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SAMSUNG FIRE & MARINE INSURANCE CO., LTD.

(A000810)
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Kakao and Samsung Fire & Marine Terminate Plan to Form Joint Digital Insurance Venture

05/27/2020 | 03:51pm EST

Kakao has called off its plans to form a joint digital insurance venture with Samsung Fire & Marine (SFMI) as they failed to resolve their business differences. The companies on May 26th informed the Financial Services Commission (FSC) that they have cancelled plans to form a joint online insurance company. Both companies entered into a strategic partnership in October last year to launch a new digital insurance company in South Korea. As per the initial agreement, Kakao's online payment service unit Kakao Pay was to hold management rights, with Kakao and SFMI as strategic investors. Kakao Pay was to own 50% of the joint venture, while Kakao would have held a 30% stake and SFMI the remaining 20% stake. The plan, according to the report, was dropped reportedly due to a conflict over the launch of digital car insurance. The report suggested that Samsung Fire & Marine wanted to delay the offering, fearing cannibalization with its own online auto insurance service. The company was also apprehensive about business prospects due to the reduced auto use amid the Covid-19 pandemic. The companies have parted on friendly terms, signing an agreement to a general partnership, the report added. Kakao Pay launched its own simplified insurance services last year. The messaging platform forayed into banking sector in 2017 by launching digital-only lender, Kakao Bank.


ę S&P Capital IQ 2020
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Financials
Sales 2021 18 601 B 15,8 B 15,8 B
Net income 2021 1 210 B 1,02 B 1,02 B
Net Debt 2021 - - -
P/E ratio 2021 7,67x
Yield 2021 6,38%
Capitalization 8 788 B 7 425 M 7 443 M
Capi. / Sales 2021 0,47x
Capi. / Sales 2022 0,46x
Nbr of Employees 5 691
Free-Float 66,7%
Chart SAMSUNG FIRE & MARINE INSURANCE CO., LTD.
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Samsung Fire & Marine Insurance Co., Ltd. Technical Analysis Chart | A000810 | KR7000810002 | MarketScreener
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Consensus
Mean consensus -
Number of Analysts 0
Last Close Price 209 000,00 
Average target price
Spread / Average Target -
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Managers and Directors
Young-Moo Choi Chief Executive Officer & Director
Sang-Mok Lee Managing Director & Head-IT Strategy Team
Heon-Tae Son MD, Compliance Officer & Head-Compliance Support
Dong-Geun Cho Independent Director
Dae-Dong Park Independent Director
Sector and Competitors