Korean Reinsurance Company (003690) Q1 2026 earnings summary

Executive summary

• Revenue rose 9.3% year-over-year to KRW 1,698.1 billion, driven by higher valuation gains on foreign bonds and a strong KOSPI index.

• Net income surged 131.4% year-over-year to KRW 209.5 billion, reflecting improvements in both insurance and investment profits.

• Combined ratio improved significantly to 74.6% from 89.1% in 1Q 2025, due to a strengthened profit base and fewer large losses.

Financial highlights

• Operating income increased 142.0% year-over-year to KRW 284.5 billion.

• Investment profit grew 127.4% year-over-year to KRW 106.7 billion, with stock gains up KRW 56.2 billion.

• Shareholders’ equity rose 10.8% year-over-year to KRW 3,763.9 billion.

• Return on equity (annualized) reached 22.6%, up 12.0 percentage points year-over-year.

Outlook and guidance

• Continued focus on profitability and portfolio diversification, especially in overseas markets.

• Conservative underwriting in life and health, with selective reduction of underperforming contracts.