【出版时间及名称】：2009年11月韩国保险行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：93
        【目录或简介】：

We initiate coverage on Korean Insurance with an
Attractive view on: 1) favorable prospects for
sustainable embedded value (EV) growth (i.e., structural
expansion in private health insurance); (2) potential
benefits from macro recovery (i.e. rate hikes) and (3)
high earnings visibility. With the sector trading at 1.25x
1-year forward FP/BV (below one standard deviation of
its historical average), valuation looks appealing. Our
top picks are SFM and Dongbu.
SFM is still the one – despite margin concerns about
the push to grow savings-type products – versus
second-tier players. Generally, savings-type products
are less profitable but SFM should show EV expansion
owing to strong new premium growth and greater benefit
from rate hikes. Moreover, SFM should sustain better
underwriting profitability in the auto business. We expect
its valuation premium over second-tier players to widen.
Among second tier insurers, we like Dongbu for its
better underwriting profitability and new premium growth
outlook. Moreover, similar to SFM a few years ago,
Dongbu’s expected release of audited EV within the next
year should spark a re-rating. Concerns about group
affiliates seem to have eased. Trading at 0.8x forward
P/EV, Dongbu looks attractive.
We rate LIG Overweight in view of its relatively stable
auto loss levels and attractive valuation but its growth
potential is lower than for Dongbu. For HFM and Meritz,
we are Equal-weight as they seem fairly valued based
on their weaker fundamentals and possible deterioration
in their auto loss ratios.
Concern about competition with life insurers
spurred by regulatory changes seems overdone, in
our view. We believe non-life insurers have built up
sufficient distribution channels, capital base, and pricing
capability to cope with competition.