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Key Info

Hanwha Life Insurance Co Ltd Web - www.hanwhalife.com

Tel - 82-2-1588-6363

Next Reporting Date - 15.05.2019

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    Hanwha Life Insurance Co Ltd

    Insurance

    SOUTH KOREA


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    0.74

    Current Market Cap mln$

    2,939.61

    Net Debt mln$

    -23.15

    WACC Estimate

    6.46%

    Ordinary Current Price $

    3.38

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue13060.4415017.3416791.5017209.3919444.3420851.0622257.4323615.4025002.4426562.5528220.0029980.8831851.6433839.1235950.63
    EBITDA Costs13060.4415017.3416791.5017209.3919444.3420851.0622257.4323615.4025002.4426562.5528220.0029980.8831851.6433839.1235950.63
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs12541.7214566.5515947.8616618.2518635.7119968.0321300.0322586.1823899.8625375.7026942.6628606.3930372.8632248.4034239.76
    Operating Profit518.72450.79843.64591.14808.63883.03957.401029.221102.571186.851277.341374.491478.781590.721710.86
    Operating Margin3.973.005.023.434.164.234.304.364.414.474.534.584.644.704.76
    Pretax Costs12523.8014146.9915938.0516630.7818623.0219989.7521356.1522675.5124023.1225541.1027154.9928870.8730695.1632634.7334696.85
    PTP536.64870.35853.45578.61821.32861.31901.29939.89979.311021.451065.011110.021156.481204.401253.77
    Pretax Margin4.115.805.083.364.224.134.053.983.923.853.773.703.633.563.49
    Net Income Costs13060.4414230.4016273.9117209.3919022.4120394.7921766.8323091.6524444.8325966.4227582.7429299.6631123.4533060.7635118.67
    Net Income0.00786.94517.580.00421.93456.27490.60523.75557.61596.12637.27681.23728.19778.36831.96
    Net Margin0.005.243.080.002.172.192.202.222.232.242.262.272.292.302.31
    Revenue Less Capex13210.8315076.8216892.0717361.4919554.5920959.3822363.8223719.9225105.0526661.9128315.3130071.2531936.0833916.5636019.85
    Capex-150.39-59.48-100.58-152.10-110.25-108.31-106.38-104.52-102.61-99.36-95.31-90.37-84.45-77.44-69.23
    Capex to Revenues-1.15-0.40-0.60-0.88-0.57-0.52-0.48-0.44-0.41-0.37-0.34-0.30-0.27-0.23-0.19
    Revenue less FCF12642.7615086.6017012.7316272.0019065.2020431.4121797.2923116.1624463.2625976.9927584.3929291.2531103.7333028.3635072.08
    FCF417.68-69.26-221.24937.39379.15419.65460.14499.24539.18585.55635.61689.63747.91810.76878.55
    FCF to Revenue3.20-0.46-1.325.451.952.012.072.112.162.202.252.302.352.402.44

    SOUTH KOREA Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    032830 KSSamsung Life Insurance Co LtdSOUTH KOREA 14468.4111.7210.99--0.863.32#????!0.504.31-7.43
    000810 KSSamsung Fire & Marine Insurance Co LtdSOUTH KOREA 12239.9811.7310.30--0.813.94#????!1.029.049.26
    005830 KSDongbu Insurance Co LtdSOUTH KOREA 4195.017.796.90--0.413.24#????!0.8111.06-3.02
    001450 KSHyundai Marine & Fire Insurance Co LtdSOUTH KOREA 2944.977.796.61--0.293.44#????!0.749.21-6.47
    088350 KSHanwha Life Insurance Co LtdSOUTH KOREA 2939.618.998.30--0.382.89#????!0.313.98-14.22

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    2318 HKPing An Insurance Group Co of China LtdCHINA 221142.4411.249.84--1.322.71#????!2.2320.6123.78
    1299 HKAIA Group LtdHONG KONG 123085.6419.0716.92--2.741.72#????!2.7215.8534.42
    2628 HKChina Life Insurance Co LtdCHINA 113763.0215.5413.96--1.032.57#????!1.5010.3237.13
    ALV GRAllianz SEGERMANY 100502.5511.2410.57--0.764.48#????!1.3712.3816.05
    CB USChubb LtdSWITZERLAND 64936.2813.2712.43--1.892.14#????!1.229.3416.09
    CS FPAXA SAFRANCE 63664.038.628.21--0.546.23#????!0.9410.175.66
    PRU LNPrudential PLCBRITAIN 58274.2211.2210.32--0.723.03#????!2.4721.6319.24
    1339 HKPeople's Insurance Co Group of China Ltd/TheCHINA 51812.517.206.54--0.632.24#????!0.7310.55-2.77
    MMC USMarsh & McLennan Cos IncUNITED STATES 47665.1520.2918.3914.9513.672.921.8624.465.5928.6015.69
    2601 HKChina Pacific Insurance Group Co LtdCHINA 45469.8612.0010.61--0.753.95#????!1.5714.3111.04
    PGR USProgressive Corp/TheUNITED STATES 44150.4014.8213.83--1.193.72#????!3.2724.2715.40
    AON USAon PLCBRITAIN 43208.6019.6117.4215.7414.503.810.9628.0010.6243.4718.53
    MET USMetLife IncUNITED STATES 42555.688.277.40--0.663.88#????!0.8211.0615.14
    PRU USPrudential Financial IncUNITED STATES 41952.217.997.40--0.753.93#????!0.8712.1716.32
    AIG USAmerican International Group IncUNITED STATES 39303.3910.378.99--0.812.98#????!0.656.9912.22
    MUV2 GRMuenchener Rueckversicherungs-Gesellschaft AG in MuenchenGERMANY 37072.0312.4510.99--0.624.38#????!1.179.6118.84
    AFL USAflac IncUNITED STATES 36828.4311.5311.10--1.672.21#????!1.4213.7719.28
    TRV USTravelers Cos Inc/TheUNITED STATES 36455.0012.4611.74--1.182.33#????!1.4612.4216.15
    MFC CNManulife Financial CorpCANADA 35588.728.367.79--0.934.13#????!1.0912.7620.33
    8766 JPTokio Marine Holdings IncJAPAN 35566.6612.5911.81--0.724.24#????!1.067.8810.67
    ALL USAllstate Corp/TheUNITED STATES 32122.4310.759.83--0.762.02#????!1.5214.765.59
    G IMAssicurazioni Generali SpAITALY 29930.9010.5410.28--0.395.57#????!1.0911.0220.40
    2328 HKPICC Property & Casualty Co LtdCHINA 25603.888.307.39--0.423.89#????!1.0913.355.42
    SLF CNSun Life Financial IncCANADA 24507.9411.0310.25--1.143.77#????!1.4613.8014.93
    1336 HKNew China Life Insurance Co LtdCHINA 24117.2811.9710.61--0.972.39#????!1.5613.6717.81
    GWO CNGreat-West Lifeco IncCANADA 23239.0510.7410.01--0.614.78#????!1.4914.0111.79
    LGEN LNLegal & General Group PLCBRITAIN 21099.658.608.91--1.686.41#????!1.6922.0218.06
    CFHS LICathay Financial Holding Co LtdTAIWAN 19158.90------#????!--0.00
    HIG USHartford Financial Services Group Inc/TheUNITED STATES 18386.9610.259.43--0.932.43#????!1.3012.8014.45
    8725 JPMS&AD Insurance Group Holdings IncJAPAN 18239.6210.158.94--0.374.04#????!0.686.293.32