CONTENTS
3
4
44
54
66
70
76
82
88
94
100
Prospect of Super-Aged Society Serves as Robust Growth Driver for Non-Life Insurers
1. Positives: Growth Potential, Stability, and Favorable Conditions
1-1. Growth Potential: Super-Long Growth Exceeding 30 Years Expected 5
1-2. Stability: Diminishing Profit Volatility 25
1-3. Favorable Environment for Investment 27
2. Risk Factor: Life Insurers
3. Earnings to Recover after Plunging in 2Q09
4. Stock Selection and Valuation Review
Samsung Fire & Marine (000810, BUY(reinstate))
Hyundai Marine & Fire (001450, BUY(reinstate))
Dongbu Insurance (005830, BUY(reinstate))
LIG Insurance (002550, BUY(reinstate))
Meritz Fire & Marine (000060, BUY(reinstate))
Korean Re (003690, BUY(reinstate))