SGI Seoul Guarantee Posts KRW 57.5B Quarterly Profit as Guarantee Premiums Climb 28% Year-on-Year
SGI Seoul Guarantee Insurance (031210.KS), South Korea's sole comprehensive guarantee insurer, reported first-quarter 2026 net profit of KRW 57.5 billion (approx. USD 41.6 million), nearly tripling year-on-year, as surging guarantee premium income and improved underwriting margins drove the company's strongest first-quarter results in recent memory.
Strong Revenue Growth Across Both Business Lines
Consolidated insurance revenue reached KRW 687.9 billion in Q1 2026, while investment revenue added KRW 146.4 billion for a combined top line of KRW 834.3 billion. The standout driver was guarantee premium income from original insurance: premiums written under the guarantee segment climbed to KRW 640.1 billion, a 27.6% increase from KRW 501.5 billion in Q1 2025, reflecting robust domestic credit transaction demand and continued expansion of the company's product portfolio.
Insurance underwriting generated KRW 63.8 billion of insurance profit, and investment activities contributed KRW 29.7 billion of investment profit, together pushing consolidated operating profit to KRW 93.5 billion — a marked improvement over the year-earlier period, when the company's Q1 operating margin stood at 7.5%. The Q1 2026 operating margin rose to 10.4% (+2.9 percentage points year-on-year).
