다. 당사의 신용평가 결과 추이를 요약하면 아래와 같습니다.

주) 평가등급의 의미 : 전사적 재무건전성 (Financial Strength Rating) 1. S & P (본점소재지 : 미국)

2. A.M.Best (본점소재지 : 미국)

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.17%
[2.70%, 6.69%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 24.7% (2026-03-04). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.19
Beta [0.06, 0.33] · KOSPI200 · As of 2026-10-08
Intercept
+0.161%[-0.241%, +0.562%]
R squared
0.05
Observations
252
Trading-time corrected beta
0.04[-0.26, 0.33]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2022202320242025TTM
Insurance revenueKRW 100M121,225131,237137,135141,429143,913
Revenue growth%—8.264.493.13—
Operating incomeKRW 100M17,9207,88212,44112,61014,330
Operating income growth%—-56.0157.831.36—
Net incomeKRW 100M12,9506,0788,50510,19811,701
Net income growth%—-53.0639.9319.90—
Attributable to ownersKRW 100M12,9506,0788,50510,19811,701
Attributable to minoritiesKRW 100M00———
Operating margin%14.786.019.078.929.96
Net margin%10.684.636.207.218.13
ROE%13.6210.0417.9319.7717.87
ROA%2.801.381.752.022.38
Debt ratio%386.46628.08922.98877.79651.20
Reserve ratio%13,596.3214,597.0616,070.5618,509.7719,953.33
Free cash flowKRW 100M8,99820,97613,18535,055—
FCF margin%7.4215.989.6124.79—
OCF conversion%70.33349.25163.86345.85—
Capex to revenue%0.090.190.550.15—
EPSKRW16,2867,61010,84713,00613,725
PERx1.814.072.282.372.54
BPSKRW106,35467,73453,05857,69076,812
PBRx0.280.460.470.530.45
Dividend per shareKRW1,965—2,063——
Payout ratio%12.07—19.02——

Consolidated basis

Margins%

Cash flow by activityKRW 100M

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Free cash flow breakdownKRW 100M

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

2022202320242025
462,526440,880*485,238504,296
Total liabilitiesKRW 100M367,445380,326*437,804452,721
95,08160,554*47,43451,575

Income statement

2022202320242025
121,225131,237*137,135141,429
17,9207,882*12,44112,610
17,6517,604*11,99912,243
12,9506,078*8,50510,198
Basic earnings per shareKRW16,2867,610*10,84713,006
Diluted earnings per shareKRW16,2867,610*10,84713,006
36,4801,135*-11,5024,141

Cash flow statement

2022202320242025
Net incomefrom the income statement12,9506,0788,50510,198
Total adjustments to operating cash flowcomputed-3,84215,1505,43225,073
9,10821,22813,93735,271
-5,745-11,933-27,104-40,413
-4,437-8,71215,8555,755
12,29511,18111,75114,480
Net change in cash and cash equivalentsKRW 100M-1,1145702,729Not applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 72안진회계법인2025-12-31
2024적정의견Term 71안진회계법인2025-12-31
2023적정의견Term 70안진회계법인2025-12-31
2022중요성의 관점에서 공정하게 표시하지 않은 사항이 발견되지 아니함Term 69삼정회계법인2022-12-31
2021적정Term 68삼정회계법인2022-12-31
2020적정Term 67삼정회계법인2022-12-31
2019적정Term 66삼일회계법인2019-12-31
2018적정Term 65삼일회계법인2019-12-31
2017적정Term 64삼일회계법인2019-12-31
2016적정Term 63삼일회계법인2016-12-31
2015적정Term 62삼일회계법인2016-12-31
2014적정Term 61삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.30
%
%
Cost of equity5.87%
Weighted average cost of capital—
Initial growth19.8%
Effective tax rate16.7%
Base fiscal year2025
Current priceKRW47,150

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE1,535,322+3,156.3%
Residual income model RIM433,986+820.4%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.30 × 5.00% = 5.87%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(19.77% × (1 − 0.00%), 0) = 19.77%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 57,690 KRW, ROE = 19.77%, payout ratio = 0.00%, r = 5.87%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
157,69011,4073,3878,0210.94467,576
269,09813,6634,0569,6070.89228,571
382,76116,3654,85811,5060.84279,697
499,12519,6015,81913,7820.796010,970
5118,72623,4766,97016,5070.751812,410
Terminal value435,0250.7518327,072

P_0 = 57,690 + 49,224 + 327,072 = 433,986 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 35,270.8 − 215.7 + 0.0 (net borrowing) = 35,055.0 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
119.77%41,986.70.944639,658.6
215.33%48,423.30.892243,202.2
310.89%53,695.00.842745,249.2
46.44%57,154.70.796045,494.1
52.00%58,297.80.751843,831.0
Terminal value2.00%1,536,408.70.75181,155,143.2
Total1,372,578.3

P_0 = 1,372,578.3 KRW hundred million ÷ 89,400,000 (shares) = 1,535,322 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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