Korean Reinsurance : 2022 Korean Re Annual Report

1963 2023

Challenge Ourselves,

Change the World

Anniversary

1963-2023

ANNUAL REPORT 2022

Anniversary

1963-2023

60th Anniversary

Korean Re is celebrating its 60th anniversary in 2023. In Asian culture, 60 years marks one full cycle of life, and the 60th birthday is regarded as a monumental point and the beginning of a new life cycle. We are both happy and

grateful to enter into 2023 to start a new corporate life cycle, setting off to reinvent ourselves to bring innovation to our business and work toward a better future. Just as we have grown strongly in lockstep with the growth of our clients over the last six decades, we will continue to remain a solid partner for them.

CONTENTS

1. Challenge Ourselves, Change the World

1. Financial Highlights

1. Message from the CEO

1. Board of Management

1. Inside Korean Re

1. Our Strengths and Strategies
2. Expanding Our Global Network

1. Taking a Proactive Approach to the Full Adoption of IFRS 17

1. Becoming Innovative in Client Support
2. Putting ESG at the Heart of Our Strategies
3. Review of Operations
4. Domestic Property

1. Domestic Engineering, Marine & Aviation

1. Domestic Casualty
2. Motor, Surety & Agriculture

1. Long-term
2. Domestic Life & Health
3. Overseas Life & Health
4. Financial Solutions
5. International Treaty

1. International Facultative

1. Investment

1. Market Overview
2. Korean Economy

56 Korean Insurance Market

1. Financial Review
2. Management's Discussion & Analysis

1. Consolidated Statements of Financial Position
2. Consolidated Statements of Comprehensive Income
3. Consolidated Statements of Changes in Equity

1. Consolidated Statements of Cash Flows
2. Notes to Consolidated Financial Statements

1. Independent Auditors' Report

86	Corporate Information
87	History
88	Organization
89	Contact Information
90	Glossary	This report is also published online at:
		www.koreanre2022.annualreport.kr

Challenge Ourselves, Change the World

Challenge Ourselves,

Change the World

Korean Re, the one and only Korean professional reinsurer, started its operations in 1963. Today, we not only deal with most traditional lines of reinsurance business, including property, engineering, marine, casualty, motor, life, and health, but also offer non-traditional reinsurance solutions.

This year marks the 60th anniversary of Korean Re. After six successful decades in the business, it is a matter of great pride to see our company still growing and thriving. As we now begin a new chapter in our corporate history, we are determined to challenge ourselves and change the world by constantly seeking internal innovation in a manner that increases our positive impact on the world around us.

Our new slogan, "Challenge Ourselves, Change the World," embodies the spirit that has driven us forward over the past 60 years and will continue to guide us into the future. We have grown from a small local reinsurer to one of the leading players in Asia and beyond. We could not have been where we are now without constantly challenging ourselves to expand into new markets across the world. This undertaking to explore global markets has led us to a point where 26.5% of our business comes from overseas. Currently, Korean Re has 12 overseas presences across the world - four subsidiaries, four branches, and four liaison offices.

Furthermore, we have continued to challenge ourselves to improve our organizational structure in a way that best leverages our resources. An effectively organized structure provides a business and its employees with the environment and resources they need to perform at their very best every day, contributing to value creation for the organization, its employees, and other stakeholders.

We believe that by challenging ourselves, we can create positive changes that will ripple outwards and impact the world in meaningful ways. We know that pushing ourselves to change and innovate is never easy, but we are ready to take on the challenge, and we are excited to see what we can achieve in the years to come.

Annual Report 2022

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