Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

Thematic (Sector/Industry)

<ul><li>Insurers domiciled in Advanced Asian Economies have reaped the benefits of the higher-for-longer interest rate environment that has buoyed profitability for the sub-sector, even though operational headwinds and policy uncertainty remain key challenges for the sector in the latter half of the year.</li><li>Suffice to say the trend in Insurers’ credit risk profiles, measured using Criat’s Credit Cycle Indices (CCCIs), has been non-homogenous across the continent with firms domiciled in economies such as South Korea and Hong Kong facing a substantially higher risk than those domiciled in Singapore, Japan, and Taiwan.</li><li>Strong net investment returns over the past year have helped boost profitability for most of the sub-sector that has increased its exposure to government securities. </li></ul>

Insurers domiciled in Advanced Asian Economies have reaped the benefits of the higher-for-longer interest rate environment that has buoyed profitability for the sub-sector, even though operational headwinds and policy uncertainty remain key challenges for the sector in the latter half of the year.Suffice to say the trend in Insurers’ credit risk profiles, measured using Criat’s Credit Cycle Indices (CCCIs), has been non-homogenous across the continent with firms domiciled in economies such as South Korea and Hong Kong facing a substantially higher risk than those domiciled in Singapore, Japan, and Taiwan.Strong net investment returns over the past year have helped boost profitability for most of the sub-sector that has increased its exposure to government securities. 

Leaders and Laggards in Advanced Asia-Domiciled Insurance Sector

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

Hyundai Marine & Fire Insurance Co., Ltd / Equity Bottom-Up

Hyundai Marine & Fire Insurance Co., Ltd (001450 KS)

<ul><li>We raise our target price for Hyundai Marine &amp; Fire (Hyundai M&amp;F) to W32,000 (from W27,000), applying a P/B of 0.4x (unchanged) to our 2026 BPS estimate.</li><li>Our BPS estimate increased significantly, as other comprehensive income is improving amid a sharp rise in market interest rates (which are likely to remain on an upward trend).</li><li>That said, with our target price implying 4.0% downside, we maintain our Hold rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price for Hyundai Marine &amp; Fire (Hyundai M&amp;F) to W32,000 (from W27,000), applying a P/B of 0.4x (unchanged) to our 2026 BPS estimate.Our BPS estimate increased significantly, as other comprehensive income is improving amid a sharp rise in market interest rates (which are likely to remain on an upward trend).That said, with our target price implying 4.0% downside, we maintain our Hold rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Marine & Fire (001450 KS/Hold)Earnings Beat Estimates on Reversal of Onerous Contract Costs

<ul><li>We lower our target price for Hyundai Marine &amp; Fire (Hyundai M&amp;F) to W27,000 (from W28,000), applying a P/B of 0.4x (vs. 0.5x previously) to our 2026 BPS estimate.</li><li>We revised down our target P/B to reflect the risk of large-scale, industry-wide CSM adjustments in the event that standardized loss ratio guidelines are introduced.</li><li>With our target price implying only 0.7% upside, we reiterate our Hold rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price for Hyundai Marine &amp; Fire (Hyundai M&amp;F) to W27,000 (from W28,000), applying a P/B of 0.4x (vs. 0.5x previously) to our 2026 BPS estimate.We revised down our target P/B to reflect the risk of large-scale, industry-wide CSM adjustments in the event that standardized loss ratio guidelines are introduced.With our target price implying only 0.7% upside, we reiterate our Hold rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Marine & Fire (001450 KS/Hold)Likely to Post Weak 4Q25 Earnings

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We discuss how to use the OWL ESG Analytics (available on Smartkarma) to narrow down the list of companies that could be the next targets of corporate activism in Korea. </li>
<li>We go through in detail, step-by-step process of how to narrow down the list of companies, using the OWL ESG Analytics. </li>
<li>Corporate activism has been one of the most important, market moving factors moving the Korean stock market this year.</li>
</ul>


We discuss how to use the OWL ESG Analytics (available on Smartkarma) to narrow down the list of companies that could be the next targets of corporate activism in Korea. 
We go through in detail, step-by-step process of how to narrow down the list of companies, using the OWL ESG Analytics. 
Corporate activism has been one of the most important, market moving factors moving the Korean stock market this year.


