# DB Insurance (005830.KO)

Canonical: https://gigainvestors.com/s/005830.KO

Analysis as of: 2026-10-16T07:36:17.838Z. Financial observations: FY2016–FY2026.

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 185,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 344,989.91 per share, central KRW 431,237.39 per share, high KRW 574,983.18 per share. Buy at or below the central value KRW 431,237.39 per share. Valuation as of 2026-10-16T07:36:17.838Z; scenarios are not confidence intervals.

Expected annual return: 15.3% at the stated quote. About 15.3% 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): 0.53×

Chart: Net income; fiscal year observations.

- FY2016: KRW 524B

- FY2017: KRW 661B

- FY2018: KRW 533B

- FY2019: KRW 376B

- FY2020: KRW 552B

- FY2021: KRW 870B

- FY2022: KRW 2.03T

- FY2023: KRW 1.74T

- FY2024: KRW 1.85T

- FY2025: KRW 1.79T

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.8%

- Years with reported combined ratio: 0

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

- FY2016: 13.6%

- FY2017: 15.1%

- FY2018: 10.9%

- FY2019: 6.5%

- FY2020: 8.8%

- FY2021: 13.5%

- FY2022: 39.4%

- FY2023: 17.2%

- FY2024: 20.3%

- FY2025: 16.7%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 16.6%

- Book return interval: 10 years

- Starting book value per share: KRW 66K

- Ending book value per share: KRW 232K

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

- FY2017: 5.2%

- FY2018: 22.5%

- FY2019: 19.3%

- FY2020: 15.5%

- FY2021: 5.7%

- FY2022: -15.8%

- FY2023: 95.7%

- FY2024: -6.1%

- FY2025: 20.8%

- LTM to Jun 2026: 33.0%

### 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: -0.5%

- Diluted shares, 5-year annual growth: 0.1%

- Share growth excluding flagged crisis recapitalisations: -0.5%

- Five-year share growth excluding flagged crisis recapitalisations: 0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.83×

- Book value created per share: KRW 114K

- Earnings retained per share after dividends and buybacks: KRW 138K

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

- FY2016: 100

- FY2017: 108

- FY2018: 100

- FY2019: 100

- FY2020: 95

- FY2021: 95

- FY2022: 95

- FY2023: 95

- FY2024: 95

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 0.7% a year forever · net income +1.9%

Story as of 2026-10-16T10:00:07.177Z; price observation 2026-10-15.

The price assumes profits grow 0.7% a year forever

### Net income · FY2026

net income +1.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 661B 

- FY2018: KRW 533B 

- FY2019: KRW 376B 

- FY2020: KRW 552B 

- FY2021: KRW 870B 

- FY2022: KRW 2.03T 

- FY2023: KRW 1.74T 

- FY2024: KRW 1.85T 

- FY2025: KRW 1.79T 

- FY2026: KRW 1.82T 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are KRW 18.7 trillion.

- Source: https://eodhd.com/api/fundamentals/005830.KO.json#2025-12-31 (filed 2026-10-16T07:36:17.838Z); FY2025: revenue 18668127000000.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.838Z); 10-year return on tangible equity observations [[2016,0.13598205524928852],[2017,0.15126931185474496],[2018,0.10867324150696103],[2019,0.0651064182748179],[2020,0.08838693863527945],[2021,0.13527643456913288],[2022,0.39391707386550057],[2023,0.17214171457672678],[2024,0.20310723523228533],[2025,0.16671900647360116]]; median 0.14362568355201674. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.838Z); Dividend observations: [[2016,102408187000],[2017,108959559460],[2018,151561335040],[2019,132572440000],[2020,102243270000],[2021,135535631800],[2022,216792141490],[2023,278579025890],[2024,319990385700],[2025,416566000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 27.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005830.KO SharesStats.PercentInsiders = 27.83 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 0.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.838Z); Price 185200; FX 1; original perpetual distributable cash 17249.495485598964; discount 0.1; growth 0.006860175563720511. 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 71,100.00 per share

