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085620KOSPI

Mirae Asset Life Insurance

20,400
-2,250 (-9.93%)

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

Mirae Asset Life Insurance was established in 1988 and is listed on the KOSPI market. Headquartered in Seoul, the company operates as a life insurance provider and has three consolidated subsidiaries.

The company provides life insurance services, including protection, variable, pension, and savings insurance products. It also engages in asset management and related research activities to support its insurance operations.

Business overview as filed

당사는 1988년 3월 대전생명보험사로 설립된 이후, 2005년 6월 27일부터 사명을미래에셋생명보험주식회사로 변경하여 '생명보험업'을 영위하고 있습니다.'생명보험업'은 사람의 생존 또는 사망에 관하여 약정한 급여의 제공을 약속하고금전을 수수하는 것을 업으로 행하는 것을 말합니다. 생명보험업은 내수 집중도가 높은 산업이지만 금융업의 기본 특성상 국내외 경기변동과 금융시장 환경에 영향을 많이 받습니다.보험은 장기적인 성격의 상품으로 지속적이고 안정적인 보험료 수입을 창출하고 있습니다. 또한 공적보장을 보완하는 사회 안전망으로서의 역할과 함께 대규모 자산을 운용하는 기관투자자로서 시장경제 활성화에 기여하고 있습니다.

2025년 12월말 기준 주요 성과는 아래와 같습니다.당사는 2025년 누적으로 4조 9,716억 원의 수입보험료를 달성하였고, 총 296만 건의 계약을 보유하고 있는 가운데, 금액비율 기준으로 77.35% 기록하고 있는 사망보험 계약을 가장 많이 보유하고 있습니다.자산운용 실적으로는 운용자산 18조 5,410억 원으로 자산운용률은 95.73%입니다. 운용자산 내역 중에서는 유가증권이 15조 9,765억원(86.17%), 대출채권 1조 9,681억원(10.62%)가 주를 이루고 있습니다.

당사의 당기 영업사항은 아래와 같습니다 [2025.12.31 현재] (단위: 백만원)

주1) K-IFRS(한국채택국제회계기준) 연결 재무제표 기준 금액입니다. - K-IFRS 제1117호 및 제1109호 기준으로 작성하였습니다.주2) 영업수익은 포괄손익계산서 보험서비스수익과 투자서비스수익의 합계 입니다.본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 "II. 사업의 내용"의 "2. 영업의 현황"부터 "5. 재무건전성 등 기타 참고사항"까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

1) 연결대상 종속회사 현황(요약)

1-1) 연결대상회사의 변동내용

2) 지배회사(미래에셋생명보험)

가. 회사의 법적·상업적 명칭

당사의 명칭은 미래에셋생명보험주식회사 이고,영문으로는 "MIRAE ASSET Life Insurance Co., Ltd." 로 표기합니다.

나. 설립일자

당사는 대전생명보험주식회사로 설립(1988. 3. 7)되었으며, 미래에셋생명보험주식회사로 사명을 변경(2005. 6. 27) 하였습니다.

다. 본사의 주소, 전화번호 및 홈페이지 주소

(1) 주소: 서울특별시 영등포구 국제금융로 56 (여의도동, 미래에셋증권빌딩)(2) 전화번호: 1588-0220(3) 홈페이지 주소: http://life.miraeasset.com

라. 회사사업 영위의 근거가 되는 법률

당사는 '보험업법'에 근거하여 사업을 영위하고 있습니다.

마. 중소기업 등 해당 여부

바. 주요사업의 내용

미래에셋생명은 사람의 생존 또는 사망에 관하여 약정한 급여의 제공을 약속하고 금전을 수수하는 것을 업으로 행하는 생명보험업과 이에 관련된 부대사업 영위를 주요사업으로 하고 있습니다. 보장성 보험상품 및 변액/연금/저축성 보험상품 등 고객의 니즈에 부합하는 상품과 서비스를 제공하고 있으며, 연결종속회사는 국내 3개로 구성되어 있습니다.

당사의 사업과 관련한 보다 자세한 내용은 II. 사업의 내용을 참고하시기 바라며,당사가 영위하는 목적사업은 다음과 같습니다.① 보험업법에 의해 영위 가능한 보험업 ② 보험업법 또는 기타 법령에 의해 허용되는 자산운용 ③ 보험업법 또는 기타 법령에 의해 허용되는 사업④ 제1호 내지 제3호의 사업에 부수한 조사, 연구기능 강화를 위해 별도 연구소 운용⑤ 기타 금융위원회로부터 인ㆍ허가 등을 받은 사업

사. 신용평가에 관한 사항▶ 신용평가기관 주요 의견2025년 6월, 한국기업평가(주)로부터 보험금지급능력평가(InsuranceFinancial Strength Rating : IFSR) 에서 AA(안정적), 2025년 6월에는 후순위무보증사채에 대한 신용등급 평가에서는 AA-(안정적)을 받았습니다. 주요 평가 근거는 변액보험 및 퇴직연금 시장에서의 우수한 시장지위, 수익성 및 재무건전성 우수 등 입니다.한국신용평가(주)로부터 2025년 10월에 후순위무보증사채에 대한 신용등급 평가에서는 AA-(안정적), 보험금지급능력평가에서 AA(안정적) 등급을 받았습니다. 주요 평가 근거는 변액보험 부문의 안정적 영업기반 및 높은 시장지위, 양호한 수익성 및 우수한 자본적정성 등 입니다.- 미래에셋생명 보험금지급능력은 “AA ”로 평가

