# Hyundai Mar&Fi (001450.KO)

Canonical: https://gigainvestors.com/s/001450.KO

Analysis as of: 2026-10-16T07:39:51.610Z. Financial observations: FY2016–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 42,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 68,461.08 per share, central KRW 75,307.19 per share, high KRW 83,674.65 per share. Buy at or below the central value KRW 75,307.19 per share. Valuation as of 2026-10-16T07:39:51.610Z; scenarios are not confidence intervals.

Expected annual return: 17.7% at the stated quote. About 17.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.38×

Chart: Net income; fiscal year observations.

- FY2016: KRW 410B

- FY2017: KRW 464B

- FY2018: KRW 367B

- FY2019: KRW 252B

- FY2020: KRW 315B

- FY2021: KRW 433B

- FY2022: KRW 575B

- FY2023: KRW 574B

- FY2024: KRW 851B

- FY2025: KRW 1.02T

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 14.7%

- FY2017: 15.3%

- FY2018: 9.0%

- FY2019: 5.7%

- FY2020: 6.7%

- FY2021: 8.8%

- FY2022: 13.9%

- FY2023: 9.7%

- FY2024: 18.4%

- FY2025: 20.2%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.7%

- Book return interval: 9 years

- Starting book value per share: KRW 36K

- Ending book value per share: KRW 66K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 19.7%

- FY2018: -30.2%

- FY2019: 51.5%

- FY2020: 49.0%

- FY2021: 7.7%

- FY2022: -14.0%

- FY2023: 46.8%

- FY2024: -17.4%

- FY2025: 8.7%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.3%

- Share growth excluding flagged crisis recapitalisations: -0.2%

- Five-year share growth excluding flagged crisis recapitalisations: -0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.66×

- Book value created per share: KRW 30K

- Earnings retained per share after dividends and buybacks: KRW 46K

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 94

- FY2018: 185

- FY2019: 137

- FY2020: 100

- FY2021: 98

- FY2022: 100

- FY2023: 100

- FY2024: 98

- FY2025: 98

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 7.7% a year forever · net income +19.9%

Story as of 2026-10-16T10:00:11.041Z; price observation 2026-10-15.

The price assumes profits shrink 7.7% a year forever

### Net income · FY2025

net income +19.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 410B 

- FY2017: KRW 464B 

- FY2018: KRW 367B 

- FY2019: KRW 252B 

- FY2020: KRW 315B 

- FY2021: KRW 433B 

- FY2022: KRW 575B 

- FY2023: KRW 574B 

- FY2024: KRW 851B 

- FY2025: KRW 1.02T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are KRW 15.4 trillion.

- Source: https://eodhd.com/api/fundamentals/001450.KO.json#2025-12-31 (filed 2026-10-16T07:39:51.610Z); FY2025: revenue 15398544431910.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001450.KO: Hyundai Marine & Fire Insurance Co., Ltd. provides non-life insurance and other related insurance services in South Korea and internationally. The company offers automobile/driver, health/child, property, annuity/savings, fire, marine, accident, engineering, workers' compensation, and liability insurance products. It also engages in the building and facility management, asset management, investment advisory, reinsurance brokerage, and claims service businesses. The company was formerly known as Dongbang Fire & Marine Insurance Co., Ltd. and changed its name to Hyundai Marine & Fire Insurance Co. Ltd. in October 1985. Hyundai Marine & Fire Insurance Co., Ltd. was incorporated in 1955 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 11.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); 10-year return on tangible equity observations [[2016,0.14666396436427184],[2017,0.15281257890818276],[2018,0.09047331545612285],[2019,0.05710993205678527],[2020,0.0668928492373756],[2021,0.08812063915812647],[2022,0.13924128674068562],[2023,0.09688162884665934],[2024,0.18415888327185395],[2025,0.20159303823170774]]; median 0.11806145779367247. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back KRW 8.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); Dividend observations: [[2016,60260460890],[2017,107930242970],[2018,125820416500],[2019,113705056240],[2020,93771194240],[2021,103018500000],[2022,139657460000],[2023,181351465190],[2024,161769113500]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); FY2025: cash repurchases 8303775 KRW.

### Are managers owners

Insiders own 24% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001450.KO SharesStats.PercentInsiders = 24.034 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 7.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); Price 42500; FX 1; original perpetual distributable cash 7530.71863165343; discount 0.1; growth -0.07719337956831598. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 35,350.00 per share

