[Edaily Reporter Kim Hyung-il ] HANWHA INVESTMENT & SECURITIES assessed that while dividend income for Samsung Life Insurance(032830)is expected to increase following SamsungElectronics(005930)’s expansion of shareholder returns, it remains uncertain how much of the increased funds Samsung Life Insurance will distribute to shareholders.

On the 24th, Kim Do-ha, an analyst at HANWHA INVESTMENT & SECURITIES, explained, “SamsungElectronics has disclosed its projected shareholder returns for 2026,” adding, “The third-quarter dividend payment is expected to be around 30 trillion won, and the allocation of the remaining shareholder returns will be announced following a board of directors meeting in January 2027.” SamsungElectronics also announced that it will pay cash dividends totaling approximately 30 trillion won, including the regular third-quarter dividend, and that the remaining shareholder returns—including cash dividends, share buybacks, and share cancellations—will be decided at the board meeting in January 2027.

Accordingly, Samsung Life Insurance’s fourth-quarter dividend income is estimated to increase by 2.0872 trillion won compared to the previous quarter. Reflecting HANWHA INVESTMENT & SECURITIES’ outlook in future dividend income estimates, the firm revised upward its estimates for Samsung Life Insurance’s consolidated net income attributable to controlling shareholders by 56% for 2026 and 211% for 2027 compared to previous projections.

However, the firm noted that calculating the exact benefits Samsung Life Insurance shareholders could receive would require additional assumptions regarding the proportion of SamsungElectronics’ remaining shareholder returns allocated to dividends and share buybacks, as well as how Samsung Life Insurance would allocate the funds it receives from these measures.

Analyst Kim explained, “If SamsungElectronics pays out 10 trillion won in dividends, Samsung Life Insurance’s after-tax receipt is estimated to be approximately 630 billion won; if it retires 10 trillion won worth of treasury shares, Samsung Life Insurance’s gain on sale is estimated to be approximately 550 billion won after tax, based on the current stock price.” He continued, “Dividing these figures by the number of Samsung Life Insurance shares eligible for dividends, the increase in dividend per share (DPS) is estimated at 3,508 won and 3,063 won, respectively,” adding, “However, this is a scenario based on assumptions regarding SamsungElectronics’ shareholder return policy.”

The question is how much of these additional funds Samsung Life Insurance will return to shareholders. Samsung Life Insurance has officially set a “medium- to long-term” shareholder return rate of 50%, but has not specified a target date or a concrete plan for achieving it.

Based on Samsung Life Insurance’s past dividend decisions, Analyst Kim suggested the possibility that the company might not distribute special profits as dividends or expand its dividend payout ratio.

Analyst Kim projected that if the dividend payout ratio remains unchanged, Samsung Life Insurance’s estimated dividend per share (DPS) for 2026 would be 11,000 won, with a dividend yield of 3.3%. If the company’s decision from the previous year was not to distribute special earnings as dividends, he estimated the 2026 projected DPS at 6,600 to 12,650 won and the dividend yield at 2.0% to 3.9%, assuming a payout ratio of 0% to 44.2% on the increased funds.