Korean Reinsurance Company
| Public | |
| Industry | Financial services |
| Founded | 1963 |
| Headquarters | Seoul, South Korea |
| Products | Reinsurance, insurance |
Number of employees | 320 |
| Website |
koreanre |
Korean Reinsurance Company (commonly known as Korean Re) is a reinsurance company based in Seoul, South Korea. Korean Re's shares are listed on the Korea Stock Exchange. As of 2016, it ranks as the world's 10th largest reinsurer in terms of gross written premiums.
History
Founded in 1963 as a state-funded enterprise, Korean Re was privatised in 1978.
In October 2002, it was nominated as 'Reinsurance Company of the Year' by Asia Insurance Review. In May 2010, Korean Re was selected as "Emerging Market Player of the Year" by Reinsurance Magazine.[1]
Business
Korean Re has a diversified underwriting portfolio that consists of personal business (long-term, motor, and life reinsurance) and commercial lines (property, marine, casualty, and bond reinsurance). Over the last decade Korean Re has expanded into overseas markets. As of 2015, more than 22% of its gross written premiums were generated from abroad. Korean Re has a network of one branch office in Singapore, two subsidiaries in Hong Kong and London, and five international liaison offices.
| Premium Volume | FY2015(USD million) | FY2014(USD million) | YoY Change |
|---|---|---|---|
| Gross Written Premiums | 5,580.2 | 5,637.5 | 6.6% |
| Net Written Premiums | 3,833.0 | 3,697.7 | 11.6% |
| Earned Premiums | 3,726.6 | 3,692.3 | 8.7% |
| Ceded Premiums | 1,747.2 | 1,939.8 | -3.0% |
Korean Re's gross written premiumums for 2015 increased by 6.6% USD5,580.2 million, recovering form the slowing trend over the past two years. This growth was driven by an increase in personal lines, such as long term and life insurance. A strong rebound in premium income from overseas property and casualty treaties also bolstred the overall top-line growth. Korean Re is expected to see its net profit for 2016 hit a new high on growing demand for its reinsurance packages from top insurance companies.[2][3]
Korean Re has been seeing an increase in the number of new contracts with top insurers after Standard & Poor’s raised its credit rating by one notch to A from A- in 2014. S&P hiked the rating two years ago when Korean Re successfully increased capital by issuing $200 million worth hybrid securities for the first time.
References
- ↑ http://eng.koreanre.co.kr/sub.asp?maincode=497&sub_sequence=508&sub_sub_sequence=
- ↑ Korean Reinsurance Company, "Turning Vision into action", annual report 2015 p.45
- ↑ Pulse by Maeil Business News Korea, "Rosy earnings outlook for Korean Re in 2016", http://pulsenews.co.kr/view.php?no=426172&year=2016 2016.6.14