- 2016-11: KRW 73,000.00 per share

- 2016-12: KRW 62,500.00 per share

- 2017-01: KRW 59,100.00 per share

- 2017-02: KRW 61,100.00 per share

- 2017-03: KRW 64,000.00 per share

- 2017-04: KRW 68,000.00 per share

- 2017-05: KRW 67,700.00 per share

- 2017-06: KRW 68,000.00 per share

- 2017-07: KRW 80,100.00 per share

- 2017-08: KRW 75,200.00 per share

- 2017-09: KRW 73,000.00 per share

- 2017-10: KRW 70,500.00 per share

- 2017-11: KRW 68,500.00 per share

- 2017-12: KRW 71,200.00 per share

- 2018-01: KRW 72,400.00 per share

- 2018-02: KRW 69,500.00 per share

- 2018-03: KRW 65,000.00 per share

- 2018-04: KRW 62,900.00 per share

- 2018-05: KRW 58,500.00 per share

- 2018-06: KRW 59,000.00 per share

- 2018-07: KRW 64,500.00 per share

- 2018-08: KRW 64,000.00 per share

- 2018-09: KRW 72,800.00 per share

- 2018-10: KRW 71,800.00 per share

- 2018-11: KRW 67,700.00 per share

- 2018-12: KRW 70,400.00 per share

- 2019-01: KRW 69,500.00 per share

- 2019-02: KRW 72,500.00 per share

- 2019-03: KRW 68,700.00 per share

- 2019-04: KRW 68,400.00 per share

- 2019-05: KRW 61,500.00 per share

- 2019-06: KRW 59,300.00 per share

- 2019-07: KRW 56,100.00 per share

- 2019-08: KRW 47,900.00 per share

- 2019-09: KRW 51,600.00 per share

- 2019-10: KRW 50,500.00 per share

- 2019-11: KRW 55,700.00 per share

- 2019-12: KRW 52,300.00 per share

- 2020-01: KRW 42,500.00 per share

- 2020-02: KRW 43,300.00 per share

- 2020-03: KRW 34,750.00 per share

- 2020-04: KRW 44,150.00 per share

- 2020-05: KRW 43,400.00 per share

- 2020-06: KRW 42,850.00 per share

- 2020-07: KRW 47,100.00 per share

- 2020-08: KRW 43,650.00 per share

- 2020-09: KRW 45,200.00 per share

- 2020-10: KRW 44,250.00 per share

- 2020-11: KRW 44,000.00 per share

- 2020-12: KRW 43,750.00 per share

- 2021-01: KRW 36,800.00 per share

- 2021-02: KRW 41,400.00 per share

- 2021-03: KRW 47,300.00 per share

- 2021-04: KRW 48,950.00 per share

- 2021-05: KRW 50,700.00 per share

- 2021-06: KRW 54,800.00 per share

- 2021-07: KRW 57,100.00 per share

- 2021-08: KRW 58,700.00 per share

- 2021-09: KRW 63,600.00 per share

- 2021-10: KRW 59,200.00 per share

- 2021-11: KRW 53,800.00 per share

- 2021-12: KRW 54,000.00 per share

- 2022-01: KRW 60,200.00 per share

- 2022-02: KRW 61,800.00 per share

- 2022-03: KRW 69,900.00 per share

- 2022-04: KRW 67,300.00 per share

- 2022-05: KRW 65,000.00 per share

- 2022-06: KRW 61,300.00 per share

- 2022-07: KRW 60,600.00 per share

- 2022-08: KRW 59,700.00 per share

- 2022-09: KRW 55,200.00 per share

- 2022-10: KRW 56,300.00 per share

- 2022-11: KRW 62,100.00 per share

- 2022-12: KRW 65,300.00 per share

- 2023-01: KRW 65,600.00 per share

- 2023-02: KRW 77,000.00 per share

- 2023-03: KRW 74,900.00 per share

- 2023-04: KRW 84,000.00 per share

- 2023-05: KRW 74,000.00 per share

- 2023-06: KRW 74,600.00 per share

- 2023-07: KRW 75,500.00 per share

- 2023-08: KRW 81,700.00 per share

- 2023-09: KRW 89,400.00 per share

- 2023-10: KRW 87,900.00 per share

- 2023-11: KRW 83,700.00 per share

- 2023-12: KRW 83,700.00 per share

- 2024-01: KRW 87,900.00 per share

- 2024-02: KRW 98,800.00 per share

- 2024-03: KRW 94,700.00 per share

- 2024-04: KRW 97,300.00 per share

- 2024-05: KRW 103,500.00 per share

- 2024-06: KRW 114,500.00 per share

- 2024-07: KRW 110,500.00 per share

- 2024-08: KRW 116,000.00 per share

- 2024-09: KRW 112,300.00 per share

- 2024-10: KRW 109,300.00 per share

- 2024-11: KRW 109,200.00 per share

- 2024-12: KRW 102,800.00 per share

- 2025-01: KRW 97,100.00 per share

- 2025-02: KRW 91,400.00 per share

- 2025-03: KRW 88,600.00 per share

- 2025-04: KRW 91,200.00 per share

- 2025-05: KRW 100,500.00 per share

- 2025-06: KRW 123,300.00 per share

- 2025-07: KRW 128,000.00 per share

- 2025-08: KRW 131,900.00 per share

- 2025-09: KRW 138,500.00 per share

- 2025-10: KRW 126,800.00 per share

- 2025-11: KRW 124,500.00 per share

- 2025-12: KRW 131,100.00 per share

- 2026-01: KRW 142,600.00 per share

- 2026-02: KRW 183,100.00 per share

- 2026-03: KRW 163,800.00 per share

- 2026-04: KRW 167,600.00 per share

- 2026-05: KRW 143,100.00 per share

- 2026-06: KRW 133,900.00 per share

- 2026-07: KRW 157,000.00 per share

- 2026-08: KRW 181,100.00 per share

- 2026-09: KRW 185,000.00 per share

- 2026-10: KRW 195,000.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 148,059.94 per share, central KRW 185,074.92 per share, high KRW 246,766.56 per share

- FY2018: low KRW 156,491.54 per share, central KRW 195,614.43 per share, high KRW 260,819.24 per share

- FY2019: low KRW 159,100.76 per share, central KRW 198,875.95 per share, high KRW 265,167.94 per share

- FY2020: low KRW 165,563.93 per share, central KRW 206,954.91 per share, high KRW 275,939.89 per share

- FY2021: low KRW 161,924.56 per share, central KRW 202,405.70 per share, high KRW 269,874.27 per share

- FY2022: low KRW 106,028.43 per share, central KRW 116,631.28 per share, high KRW 129,590.31 per share

- FY2023: low KRW 213,387.32 per share, central KRW 234,726.05 per share, high KRW 260,806.72 per share

- FY2024: low KRW 198,244.08 per share, central KRW 218,068.49 per share, high KRW 242,298.32 per share

- FY2025: low KRW 296,915.08 per share, central KRW 371,143.85 per share, high KRW 494,858.46 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 2026-10-15T06:42:02.090Z 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