KOSDAQIT & Software462980

Aiji net

₩1,677▲ 2.26%2026-10-02 close

Market Cap

₩30.4B

Turnover

₩14,666,188

Volume

8,900 shares

Shares out.

18.2M

PER

7.1×

PBR

1.1×

EPS

₩212

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Insurtech Turnaround Tested by Overseas and New Ventures

IGNET has followed its 2025 turnaround to profitability with continued earnings improvement centered on its MyData-based insurance platform BODAC, with Vietnam expansion and a crypto-asset insurance venture as the next watch items.

1
2025 revenue reached KRW 39.0bn and operating profit KRW 3.3bn, a record-high result that cemented the shift to profitability.
2
Into 2026, quarterly revenue and profit have continued to expand versus the prior-year periods.
3
The business structure built on a full MyData license and subsidiary GA The Partners functions as an entry barrier.
4
New ventures including a Vietnam joint venture and crypto-asset insurance are being pursued via a Singapore intermediate holding company.
5
Most revenue is concentrated in platform insurance commissions, leaving the company reliant on a single income stream.

Business structure

Founded in 2014, IGNET is described as Korea's first insurtech company. Its core service is BODAC, a MyData-based insurance diagnosis and recommendation app, alongside B2B solutions MyRealPlan and ClockPass that support insurers' digital transformation.

In terms of revenue mix, platform insurance commissions accounted for roughly 97.7% of 2025 revenue, with platform listing fees at 1.7% and B2B solutions at 0.6%. This income flows through its wholly owned GA subsidiary The Partners.

On the regulatory side, IGNET was selected as a MyData operator in 2021 alongside Kakao and Naver, and it operates a GA business through its subsidiary, which reinforces its position as a leading domestic insurtech firm.

The competitive landscape is also shaped by the fact that big-tech players lack deep insurance expertise while ordinary GA operators are institutionally barred from obtaining MyData licenses. As a growth indicator, cumulative downloads of BODAC have surpassed 2.2 million with cumulative diagnoses exceeding 450,000.

Overseas, Asia Insurtech Group serves as the offshore headquarters handling international expansion, M&A, and strategic investment, with Vietnam entry proceeding through a joint venture with local insurtech leader Medici, under which Medici provides marketing infrastructure while IGNET builds the platform.

More recently, the company signed an MOU with digital-asset risk management firm Wonone Infinity to address upcoming obligations under Korea's virtual asset user protection law, which will require crypto-asset operators to hold reserves or insurance.

Earnings trend

Quarterly revenue · Operating profit

₩7.8B-₩100M25Q2₩8.9B₩600M25Q3₩14.8B₩2.8B25Q4₩8.7B₩600M26Q1₩9.2B₩1.1B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩13B-₩3.2B2023₩23.3B₩400M2024₩39B₩3.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩7.8B	-₩100M	−1.6%
2025Q3	₩8.9B	₩600M	6.8%
2025Q4	₩14.8B	₩2.8B	19.1%
2026Q1	₩8.7B	₩600M	7.3%
2026Q2	₩9.2B	₩1.1B	12.0%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩13B	-₩3.2B	-₩12.6B	−24.9%	—	−129.4%
2024	₩23.3B	₩400M	₩200M	1.5%	2.7%	233.8%
2025	₩39B	₩3.3B	₩2.6B	8.5%	11.6%	127.5%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

Consolidated 2025 revenue reached KRW 39.02bn, up sharply from KRW 23.34bn in 2024, while operating profit expanded to KRW 3.33bn from KRW 0.35bn, lifting the operating margin from 1.5% to 8.5%.

Net income attributable to owners also came in at KRW 2.56bn, marking a clear recovery from a KRW 0.15bn profit in 2024 and a KRW 12.62bn loss in 2023.

On a quarterly basis, revenue and profit expanded together, moving from KRW 7.77bn in revenue and a KRW 0.12bn operating loss in Q2 2025 to KRW 8.95bn revenue and KRW 0.61bn operating profit in Q3, then KRW 14.75bn revenue and KRW 2.82bn operating profit in Q4.

