Samsung Fire posts record H1 profit, S&P upgrades rating to AA

Samsung Fire & Marine Insurance said on Monday it posted record net profit for the first half of 2026, driven by strong premium growth and improved underwriting performance.

The insurer did not disclose the exact profit figure in its preliminary results announcement. Revenue rose 12% year-over-year to 15.3 trillion won ($11.2 billion), supported by higher policy sales across both domestic and international markets.

Underwriting income increased 18% to 2.1 trillion won, reflecting tighter risk management and lower claims ratios. Investment income, excluding unrealized gains, climbed 9% to 1.4 trillion won, offsetting volatile equity markets.

S&P Global Ratings upgraded Samsung Fire’s long-term issuer credit rating to AA from AA-, citing the company’s sustained profitability, robust capital adequacy, and diversified revenue streams. The outlook was revised to stable.

The upgrade follows a series of positive rating actions by Moody’s and Fitch earlier this year, which also highlighted the insurer’s improving risk profile and liquidity position.

Samsung Fire, South Korea’s second-largest non-life insurer by premium volume, has expanded aggressively in Southeast Asia and the U.S. over the past two years, targeting growth in commercial property and casualty segments.

Analysts said the rating upgrade could reduce the insurer’s borrowing costs and improve access to capital markets, particularly amid rising global interest rates.

Shares in Samsung Fire’s parent company, Samsung Electronics, were little changed in early trading, as broader market sentiment remained cautious ahead of key U.S. inflation data.