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KREDKRED
005830KOSPI

DB Insurance

186,600
-300 (-0.16%)

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

DB Insurance is a non-life insurance company established in 1962 and headquartered in Seoul. It is listed on the KOSPI market and is part of the DB Group.

The company provides non-life insurance services, including long-term and automobile insurance. It generates revenue through insurance premiums and asset management, which includes investments in securities and loans to individuals and corporations.

Business overview as filed

당사의 주요 영위업종은 손해보험업이며 보험상품 판매를 통한 보험료 수입으로보험금, 사업비, 운용자금 등의 필요한 재원을 충당하고 있습니다.2025년 기준 1조 360억원의 보험손익을 인식하였으며, 이는 보험영업수익16조 484억원에서 보험서비스비용 15조 124억원을 제한 값으로 산출됩니다.보험영업수익은 보험수익 15조 2,984억원 (95.3%), 재보험수익 7,500억원 (4.7%) 으로 구성되어 있으며 보험서비스비용은 보험비용 13조 8,797억원 (92.5%), 재보험비용 9,287억원 (6.2%), 기타사업비용 2,040억원 (1.4%) 으로 구성되어 있습니다.보험수익은 장기 및 자동차 보험에서의 수익이 가장 큰 비중을 차지하고 있으며 각각 다음과 같습니다.: 장기손해보험 중 장기보험 8조 2,644억원 (54.0%), 일반손해보험 중 자동차보험4조 861억원 (26.7%), 일반손해보험 중 해외보험 8,678억원 (5.7%)보험비용 또한 장기 및 자동차 보험에서의 비용이 가장 큰 비중을 차지하고 있으며 각각 다음과 같습니다.: 장기손해보험 중 장기보험 7조 645억원 (50.9%), 일반손해보험 중 자동차보험4조 887억원 (29.5%), 일반손해보험 중 해외보험 7,112억원 (5.1%) 한편 당사는 자산운용을 통해서도 이익을 창출하고 있으며 제59기 총자산 59조 4,088억원 중 56조 936억원을 운용하고 있습니다. (자산운용률 : 94.42%)이 중 유가증권 운용과 대출을 통한 수익 창출이 큰 비중을 차지하고 있습니다. (유가증권 운용 수익 : 1조 668억원, 대출 수익 : 6,916억원)유가증권의 경우 국내에는 28조 9,164억원을 투자하였고 해외에는 10조 146억원을투자하였습니다. 대출은 개인에 대한 대출이 7,070억원, 대기업에 대한 대출은 4조 5,343억원, 중소기업에 대한 대출은 9조 5,659억원입니다.

Company overview

가. 연결대상 종속회사 개황□ 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 DB손해보험주식회사라고 표기합니다. 또한 영문으로는 DB INSURANCE CO., LTD.로 표기합니다.

다. 설립일자 및 존속기간

당사는 1962년 '한국자동차보험공영사'로 출발하여 자동차보험을 독점판매하기 시작하였고, 1968년 손해보험사의 공동출자를 통해 한국자동차보험(주)으로 재출범하게 되었습니다. 1983년 동부그룹이 경영권을 인수, 1995년 10월 동부화재해상보험주식회사로 사명을 변경하였습니다. 그리고 글로벌 보험사로 한 단계 더 도약하고자 2017년 11월 DB손해보험주식회사로 사명을 변경하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지

- 주소 : 서울 강남구 테헤란로 432 (대치동, DB금융센터)- 전화번호 : 1588-0100- 홈페이지 : https://www.idbins.com

마. 회사사업 영위의 근거가 되는 법률

당사는 보험회사로서 보험업법, 자본시장과 금융투자업에 관한 법률 등 관계 법령이 허용하는 사업을 영위하고 있습니다.

