As at 30 June 2022, Korean Re has recorded a 10% increase in its turnover to 4 586 billion KRW (3.53 billion USD). This performance is mainly driven by the signature of a coinsurance agreement with the insurer Shinhan Life in March 2022.
The South Korean reinsurer has posted an underwriting loss of 18.2 billion KRW (14.02 million USD) compared to an underwriting profit of 41.2 billion KRW (36.39 million USD) in the first half of 2021.
The combined ratio increased by 2.1 points to stand at 100.2%. The 67 billion KRW (51.61 million USD) half-year net result has dropped by 44.3% over one year.
Korean Re's results have been impacted by the increasing claims linked to Covid-19 and natural catastrophes.
With 2.75 trillion KRW (2.11 billion USD), the shareholders' equity has grown by 9.3%.
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