Seoul Guarantee Insurance (031210)

Seoul Guarantee Insurance (031210) is Korea’s dominant guarantee insurer, the quasi-monopoly franchise that listed on the KOSPI in March 2025. In ETFpedia it is the payout extreme of the Korea Financials & Holdings High Dividend concept: an 81% payout for fiscal 2025, about ₩200 billion a year pledged through 2027, and Q1 2026 profit nearly tripled to ₩56.9 billion.

Ticker031210
ExchangeKOSPI
SectorFinancials · Insurance (Guarantee)
CountrySouth Korea
Held by ETFDAISHIN343 금융&지주고배당 ETF (0189Z0)
WikidataQ1268497
Last updated2026-06-10
Financial snapshotas of2026-06-10

Next event:First quarterly dividend decision with H1 2026 results · 반기보고서, estimated · SGI plans to start quarterly dividends after the H1 2026 settlement per its value-up plan; the H1 반기보고서 is due around August 14, 2026 under Korea's 45-day deadline. Neither date is company-confirmed. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026)

Seoul Guarantee Insurance's Q1 2026 net profit reached ₩56.9 billion, up from ₩19.1 billion a year earlier, as the loss ratio on performance guarantees fell sharply, housing-related settlement premium recoveries came in, and investment income stayed solid. Quarterly ROE was 4.5%, and LS Securities expects the insurance-profit improvement to continue as underwriting discipline and rate adjustments accumulate.

Net profit₩56.9bn · Up from ₩19.1bn in Q1 2025
ROE (quarterly)4.5% · Q1 is seasonally the year's weakest quarter
PBR after block-deal pullback0.64x · LS Securities estimate at the May 26, 2026 report date

Primary source

Recent & upcoming events

  • · FY2025 dividend: ₩2,865 a share, payout ratio 81%.The fiscal 2025 dividend was set at ₩2,865 per share, ₩200.0 billion in total, an 81% payout on net profit of ₩246.4 billion (+15.5%), the second straight fiscal year above an 80% payout ratio. (source)
  • · Q1 2026: net profit nearly triples to ₩56.9 billion.Net profit rose to ₩56.9 billion from ₩19.1 billion a year earlier on a sharply lower performance-guarantee loss ratio and solid investment income; LS Securities put the expected 2026 dividend yield at 6.3% assuming the ₩2,865 minimum DPS. (source)
  • · Constituent universe of the KRX-Akros high-dividend index goes investable.The DAISHIN343 금융&지주고배당 ETF (0189Z0), tracking the KRX-Akros Financial & Holdings High Dividend Index of high-yield, low-PBR Korean financials and holding companies, listed on KRX. (source)

Q1 2026 figures are from LS Securities' coverage of the quarterly filing as reported by Alpha Economy; audited detail sits in the DART 분기보고서. Payout and value-up commitments are from The Bell and Deal Site coverage of company disclosures.

Figures are as of 2026-06-10 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does Seoul Guarantee Insurance do?

SGI sells guarantees: performance guarantees that back contracts and construction projects, housing and rental deposit guarantees, and credit insurance. It is the only Korean insurer writing this full product line, a quasi-monopoly franchise built since the company’s restructuring under the state deposit insurer after the Asian financial crisis. The listing was itself a privatization step: SGI debuted on the KOSPI on March 14, 2025 at a ₩26,000 IPO price, the bottom of the band, with the Korea Deposit Insurance Corporation (KDIC) selling 6,982,160 shares, 10% of the company, out of its 93.85% holding (NewDaily Biz). The conservative pricing worked: the stock opened its listed life at ₩32,000 and reached ₩53,700 within six months (Deal Site).

Why is SGI a Korea financials high-dividend name?

Because no large Korean financial pays out a bigger share of its profit. For fiscal 2025 SGI paid ₩2,865 a share, ₩200.0 billion in total, an 81% payout ratio on net profit of ₩246.4 billion (+15.5%), after a roughly 94% payout for fiscal 2024, two straight years above 80% (The Bell). The commitment is written down: the value-up plan announced in October 2024 pledges about ₩200 billion of shareholder returns each year through 2027 with a payout ratio above 50%, plus quarterly dividends from the H1 2026 settlement, backed by ₩1.34 trillion of retained earnings and a 415.8% K-ICS solvency ratio (Deal Site). On the ₩2,865 minimum DPS, LS Securities puts the expected 2026 yield at 6.3%:

“With the effects of strengthened underwriting and rate adjustments accumulating, the improvement trend in insurance profit should continue.” (translated)

— Jeon Bae-seung, analyst, LS Securities (Alpha Economy, May 26, 2026)

What did SGI report most recently?