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

당사는 손해보험 및 겸영가능한 보험 종목의 계약 체결과 그 계약의 보험료 거수 및 보험금 지급을 주업무로 하는 손해보험회사로서, 정관상 영위하는 목적사업은 다음과 같습니다.1. 보험업법 및 관계법령에 의해 영위가능한 보험업2. 보험업법 및 관계법령에 의해 금지 또는 제한되는 방법을 제외한 모든 자산운용3. 보험업법 및 관계법령에 의해 허용되는 보험업외의 업무 제59기 당사의 영업이익 2조 878억원은 보험손익 1조 360억원 (50%) 과 투자손익 1조 518억원 (50%) 으로 구성되어 있습니다. 보험손익은 보험영업수익 16조 484억원에서 보험서비스비용 15조 124억원을 제한 값이며 투자손익은 투자영업수익 3조 9,727억원에서 투자영업비용 2조 9,208억원을 제한 값입니다. 보험영업수익은 보험수익 15조 2,984억원 (95%) 과 재보험수익 7,500억원 (5%) 으로 구성되어 있으며 투자영업수익은 이자수익 1조 5,315억원 (39%), 금융상품수익 1조 6,466억원 (41%), 기타투자수익 6,287억원 (16%) 등으로 구성되어 있습니다.

III. 재무에 관한 사항 4. 재무제표 중 포괄손익계산서 참조

주요종속회사인 DB생명보험(주)는 정관상 영위하는 목적사업은 다음과 같습니다. 1) 보험업법 및 관계법령에 의해 영위 가능한 보험업 2) 보험업법 및 관계법령에 의해 금지 또는 제한되는 방법을 제외한 모든 자산운용 3) 자본시장과 금융투자업에 관한 법률에 의하여 인가(등록)받은 금융투자업 4) 보험업법 및 관계법령에 의해 허용되는 보험업 외의 업무2025년 DB생명보험(주)의 영업수익은 18,751억원 입니다. 이 가운데 보험수익은 7,375억원(39%)이며 투자수익은 11,376(61%)억원 입니다. 주요종속회사인 DB캐피탈(주)의 정관상 영위하는 목적사업은 다음과 같습니다.

제31기

DB캐피탈(주)

의 영업수익 470억원 중 영업자산 이자수익이 가장 큰 비중을 차지하고 있으며 (73.5%, 346억원), 유가증권 투자수익(10.9%, 51억원), 기타수익(9.9%, 46억원), 수수료수익(5.7%, 27억원)으로 영업수익을 구성하고 있습니다.

주요종속회사인 DBV Insurance Group Joint Stock Company의 정관상 영위하는 목적사업은 다음과 같습니다. 1) 베트남 현지법에 의해 영위 가능한 보험업 2) 베트남 현지법에 의해 금지 또는 제한되는 방법을 제외한 모든 자산운용 3) 베트남 현지법에 의해 인가(등록)받은 금융투자업 4) 베트남 현지법에 의해 허용되는 보험업 외의 업무2025년 DBV Insurance Group Joint Stock Company의 원수보험료는 4조 1,816억동이며 발생손해액은 1조 14억동, 당기순이익은 327억동입니다. 주요종속회사인 Sai Gon - Ha Noi Insurance Corporation의 정관상 영위하는 목적사업은 다음과 같습니다. 1) 베트남 현지법에 의해 영위 가능한 보험업 2) 베트남 현지법에 의해 금지 또는 제한되는 방법을 제외한 모든 자산운용 3) 베트남 현지법에 의해 인가(등록)받은 금융투자업 4) 베트남 현지법에 의해 허용되는 보험업 외의 업무2025년 Sai Gon - Ha Noi Insurance Corporation의 원수보험료는 2조 5,784억동이며 발생손해액은 1조 2,084억동, 당기순이익은 88억동입니다.

아. 신용평가에 관한 사항

1) 최근 3년간 신용등급 당사는 국제적인 보험회사 전문 신용평가기관인 A.M Best사와 세계 3대 신용평가기관 중 하나인 Standard & Poor's 사로부터 매년 전사적 재무건전성에 대해 신용평가를 받고 있으며, 최근 3년간 받은 신용평가 결과는 다음과 같습니다.

