Contents

Prospect of Super-Aged Society Serves as Robust Growth Driver for Non-Life Insurers  3
1. Positives: Growth Potential, Stability, and Favorable Conditions  4
1-1. Growth Potential: Super-Long Growth Exceeding 30 Years Expected 5
1-2. Stability: Diminishing Profit Volatility 25
1-3. Favorable Environment for Investment 27
2. Risk Factor: Life Insurers  44
3. Earnings to Recover after Plunging in 2Q09  54
4. Stock Selection and Valuation Review  66
Samsung Fire & Marine (000810, BUY(reinstate))  70
Hyundai Marine & Fire (001450, BUY(reinstate))   76
Dongbu Insurance (005830, BUY(reinstate))   82
LIG Insurance (002550, BUY(reinstate))   88
Meritz Fire & Marine (000060, BUY(reinstate))   94
Korean Re (003690, BUY(reinstate))   100