In Q1 2026 (quarter ended March 31, 2026), net profit was ₩56.9 billion, up from ₩19.1 billion a year earlier, with quarterly ROE of 4.5% (Alpha Economy). The drivers were underwriting, not luck: the loss ratio on performance guarantees, SGI’s largest premium line, fell sharply, and recoveries of housing and real-estate related settlement premiums added to solid investment income. Q1 is seasonally the company’s weakest quarter, which makes the near-tripling a meaningful signal for the full-year dividend base rather than a one-off.

What does the KDIC selldown mean for the stock?

It is the defining supply story. KDIC still owns 83.85% and plans a phased selldown to 50%, which began after protective escrow lifted in March 2026, with total proceeds estimated around ₩1 trillion (The Bell; Deal Site). A block deal in the spring of 2026 pulled the shares back hard enough that LS Securities estimated the PBR at 0.64x by late May (Alpha Economy). The overhang cuts both ways: it caps near-term price upside, but every leg down raises the dividend yield on a payout that is contractual in spirit, and the National Pension Service built its stake above 5% on exactly that logic (The Bell).

What are the risks for Seoul Guarantee Insurance?

  • KDIC overhang. Up to 33.85% of the company is scheduled to be sold; each block deal pressures the share price regardless of fundamentals (Deal Site).
  • Construction and real-estate credit cycle. Performance and housing guarantees pay claims when builders and tenants default; the Q1 2026 loss-ratio improvement can reverse in a downturn (Alpha Economy).
  • Payout above earnings power. The ₩200 billion annual return pledge exceeded some past profit years and leans on retained earnings; a multi-year claims cycle would test it (Deal Site).
  • Policy and competition. The franchise rests on a regulatory perimeter; any opening of Korea’s guarantee market to banks or new entrants would erode the quasi-monopoly economics.

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Frequently asked questions about Seoul Guarantee Insurance

What does Seoul Guarantee Insurance do?

SGI is Korea's dominant guarantee insurer: it writes performance guarantees for contracts and construction, housing and rental deposit guarantees, and credit insurance, a franchise with no comparable full-line domestic competitor. It listed on the KOSPI on March 14, 2025 at a ₩26,000 IPO price, with the state-run Korea Deposit Insurance Corporation selling a 10% stake out of its 93.85% holding (NewDaily Biz; Deal Site).

What did Seoul Guarantee Insurance report in Q1 2026?

Net profit of ₩56.9 billion, up from ₩19.1 billion in Q1 2025, with quarterly ROE of 4.5%. The improvement came from a sharply lower loss ratio on performance guarantees, recoveries of housing and real-estate related settlement premiums, and solid investment income (Alpha Economy).

Why is Seoul Guarantee Insurance considered a high-dividend stock?

Because its payout ratio is the highest of any large Korean financial: 81% for fiscal 2025 (₩2,865 a share, ₩200.0 billion in total) after roughly 94% for fiscal 2024, two straight years above 80% (The Bell). Its value-up plan commits about ₩200 billion a year to shareholders through 2027 with a payout ratio above 50%, and LS Securities estimates a 6.3% expected yield on the ₩2,865 minimum DPS (Deal Site; Alpha Economy).

When does Seoul Guarantee Insurance report its next earnings?

Korean issuers do not pre-announce earnings dates. SGI's H1 2026 반기보고서 (semi-annual report) is due around August 14, 2026 under Korea's 45-day deadline, and the company plans to decide its first quarterly dividend after the H1 settlement; both dates are estimated. Its Q1 2026 results were covered by LS Securities on May 26, 2026 (Alpha Economy).

What is the KDIC overhang on Seoul Guarantee Insurance?

The Korea Deposit Insurance Corporation still owns 83.85% of SGI and plans a phased selldown to 50% that began after protective escrow lifted in March 2026, with total proceeds estimated around ₩1 trillion (The Bell; Deal Site). Block sales pressure the share price, which LS Securities noted had pushed the PBR down to 0.64x by late May 2026, raising the dividend yield for new buyers but capping near-term upside (Alpha Economy).

Sources & references

  1. [보험사 배당 돋보기] 서울보증, 2년 연속 80% 웃돈 배당성향 · The Bell, 2026-02-19
  2. 서울보증보험, 보험손익 증가...높아진 배당매력 · Alpha Economy (알파경제), 2026-05-26
  3. [서울보증보험 밸류업] 상장 10개월 만에 '더블업 가시권'…주주환원 시험대 · Deal Site (딜사이트), 2026-01-21
  4. 'D-1' 재수생 서울보증보험 상장…청약 부진해도 주가 달릴까? · NewDaily Biz (뉴데일리경제), 2025-03-13
  5. SGI서울보증 (corporate site) · Seoul Guarantee Insurance
  6. 대신자산운용 '금융&지주 고배당 ETF' 상장…월분배 연 4.5% 기대 · Money Today (머니투데이), 2026-06-09