2) 신용평가기관별 신용등급체계와 해당 신용등급의 의미 (가) A.M Best (본점소재지 : 미국)

(나) S & P (본점소재지 : 미국)

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.31), 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

3.41%
[2.23%, 5.27%] · 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 36.0% (2026-06-26). 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

0.15
Beta [-0.01, 0.30] · KOSPI200 · As of 2026-10-08
Intercept
+0.084%[-0.271%, +0.439%]
R squared
0.03
Observations
252
Trading-time corrected beta
0.06[-0.17, 0.28]
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 100M136,925145,711157,011164,326168,098
Revenue growth%—6.427.764.66—
Operating incomeKRW 100M27,26022,35024,24923,84025,526
Operating income growth%—-18.018.50-1.69—
Net incomeKRW 100M20,39517,42418,53217,90618,234
Net income growth%—-14.576.36-3.38—
Attributable to ownersKRW 100M20,33917,38618,51617,88018,211
Attributable to minoritiesKRW 100M5638162622
Operating margin%19.9115.3415.4414.5115.19
Net margin%14.8911.9611.8010.9010.85
ROE%16.9316.9819.9216.4313.04
ROA%3.542.902.792.422.23
Debt ratio%375.37482.70608.17576.91481.21
Reserve ratio%25,687.0629,661.3934,000.3638,029.6439,595.80
Free cash flowKRW 100M26,93244,29232,939-3,578—
FCF margin%19.6730.4020.98-2.18—
OCF conversion%134.24256.11180.41-15.77—
Capex to revenue%0.330.230.320.46—
EPSKRW33,87428,95530,83829,59727,803
PERx1.932.893.334.434.82
BPSKRW169,721144,584131,309153,684213,284
PBRx0.380.580.780.850.63
Dividend per shareKRW4,600—5,3006,800—
Payout ratio%13.58—17.1922.98—

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
576,352600,404665,061*740,223
Total liabilitiesKRW 100M455,109497,367571,149*630,870
121,243103,03793,912*109,353

Income statement

2022202320242025
136,925145,711157,011*164,326
27,26022,35024,249*23,840
26,99622,55824,370*24,636
20,39517,42418,532*17,906
Basic earnings per shareKRW33,87428,95530,83829,597
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicable
42,34415,301-6,267*10,613

Cash flow statement

2022202320242025
Net incomefrom the income statement20,39517,42418,53217,906
Total adjustments to operating cash flowcomputed6,98227,20014,902-20,730
27,37744,62433,434*-2,824
-28,612-32,194-29,309*-6,706
1,072-10,584-4,499*15,005
10,44310,34912,174*11,865
Net change in cash and cash equivalentsKRW 100M-951,825-308*5,269

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.03.31.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 59삼일회계법인2025-12-31
2024적정의견Term 58삼일회계법인2025-12-31
2023적정의견Term 57삼일회계법인2025-12-31
2022적정의견Term 56한영회계법인2022-12-31
2021적정의견Term 55한영회계법인2022-12-31
2020적정의견Term 54한영회계법인2022-12-31
2019적정의견Term 53한영회계법인2019-12-31
적정의견Term 52한영회계법인2019-12-31
적정의견Term 51한영회계법인2019-12-31

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 growth12.7%
Effective tax rate27.3%
Base fiscal year2025
Current priceKRW186,600

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 model179,115-4.0%
Dividend discount model DDM228,353+22.4%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM758,482+306.5%
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(16.43% × (1 − 22.98%), 0) = 12.66%

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

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 6,800 × (1 + 2.00%) / (5.87% − 2.00%) = 6,936 / 0.0387 = 179,115 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 6,800, g_1 = 12.66%, g_T = 2.00%, r = 5.87%

YearGrowthDividend KRWDiscount factorPresent value KRW
112.66%7,6610.94457,236
29.99%8,4260.89217,517
37.33%9,0440.84277,621
44.66%9,4660.79597,534
52.00%9,6550.75187,258
Terminal value2.00%254,3150.7518191,187
Total228,353

P_0 = 228,353 KRW

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 = 153,684 KRW, ROE = 16.43%, payout ratio = 22.98%, r = 5.87%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1153,68425,2559,02516,2300.944515,329
2173,13628,45110,16718,2840.892116,312
3195,05132,05211,45420,5980.842717,357
4219,73936,10912,90423,2050.795918,470
5247,55240,68014,53726,1430.751819,653
Terminal value688,6070.7518517,676

P_0 = 153,684 + 87,122 + 517,676 = 758,482 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.

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