The company said it implemented "revenue recognition standardization" through a next-generation commission settlement engine, which raised the earnings baseline starting in the fourth quarter.

Momentum continued into 2026, with Q1 revenue of KRW 8.73bn and operating profit of KRW 0.64bn, followed by Q2 revenue of KRW 9.21bn, operating profit of KRW 1.10bn, and owner net income of KRW 0.86bn.

Regarding the Q1 improvement, analysts noted that profitability gains were driven largely by expanded partnerships with external GAs and insurers and operational efficiencies from company-wide AI adoption.

Cumulative owner net income over the trailing four quarters (Q3 2025-Q2 2026) reached KRW 3.83bn, underpinning a recovery narrative alongside a balance sheet that moved from negative equity of KRW -47.04bn amid capital impairment in 2023 to positive equity of KRW 22.10bn at end-2025.

Industry analysis

Korea's insurtech market is expected to grow alongside demand for MyData-based personalized services, with one estimate putting the market's compound annual growth rate at 48.8% for 2022-2028. Market participation remains limited, however, because few operators combine a MyData license with insurance expertise.

IGNET is credited with achieving a 95% contract retention rate versus an industry average of 65%, along with a 13% conversion rate, cementing a distinctive market position. As an overseas comparison, U.S.-based Goosehead Insurance is cited as operating a similar insurance digital infrastructure business.

In the Vietnam market IGNET is preparing to enter, insurance penetration stands at just 2.3%, well below the advanced-economy average of 8-10%, while the market has posted growth of over 20% annually from 2013 to 2022, suggesting meaningful growth potential.

Major domestic insurers have already entered Vietnam, so the market is not a blank slate for IGNET. The crypto-asset insurance segment represents an early-stage market driven by new regulatory demand, with the competitive landscape not yet settled.

Outlook

Among brokerage estimates, Kiwoom Securities projected 2026 revenue of KRW 59.0bn (up 51% year-on-year) and operating profit of KRW 7.0bn (up 109% year-on-year) in an April 17, 2026 report. Korea Investment & Securities, in a May 26, 2026 report rated "Not Rated,

Valuation

PER

7.1×

PBR

1.1×

ROE

17.7%

EPS

₩212

BPS

₩1,321

Dividend per share

₩0

The current share price trades within a multiple range that has formed since the 2025 earnings recovery, sitting on the lower side relative to the profitability-based multiples applied to comparable companies at the time of listing.

Relative to net asset value, the stock carries a modest premium rather than an extreme discount or premium. The company has not yet made any dividend payments since listing, leaving little reference point for investors approaching the stock via yield.

From a brokerage perspective, Kiwoom Securities characterized IGNET in an April 2026 report as a company layering a platform business onto insurance to drive digital transformation, and the report described the then-prevailing share price as low relative to an estimated valuation multiple based on its earnings power and growth potential-though this should be understood as that firm's point-in-time assessment.

Given both the expanding quarterly earnings trend and the early-stage uncertainty around overseas and new business ventures, valuation interpretation needs to weigh both factors together.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05

Bull factors

Structural Improvement in Earnings Power

The operating margin jumped from 1.5% in the prior year to 8.5% in 2025, and quarterly operating profit in 2026 continues to expand compared to the same period a year earlier.

Cumulative net income attributable to controlling shareholders over the trailing four quarters also exceeded KRW 3.8 billion, showing a financial structure clearly different from 2023, when the company was in complete capital impairment.

If the revenue recognition standardization effect explained by the company is maintained going forward, the stability of its earnings base could increase further.

Regulatory Entry Barrier

Full MyData licenses are granted to only a small number of operators, and general GA (General Agency) operators are institutionally unable to obtain one, limiting the competitive landscape. A 95% contract retention rate, well above the industry average of 65%, supports the platform's competitiveness.

The relative lack of insurance expertise among big tech companies is also cited as a factor supporting the company's relative position.

Overseas and New Business Optionality

Entry into Vietnam through a Singapore holding company is structured as a collaboration with the country's leading insurtech firm. Vietnam is cited as a market with low insurance penetration and high growth rates, with the potential to generate new demand over the long term.

Demand for virtual asset insurance stemming from the enforcement of the Virtual Asset User Protection Act is also being prepared through an MOU with Onepinity.

Bear factors

Dependence on a Single Revenue Source

97.7% of 2025 revenue came from platform insurance commissions, indicating very high dependence on a specific revenue source. Revenue contribution from B2B solutions or new businesses is not yet significant, so diversification remains a work in progress.

Earnings sensitivity could increase if there are changes in the insurance market environment or GA-related policy.

Quarterly Earnings Volatility

In Q2 2025, the company recorded an operating loss due to one-off factors such as stock-based compensation expenses, indicating quarterly variability exists.

As accounting factors such as Q4 revenue recognition standardization have affected the earnings baseline, the possibility of similar volatility factors recurring in future quarters cannot be ruled out.

Post-Listing Supply-Demand Pressure

The stock price has trended downward since listing, leaving room for disappointment, and there have been multiple lock-up expirations in the early post-listing period. Given the limited float typical of small-cap stocks, additional share releases going forward could affect supply and demand.

Risk factors

Regulatory Risk

If the MyData system and insurance industry-related regulations change, the premises of the business model could shift. The specific implementation details of newly enforced laws, such as the Virtual Asset User Protection Act, could determine the size of business opportunities.

Insurance and data-related regulations in overseas markets of expansion are also variables that must be managed separately.

Competitive Intensification Risk

Currently, the lack of insurance expertise among big tech companies and GA operators' restricted access to MyData licenses act as entry barriers, but it cannot be assumed that this structure will persist permanently.

If new competitors emerge or existing insurers strengthen their own platforms, the company's position could be shaken.

New Business Execution Risk

Both the Vietnam joint venture and the virtual asset insurance business are still in early stages, and the actual timing and scale of revenue contribution have not yet been determined. Unexpected delays or costs may arise in the course of operating overseas subsidiaries and collaborating with local partners.

What to watch next

Mid-November 2026 (expected Q3 earnings release)
Check whether Q3 2026 revenue and operating profit maintain the improving trend of prior quarters, and gauge progress against Kiwoom Securities' full-year guidance of KRW 59.0bn revenue and KRW 7.0bn operating profit.
During H2 2026
Watch for follow-up disclosures on the establishment and service launch of the Vietnam joint venture with Medici to gauge the actual pace of overseas expansion.
During H2 2026
Monitor whether the MOU with Wonone Infinity materializes into an actual crypto-asset insurance product or partnership agreement, in line with the implementation schedule of the related law.
During Q4 2026
Track whether new GA and insurer partnership agreements or B2B solution adoption announcements continue, as a gauge of the pace of revenue diversification.

Overall view

IGnet is an insurtech company that, after emerging from capital impairment and massive losses in 2023, posted its best-ever performance in 2025 since its founding, and has continued to show quarterly earnings improvement into 2026.

Its platform insurance commission structure, which accounts for most of its revenue, stands on a regulatory entry barrier based on MyData licensing, but it also carries the characteristic of dependence on a single revenue source.

New businesses such as the Vietnam joint venture and virtual asset insurance are presented as pillars of the mid-to-long-term growth story, but they remain in early stages with revenue contribution timing not yet determined.

Securities firm reports positively evaluate the expansion of earnings capacity and the strengthening of partnerships, while also noting the possibility of temporary weakness similar to that seen in Q1.

Post-listing supply-demand pressure and quarterly volatility are also factors that should be examined together while confirming the earnings trend.

Overall, this stock is a growth-stage platform company in the process of earnings recovery, and the sustainability of domestic earnings improvement along with the concrete execution of overseas and new businesses are likely to be the key variables for future assessment.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.