- 2016-11: KRW 36,400.00 per share

- 2016-12: KRW 31,500.00 per share

- 2017-01: KRW 30,100.00 per share

- 2017-02: KRW 32,400.00 per share

- 2017-03: KRW 35,000.00 per share

- 2017-04: KRW 36,700.00 per share

- 2017-05: KRW 37,750.00 per share

- 2017-06: KRW 39,350.00 per share

- 2017-07: KRW 45,400.00 per share

- 2017-08: KRW 46,200.00 per share

- 2017-09: KRW 45,300.00 per share

- 2017-10: KRW 45,350.00 per share

- 2017-11: KRW 43,400.00 per share

- 2017-12: KRW 47,000.00 per share

- 2018-01: KRW 46,350.00 per share

- 2018-02: KRW 41,300.00 per share

- 2018-03: KRW 38,900.00 per share

- 2018-04: KRW 38,250.00 per share

- 2018-05: KRW 34,050.00 per share

- 2018-06: KRW 33,700.00 per share

- 2018-07: KRW 36,650.00 per share

- 2018-08: KRW 37,200.00 per share

- 2018-09: KRW 41,950.00 per share

- 2018-10: KRW 41,800.00 per share

- 2018-11: KRW 40,050.00 per share

- 2018-12: KRW 41,050.00 per share

- 2019-01: KRW 37,350.00 per share

- 2019-02: KRW 37,700.00 per share

- 2019-03: KRW 37,900.00 per share

- 2019-04: KRW 38,250.00 per share

- 2019-05: KRW 30,750.00 per share

- 2019-06: KRW 28,450.00 per share

- 2019-07: KRW 27,950.00 per share

- 2019-08: KRW 23,900.00 per share

- 2019-09: KRW 26,400.00 per share

- 2019-10: KRW 25,250.00 per share

- 2019-11: KRW 28,000.00 per share

- 2019-12: KRW 26,950.00 per share

- 2020-01: KRW 22,000.00 per share

- 2020-02: KRW 22,600.00 per share

- 2020-03: KRW 22,650.00 per share

- 2020-04: KRW 26,100.00 per share

- 2020-05: KRW 24,250.00 per share

- 2020-06: KRW 22,900.00 per share

- 2020-07: KRW 23,300.00 per share

- 2020-08: KRW 22,100.00 per share

- 2020-09: KRW 22,350.00 per share

- 2020-10: KRW 23,300.00 per share

- 2020-11: KRW 22,300.00 per share

- 2020-12: KRW 22,750.00 per share

- 2021-01: KRW 19,900.00 per share

- 2021-02: KRW 21,900.00 per share

- 2021-03: KRW 24,500.00 per share

- 2021-04: KRW 24,350.00 per share

- 2021-05: KRW 24,400.00 per share

- 2021-06: KRW 25,500.00 per share

- 2021-07: KRW 25,950.00 per share

- 2021-08: KRW 25,600.00 per share

- 2021-09: KRW 25,450.00 per share

- 2021-10: KRW 26,250.00 per share

- 2021-11: KRW 23,000.00 per share

- 2021-12: KRW 22,950.00 per share

- 2022-01: KRW 25,450.00 per share

- 2022-02: KRW 28,800.00 per share

- 2022-03: KRW 32,150.00 per share

- 2022-04: KRW 32,550.00 per share

- 2022-05: KRW 31,400.00 per share

- 2022-06: KRW 30,950.00 per share

- 2022-07: KRW 32,800.00 per share

- 2022-08: KRW 31,500.00 per share

- 2022-09: KRW 29,300.00 per share

- 2022-10: KRW 33,300.00 per share

- 2022-11: KRW 30,200.00 per share

- 2022-12: KRW 29,450.00 per share

- 2023-01: KRW 30,950.00 per share

- 2023-02: KRW 35,200.00 per share

- 2023-03: KRW 33,800.00 per share

- 2023-04: KRW 37,550.00 per share

- 2023-05: KRW 32,800.00 per share

- 2023-06: KRW 31,050.00 per share

- 2023-07: KRW 28,650.00 per share

- 2023-08: KRW 30,250.00 per share

- 2023-09: KRW 32,450.00 per share

- 2023-10: KRW 31,500.00 per share

- 2023-11: KRW 31,200.00 per share

- 2023-12: KRW 31,000.00 per share

- 2024-01: KRW 33,900.00 per share

- 2024-02: KRW 31,500.00 per share

- 2024-03: KRW 30,500.00 per share

- 2024-04: KRW 31,300.00 per share

- 2024-05: KRW 32,800.00 per share

- 2024-06: KRW 34,500.00 per share

- 2024-07: KRW 36,050.00 per share

- 2024-08: KRW 34,800.00 per share

- 2024-09: KRW 33,000.00 per share

- 2024-10: KRW 30,350.00 per share

- 2024-11: KRW 26,600.00 per share

- 2024-12: KRW 24,700.00 per share

- 2025-01: KRW 24,750.00 per share

- 2025-02: KRW 23,250.00 per share

- 2025-03: KRW 21,850.00 per share

- 2025-04: KRW 22,200.00 per share

- 2025-05: KRW 24,350.00 per share

- 2025-06: KRW 26,450.00 per share

- 2025-07: KRW 26,300.00 per share

- 2025-08: KRW 27,900.00 per share

- 2025-09: KRW 28,150.00 per share

- 2025-10: KRW 27,300.00 per share

- 2025-11: KRW 30,050.00 per share

- 2025-12: KRW 30,800.00 per share

- 2026-01: KRW 28,150.00 per share

- 2026-02: KRW 34,350.00 per share

- 2026-03: KRW 30,150.00 per share

- 2026-04: KRW 30,400.00 per share

- 2026-05: KRW 34,550.00 per share

- 2026-06: KRW 34,850.00 per share

- 2026-07: KRW 38,450.00 per share

- 2026-08: KRW 50,900.00 per share

- 2026-09: KRW 47,850.00 per share

- 2026-10: KRW 47,650.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 72,644.47 per share, central KRW 90,805.59 per share, high KRW 121,074.12 per share

- FY2018: low KRW 49,417.71 per share, central KRW 61,772.13 per share, high KRW 82,362.85 per share

- FY2019: low KRW 68,376.15 per share, central KRW 85,470.18 per share, high KRW 113,960.24 per share

- FY2020: low KRW 67,735.78 per share, central KRW 74,509.36 per share, high KRW 82,788.17 per share

- FY2021: low KRW 53,508.44 per share, central KRW 66,885.55 per share, high KRW 89,180.73 per share

- FY2022: low KRW 44,356.34 per share, central KRW 55,445.42 per share, high KRW 73,927.23 per share

- FY2023: low KRW 66,579.03 per share, central KRW 73,236.94 per share, high KRW 81,374.38 per share

- FY2024: low KRW 63,216.79 per share, central KRW 69,538.47 per share, high KRW 77,264.96 per share

- FY2025: low KRW 69,244.24 per share, central KRW 76,168.67 per share, high KRW 84,631.85 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:40.735Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations