Analysts said the fierce competition between the two financial conglomerates – Samsung and KB – reflects the shifting dynamics in Korea’s financial services sector, where non-bank units are increasingly driving profitability amid margin pressures in traditional lending businesses.“The first-quarter results once again highlight Samsung’s strength in operational management and risk controls, particularly in insurance and card businesses where disciplined underwriting and cost efficiency remain key differentiators,” said a Seoul-based analyst at a domestic brokerage.
Nevertheless, the company maintained its leadership in the non-life segment, as peers such as DB Insurance Co.and Hyundai Marine & Fire Insurance Co.saw steeper declines in profitability.Samsung Card posted a 3.9% on-year increase in net profit to 184.3 billion won, extending its lead in the card business for a second consecutive year.Samsung Securities Co., meanwhile, saw net profit slide 3.4% to 227.9 billion won, ranking third after Korea Investment & Securities Co.and Mirae Asset Securities Co.
Samsung Life, the flagship of the group’s financial arm, posted 703.7 billion won ($506 million) in net profit in the first three months of this year on a standalone basis, up 8% from a year earlier, despite a deterioration in the broader life insurance industry.
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