汇丰银行-韩国-保险行业-韩国非人寿保险业：盈利势头在三季度减弱-20171031-hsbc-korea_non-life_insuranceearnings_momentum_weakened_in_3q17.pdfVIP

31 October 2017   Korea non-life insurance EQUITIES INSURANCE Earnings momentum weakened in 3Q17 Korea 3Q17 earnings weakened due to more working days lifting Sinyoung Park* claims and higher expenses from intensifying competition Analyst, Korea Financials The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch Samsung FM postpones announcing the long-waited capital sinyoungpark@ +822 3706 8770 management plan until mid-November * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is Non-life insurers already exceeded 2017 profit targets; we prefer not registered/ qualified pursuant to FINRA regulations Buy-rated second-tiers Dongbu (TP KRW90k) and Hyundai MF (TP KRW54k) given stronger risk loss ratio turnaround Earnings momentum weakened due to more working days and cost burden Korean non-life insurers reported 3Q17 earnings of KRW504, down 10% y-o-y. We believe earnings momentum weakened due to loss ratio deterioration given more working days, unfavourable weather conditions and higher ex