Using Smartkarma/OWL ESG Analytics to Narrow Down List of Corporate Activism Targets in Korea

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

*Reversing Course Again: On April 3, 2020, the European Insurance and Occupational Pensions Authority (EIOPA) - the European Union’s financial regulatory body which replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) – in the context of the corona virus, released a statement urging insurers to “temporarily suspend all discretionary dividend distributions and share buybacks aimed at remunerating shareholders” in order to preserve capital. In an odd reversal of course, EIOPA has updated its commentary surrounding European insurance capital management; and  *Asia-Pacific Insurers Still At Risk: Asia-Pacific insurance counterparts previously acted in capital solidarity with their Western peer during COVID-19. Many Asia-Pacific insurers purchased USD-denominated assets in their desperate search for yield in this low/negative rate environment where the impact of credit default and ratings agency downgrades on their investment portfolios is likely to continue to be outsized and challenge capital their ratios. We are hopeful that the Asia-Pacific insurers - particularly in Japan, Australia, Taiwan, and South Korea – don’t behave as desperately as their European counterparts have.

*Reversing Course Again: On April 3, 2020, the European Insurance and Occupational Pensions Authority (EIOPA) - the European Union’s financial regulatory body which replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) – in the context of the corona virus, released a statement urging insurers to “temporarily suspend all discretionary dividend distributions and share buybacks aimed at remunerating shareholders” in order to preserve capital. In an odd reversal of course, EIOPA has updated its commentary surrounding European insurance capital management; and  *Asia-Pacific Insurers Still At Risk: Asia-Pacific insurance counterparts previously acted in capital solidarity with their Western peer during COVID-19. Many Asia-Pacific insurers purchased USD-denominated assets in their desperate search for yield in this low/negative rate environment where the impact of credit default and ratings agency downgrades on their investment portfolios is likely to continue to be outsized and challenge capital their ratios. We are hopeful that the Asia-Pacific insurers - particularly in Japan, Australia, Taiwan, and South Korea – don’t behave as desperately as their European counterparts have. 

South Korea

Hyundai Marine & Fire Insurance Co., Ltd. (HDMF) is a property and casualty insurer.  The Company's products include auto, fire, marine, general liability, leisure, travel, pension, and medical insurances.

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Hyundai Marine & Fire Insurance Co., Ltd (001450 KS)

Leaders and Laggards in Advanced Asia-Domiciled Insurance Sector

Insurers domiciled in Advanced Asian Economies have reaped the benefits of the higher-for-longer interest rate environment that has buoyed...

Criat

Hyundai Marine & Fire (001450 KS/Hold)Earnings Beat Estimates on Reversal of Onerous Contract Costs

We raise our target price for Hyundai Marine & Fire (Hyundai M&F) to W32,000 (from W27,000), applying a P/B of 0.4x (unchanged) to our 2026 BPS...

Mirae Asset Securities

Hyundai Marine & Fire (001450 KS/Hold)Likely to Post Weak 4Q25 Earnings

We lower our target price for Hyundai Marine & Fire (Hyundai M&F) to W27,000 (from W28,000), applying a P/B of 0.4x (vs. 0.5x previously) to our...

Mirae Asset Securities

Using Smartkarma/OWL ESG Analytics to Narrow Down List of Corporate Activism Targets in Korea

We discuss how to use the OWL ESG Analytics (available on Smartkarma) to narrow down the list of companies that could be the next targets of...

Douglas Kim

Asian Insurers – Mea, Mea EIOPA

ASIA INSURERS: On April 3, 2020, EIOPA temporarily suspended capital management activities," but just reversed course. Many Asia-Pacific insurers...

Thomas J. Monaco

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