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031210KOSPI

Seoul Guarantee Insurance Company

41,900
-150 (-0.36%)

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

Seoul Guarantee Insurance Company was established in 1969 and is headquartered in Seoul. The company is listed on the KOSPI market.

The company operates as a comprehensive guarantee insurance provider. Its business segments include insurance operations involving guarantee and reinsurance, as well as investment operations through the management of premiums.

Business overview as filed

당사는 1969년 2월 대한보증보험 주식회사로 설립된 이후 1998년 11월 한국보증보험을 흡수합병하며 서울보증보험 주식회사로 출범하였으며, 당사의 영업수익은 보증보험 및 재보험에서 발생하는 보험영업수익과 보험계약자로부터 수령한 보험료의 운용을 통해 창출하는 투자영업수익으로 구분됩니다. 당사는 보험업법상 허가된 국내 유일한 종합보증보험회사로 보증보험 사업 영위를 통한 국내 신용 거래 활성화, 경제 주체 간 거래의 안정성 확보를 통한 금융발전 촉진의 공적 역할을 수행하고 있습니다. 현재 보증보험을 포함한 보험산업은 글로벌 금융시장의 변동성 확대 및 경기 침체 등의 비우호적 경영환경을 직면하고 있으나, 지속 가능한 성장을 추구하고자 다각도로 노력 중입니다. 당사는 국가 경제 내 새로운 거래 유형 및 거래 대상에 대응하는 신규 보증보험상품을 지속 출시하고 있으며, 디지털 전환을 통한 보증보험 접근성과 서비스 품질 상승, 보유 및 축적해온 신용 데이터를 바탕으로 거래 고객군 확대, 글로벌 진출 등을 통해 사업 영역을 확대하고 성장을 지속하고 있습니다.자산운용 측면에서는 보증보험의 경기 민감성 및 보험사고 발생 연쇄성 등을 고려하여 유동성과 안정성을 중요시하는 자산운용 전략을 유지하고 있습니다. 향후에도 이러한 기본 전략을 유지하면서 위험허용 범위 내에서 중장기 수익률을 높이기 위한 자산배분 변화를 추진하여 자산운용 수익을 확대할 계획입니다.당사는 2025년 연결 기준 2조 3,132억원의 보험영업수익을 인식하였으며, 보험손익 2,523억원과 투자손익 1,234억원을 합산하여 3,757억원의 영업이익, 2,684억원의 당기순이익을 시현하였습니다. K-ICS 지급여력비율은 2025년 12월말 기준 397.4%로 업계 최상위 수준의 자본건전성을 유지하고 있습니다.한편, 당사는 향후 지속적인 성장 기반 확보와 중장기 발전을 위해 새로운 비전체계 "WITH SGI"를 수립하였으며, 4대 핵심전략에 따라 사업을 진행하고 있습니다.

당사의 "WITH SGI" 비전은 다양한 주체들과 함께 나아감으로써 사회적인 가치를 창출함과 동시에, 기존사업과 신사업을 균형감 있게 추진하고 재무적인 안정성에 기반한 성장을 추구합니다. 회사는 2024년 '손익제고와 업무 효율화', 2025년 '성장성 확보방안 마련', 2026년 '지속가능경영 달성'을 이루어내기 위해 4대 핵심전략과 12개의 전략과제 등으로 구성된 "WITH SGI" 중장기전략 로드맵을 이행하고, 다양한 사업을 차질없이 추진해나가고 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭당사의 명칭은 서울보증보험 주식회사이고, 영문명은 Seoul Guarantee Insurance Company입니다.

나. 설립일자 및 존속기간당사는 1969년 2월 19일에 설립되었으며, 1998년 11월 25일 한국보증보험 주식회사를 합병하고 상호를 대한보증보험 주식회사에서 서울보증보험 주식회사로 변경하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

-

본사주소 : 서울특별시 종로구 김상옥로 29(연지동)

- 전화번호 : 02-3671-7000

- 홈페이지 : http://www.sgic.co.kr

라. 회사사업 영위의 근거가 되는 법률당사는 「보험업법」 및 관계법령 등에 근거하여 사업을 영위하고 있습니다.

마. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용 - 제59기 사업연도 기준(2025.1.1.~2025.12.31.) 변동사항 없음

바. 중소기업 등 해당 여부

사. 주요사업의 내용

기타 자세한 사항은 Ⅱ.

