Korean Reinsurance Company (003690) Q3 2025 earnings summary

Executive summary

• Achieved S&P rating upgrade to A+ (Stable) in July 2025, reflecting strengthened capitalization and improved underwriting performance.

• Net income for 1-3Q 2025 rose 21.3% year-over-year to KRW 269.7 billion, with operating income up 28.3%.

• Gross written premiums increased 2.6% year-over-year, driven by overseas P&C (+7.8%) and L&H (+6.2%) growth.

• Overseas business now represents 43% of the portfolio, up from 35% in 2022, reflecting diversification and expansion.

Financial highlights

• Gross written premiums: KRW 5,789.8 billion (+2.6% YoY); net written premiums: KRW 4,588.4 billion (+3.6% YoY).

• Revenue: KRW 4,939.6 billion (+1.5% YoY); operating income: KRW 398.2 billion (+28.3% YoY).

• Net income: KRW 269.7 billion (+21.3% YoY); invested assets: KRW 11,182.0 billion (+7.9% YoY).

• Return on equity (annualized): 10.2%, up 1.3 percentage points year-over-year.

• Investment profit: KRW 334.5 billion (+24.6% YoY), with improved book yield and strong stock performance.

Outlook and guidance

• Continued focus on profitability-centered portfolio rebalancing and international business growth.

• Ongoing expansion of overseas operations and diversification by region and line of business.

• Stable dividend policy with payout ratio around 30% and bonus shares issued for three consecutive years.