Canopius contributions are expected to increase after ownership rose from 19% in 2025.
Samsung Fire & Marine Insurance is expected to maintain strong capitalisation and profitability as it expands its international business and increases its contribution from Canopius Group, whilst retaining a strong position in South Korea’s non-life insurance market.
AM Best expects Samsung Fire & Marine’s risk-adjusted capitalisation to remain at the strongest level over the medium term, supported by robust capital, effective capital management and a debt-free balance sheet.
The insurer is also expected to benefit from increased contributions from Canopius after raising its ownership stake to 40.03% from 18.86% in 2025.
Samsung Fire & Marine is expanding its international presence through Canopius and Samsung Reinsurance Pte. Ltd., which is broadening its reinsurance business across Asia-Pacific.
Samsung Fire & Marine has the highest regulatory solvency ratio amongst South Korean non-life insurers and plans to use excess capital for growth opportunities and shareholder returns.
Whilst changes in the market value of affiliated stock holdings can create capital volatility, AM Best said its risk-adjusted capitalisation remains resilient under various market stress scenarios.
The insurer has a long track record of strong operating performance, supported by stable underwriting results, a relatively low combined ratio compared with domestic peers and robust investment profits.
AM Best expects Samsung Fire & Marine to maintain its stronger performance in the long-term insurance segment, supported by favourable loss experience and its ability to generate new business contractual service margin.
Samsung Fire & Marine is South Korea’s largest non-life insurer, with about 22% market share based on gross insurance service revenue in 2025.
Its affiliation with Samsung Group supports its brand and provides access to group-related business in South Korea and overseas.
The insurer also has a large tied-agent network for long-term insurance and can adjust its distribution strategy to balance growth and profitability.