Korean Reinsurance : IR_Business Performance & Strategy(2023.03)

Korean Reinsurance Company

Business Performance and Strategy

- Separate Financial Result as of December 2022 -

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• Korean Re Profile
• Financial Highlights
• Reinsurance Performance
• Investment Performance

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1-1 History and Organization

History

• 1963 : Established as Korean Non-Life Reinsurance Corporation (state-run company)
• 1978 : Privatized & listed in the Korean stock market
• 2011 : Credit rating upgraded from A.M. Best「A-」to「A (Stable)」 in Feb. 2011
• 2014 : Credit rating upgraded from Standard & Poor′s「A-」to「A (Stable)」in Oct. 2014
• 2021 : Top 10th reinsurer in the global reinsurance market (A.M. Best, FY2020)

Organization

• Headquarters:Total30units(12UW/2Investment /13Administrative /1R&DInstitute/2Taskforces)
• International : 4 branches (Singapore, Labuan, Dubai, Shanghai)
• International : 4 subsidiaries (Hong Kong, London, Zurich, New Jersey)
• International : 4 liaison offices (Beijing, Tokyo, London, Bogota)

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1-2 International Network

Korean Re Underwriting, LTD.

London Liaison Office

Koreanre Insurance Services, Inc.		Head office
Korean Reinsurance Switzerland AG	Beijing Liaison Office

Shanghai Branch

Dubai Branch

Tokyo Liaison Office

Worldwide Insurance Services, LTD.

Labuan Branch

Bogota Liaison Office

Singapore Branch

• Continuous expansion of international network to explore new market opportunities
• New international operations : Shanghai branch(Jan. 2020), Bogota liaison office(Feb. 2020), New Jersey subsidiary(Sept. 2021)
• • An increase in profitable business from the USA which is the largest reinsurance market in the world and diversification of profit sources through brokerage are expected by the reinsurance intermediary

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1-3 Global Reinsurers (2021 Gross Premiums)

					(Unit : USD Bil.)
	Ranking	Name	Gross	A.M. Best	S&P
	Premiums	Credit Rating	Credit Rating
	1	Munich Re (Germany)	45.8	A+	AA-
	2	Swiss Re (Switzerland)	39.2	A+	AA-
	3	Hannover Re (Germany)	31.4	A+	AA-
	4	Canada Life Re (Canada)	23.5	A+	AA
	5	SCOR (France)	19.9	A+	AA-
	6	Berkshire Hathaway (USA)	19.9	A++	AA+
	7	Lloyd's (UK)	19.3	A	A+
	8	China Re (China)	17.8	A	A
	9	RGA (USA)	13.3	A+	AA-
	10	Everest Re (Bermuda)	9.1	A+	AA-
	11	Partner Re (Bermuda)	8.2	A+	AA-
	12	Renaissance Re (Bermuda)	7.8	A+	AA-
	13	Korean Re (South Korea)	7.1	A	A

• Source : A.M. best and S&P (September 2022)

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