- 미래에셋생명 후순위무보증 사채에 대한 신용평가 등급은 “AA- ”로 평가

신용평가전문기관의 신용등급체계 및 등급정의

주1) 상기 등급 중 AA부터 B등급까지는 +,- 부호를 부가하여 동일 등급 내에서의 우열을 나타내고 있습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

3) 종속회사 주요사업 내용(기준 : 2025.12.31)

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.07.21), 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

5.85%
[2.44%, 14.03%] · 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 59.1% (2026-07-29). 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

0.64
Beta [0.40, 0.87] · KOSPI200 · As of 2026-10-08
Intercept
+0.337%[-0.485%, +1.159%]
R squared
0.13
Observations
252
Trading-time corrected beta
0.61[0.11, 1.11]
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 100M9,0399,0169,64010,80411,539
Revenue growth%—-0.256.9212.08—
Operating incomeKRW 100M1,6241,6911,2211,9451,822
Operating income growth%—4.14-27.7959.27—
Net incomeKRW 100M1,2481,1721,3611,3081,267
Net income growth%—-6.1016.13-3.92—
Attributable to ownersKRW 100M1,2481,1721,3611,3081,267
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%17.9718.7612.6718.0015.79
Net margin%13.8113.0014.1212.1010.98
ROE%3.054.035.315.345.23
ROA%0.360.350.420.400.37
Debt ratio%757.401,036.891,167.471,244.751,318.23
Reserve ratio%188.52190.14214.44227.64195.58
Free cash flowKRW 100M-6,785-9,936-2,5682,800—
FCF margin%-75.07-110.20-26.6425.91—
OCF conversion%-538.07-845.23-186.06217.57—
Capex to revenue%0.760.320.370.42—
EPSKRW9578981,0431,002937
PERx3.025.315.059.3622.41
BPSKRW23,08816,44314,48313,83017,929
PBRx0.130.290.360.681.17
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicable

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
350,415330,920324,936329,208
Total liabilitiesKRW 100M309,546301,813*299,300304,727
40,86929,107*25,63724,481

Income statement

2022202320242025
9,0399,0169,64010,804
Operating incomeKRW 100M1,6241,691*1,2211,945
1,6451,650*1,2311,987
1,2481,172*1,3611,308
Basic earnings per shareKRW957898*1,0431,002
Diluted earnings per shareKRW957898*1,0431,002
14,2121,583*-4,519-1,156

Cash flow statement

2022202320242025
Net incomefrom the income statement1,2481,1721,3611,308
Total adjustments to operating cash flowcomputed-7,964-11,079-3,8941,537
-6,716-9,907-2,5322,845
5,99417,75369-3,205
4,722-4,864-617859
5,4189,41912,4029,322
Net change in cash and cash equivalentsKRW 100M4,0012,983-3,080500

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 2026.07.21.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 39삼일회계법인2025-12-31
2024적정의견Term 38삼일회계법인2025-12-31
2023적정의견Term 37삼일회계법인2025-12-31
2022(주1)Term 36삼일회계법인2022-12-31
적정Term 35삼일회계법인2022-12-31
적정Term 34한영회계법인2022-12-31
2019적정Term 33삼일회계법인2019-12-31
2018적정Term 32삼정회계법인2019-12-31
2017적정Term 31삼정회계법인2019-12-31

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.

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 5Y0.56
%
%
Cost of equity7.18%
Weighted average cost of capital—
Initial growth5.3%
Effective tax rate34.2%
Base fiscal year2025
Current priceKRW20,400

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 FCFE33,646+64.9%
Residual income model RIM8,328-59.2%
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% + 0.56 × 5.00% = 7.18%

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(5.34% × (1 − 0.00%), 0) = 5.34%

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 = 13,830 KRW, ROE = 5.34%, payout ratio = 0.00%, r = 7.18%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
113,830739993-2540.9330-237
214,5697781,046-2680.8705-233
315,3478201,102-2820.8122-229
416,1678641,161-2970.7578-225
517,0309101,223-3130.7070-221
Terminal value-6,1620.7070-4,357

P_0 = 13,830 + -1,145 + -4,357 = 8,328 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 = 2,845.2 − 45.7 + 0.0 (net borrowing) = 2,799.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.34%2,949.10.93302,751.5
24.51%3,082.00.87052,682.9
33.67%3,195.10.81222,595.1
42.84%3,285.70.75782,489.9
52.00%3,351.40.70702,369.6
Terminal value2.00%66,005.20.707046,668.9
Total59,558.1

P_0 = 59,558.1 KRW hundred million ÷ 177,016,189 (shares) = 33,646 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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Neighbours in the market capitalisation order.

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