아. 신용평가에 관한 사항(1) 신용등급 현황

(2) 신용등급체계와 해당 신용등급에 부여된 의미 (가) 한국신용평가(주)

(나) 한국기업평가(주)

(다) S&P (라) Fitch

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

2.67%
[1.92%, 3.98%] · As of 2026-09-30
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 35.3% (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

0.21
Beta [0.10, 0.32] · KOSPI200 · As of 2026-10-06
Intercept
-0.164%[-0.423%, +0.096%]
R squared
0.12
Observations
252
Trading-time corrected beta
0.06[-0.07, 0.20]
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

20242025TTM
Insurance revenueKRW 100M20,88321,75522,837
Revenue growth%—4.17—
Operating incomeKRW 100M2,7973,7574,444
Operating income growth%—34.34—
Net incomeKRW 100M2,1332,6843,071
Net income growth%—25.85—
Attributable to ownersKRW 100M2,1312,6843,071
Attributable to minoritiesKRW 100M200
Operating margin%13.3917.2719.46
Net margin%10.2112.3413.45
ROE%4.125.176.13
ROA%2.292.853.30
Debt ratio%80.3481.1185.31
Reserve ratioNot applicableNot applicableNot applicable
Free cash flowKRW 100M3,0493,732—
FCF margin%14.6017.15—
OCF conversion%147.69144.27—
Capex to revenue%0.480.65—
EPSKRW3,0523,8444,398
PERx—12.949.44
BPSKRW—74,33171,767
PBRx—0.670.58
Dividend per shareKRW2,9832,865—
Payout ratio%97.7474.53—

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

20242025
93,33694,087
Total liabilitiesKRW 100M41,58142,136
51,75551,952

Income statement

20242025
20,88321,755
Operating incomeKRW 100M2,7973,757
2,8303,744
2,1332,684
Basic earnings per shareKRW3,0523,844
Diluted earnings per shareKRW3,0523,844
1,8342,198

Cash flow statement

20242025
Net incomefrom the income statement2,1332,684
Total adjustments to operating cash flowcomputed1,0171,188
3,1503,872
-957-2,095
-2,283-2,202
1,7351,734
Net change in cash and cash equivalentsKRW 100M-1-447

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 59삼일회계법인2025-12-31
2024적정의견Term 58안진회계법인2025-12-31
2023적정의견Term 57삼일회계법인2025-12-31

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%

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 · 2026-10-064.37%
BetaDaily 1Y0.21
%
%
Cost of equity5.43%
Weighted average cost of capital—
Initial growth1.3%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW41,900

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 model85,177+103.3%
Dividend discount model DDM83,805+100.0%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE156,331+273.1%
Residual income model RIM68,840+64.3%
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 = 4.37% + 0.21 × 5.00% = 5.43%

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(5.17% × (1 − 74.53%), 0) = 1.32%

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 = 2,865 × (1 + 2.00%) / (5.43% − 2.00%) = 2,922 / 0.0343 = 85,177 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 = 2,865, g_1 = 1.32%, g_T = 2.00%, r = 5.43%

YearGrowthDividend KRWDiscount factorPresent value KRW
11.32%2,9030.94852,753
21.49%2,9460.89962,650
31.66%2,9950.85332,555
41.83%3,0500.80932,468
52.00%3,1110.76762,388
Terminal value2.00%92,4770.767670,990
Total83,805

P_0 = 83,805 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 = 74,331 KRW, ROE = 5.17%, payout ratio = 74.53%, r = 5.43%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
174,3313,8444,037-1930.9485-183
275,3103,8944,090-1960.8996-176
376,3023,9464,144-1980.8533-169
477,3073,9984,198-2010.8093-163
578,3254,0504,254-2030.7676-156
Terminal value-6,0500.7676-4,644

P_0 = 74,331 + -847 + -4,644 = 68,840 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 = 3,872.3 − 140.8 + 0.0 (net borrowing) = 3,731.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
11.32%3,780.70.94853,586.0
21.49%3,837.00.89963,451.8
31.66%3,900.60.85333,328.3
41.83%3,971.90.80933,214.6
52.00%4,051.40.76763,110.0
Terminal value2.00%120,448.40.767692,461.8
Total109,152.6

P_0 = 109,152.6 KRW hundred million ÷ 69,821,598 (shares) = 156,331 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.

See the full KOSPI list