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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Samsung Fire & Marine Insurance Co., Ltd.    A000810   KR7000810002

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.

(A000810)
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Samsung firms sell $1.3 billion Samsung Electronics stock to maintain compliance

05/30/2018 | 07:03am EST
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul

SEOUL (Reuters) - Samsung Group's two insurance firms said on Wednesday they will sell $1.3 billion (979 million pounds) worth of stock in the conglomerate's biggest earner, Samsung Electronics Co Ltd, to maintain regulatory compliance.

Samsung Life Insurance Co Ltd and Samsung Fire & Marine Insurance Co Ltd separately said their electronics affiliate's current policy of cancelling its own shares to raise the value of investors' holdings risks pushing their own holdings beyond regulatory limits.

Samsung Electronics stock fell 3.5 percent after local media first reported the sales plans, as investors feared the sudden increased supply would push down its price, analysts said.

The announcements come at a time when regulators are questioning conglomerates' cross-shareholding arrangements, saying the web-like ownership structures undermine corporate governance by allowing founding families to control business empires with only direct minority stakes in key units.

In South Korea, conglomerates' financial arms are required to limit their combined stake in a non-financial affiliate to 10 percent.

Samsung Life owns 8.63 percent of Samsung Electronics stock with a market value of $26 billion. It said it will sell 1.2 trillion won (£837 million) worth in a single transaction before the stock market opens on Thursday, reducing its stake to 7.92 percent.

Samsung Fire & Marine said it will also conduct a block sale of 206 billion won worth of stock, reducing its stake to 1.38 percent from 1.45 percent.

The block sale in 48,300 won – 49,500 won each range represents a discount of up to 2.4 percent to Samsung Elec's last traded price, according to a term sheet of the deal seen by IFR on Tuesday.

Samsung Life may need to further reduce its holding should parliament push through a 2016 proposal to limit an insurer's investment in any affiliate to 3 percent or less of the insurer's total assets, to promote stable asset management.

The ownership of South Korea's powerful conglomerates has come under increased scrutiny this year following a series of scandals involving members of conglomerates' founding families.

The chairman of the Financial Services Commission recently said Samsung - a group of 62 affiliates - must consider ways to reduce the risk of having too much of its $375 billion assets concentrated in one place, including selling some or all of Samsung Life's stake in Samsung Electronics.

The chief of the Korea Fair Trade Commission also called the group's ownership structure "unsustainable".

In April, Samsung SDI Co Ltd sold $526 million worth of shares in affiliate Samsung C&T Corp to reduce cross-shareholding and secure funds for investment.

(Reporting by Ju-min Park and Joyce Lee;additional reporting by Anuradha Subramanyan of IFR; Editing by Christopher Cushing and Alexandra Hudson)

By Ju-min Park and Joyce Lee


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
JUST GROUP PLC -3.16% 79.65 Delayed Quote.14.45%
LETS HOLDINGS GROUP CO., LTD. 1.58% 7.72 End-of-day quote.-0.77%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LOOK HOLDINGS INCORPORATED -1.07% 921 End-of-day quote.-3.76%
MEMBERS CO., LTD. -4.30% 2582 End-of-day quote.11.34%
SAMSUNG C&T CORPORATION 0.66% 153500 End-of-day quote.11.23%
SAMSUNG ELECTRONICS CO., LTD. -1.90% 88000 End-of-day quote.8.64%
SAMSUNG FIRE & MARINE INSURANCE CO., LTD. -1.59% 186000 End-of-day quote.-0.80%
SAMSUNG LIFE INSURANCE CO., LTD. -2.71% 82600 End-of-day quote.4.42%
SAMSUNG SDI CO., LTD. -1.60% 737000 End-of-day quote.17.36%
WILL GROUP, INC. -0.81% 976 End-of-day quote.-2.98%
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Financials
Sales 2020 18 570 B 16,8 B 16,8 B
Net income 2020 758 B 0,69 B 0,69 B
Net Debt 2020 - - -
P/E ratio 2020 10,6x
Yield 2020 4,73%
Capitalization 7 779 B 7 055 M 7 048 M
Capi. / Sales 2020 419x
Capi. / Sales 2021 404x
Nbr of Employees 6 077
Free-Float 66,7%
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Samsung Fire & Marine Insurance Co., Ltd. Technical Analysis Chart | A000810 | KR7000810002 | MarketScreener
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Last Close Price 186 000,00 
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Managers and Directors
NameTitle
Young-Moo Choi Chief Executive Officer & Director
Sang-Mok Lee Managing Director & Head-IT Strategy Team
Beom Lee Director
Dong-Geun Cho Independent Director
Dae-Dong Park Independent Director
Sector and Competitors