Korean Reinsurance Company (003690) Q4 2025 earnings summary

Executive summary

• Gross written premiums rose 4.1% year-over-year to KRW 8.08 trillion, driven by selective, margin-focused growth and portfolio optimization.

• Net income increased 10.7% year-over-year to KRW 316.6 billion, reflecting enhanced profitability despite higher large loss claims.

• S&P credit rating upgraded to A+ (Stable) and Moody’s to A1 (Stable) in 2025, supported by stable earnings and a strengthened capital position.

• Shareholder returns sustained with a payout ratio of 31.8% and a 10.7% increase in dividend per share to KRW 570.

Financial highlights

• Operating income grew 16.0% year-over-year to KRW 463.3 billion.

• Revenue decreased 3.3% year-over-year due to a high base effect from FX-driven investment gains in 2024; excluding FX, revenue rose 0.3%.

• Invested assets increased 9.4% year-over-year to KRW 11,684.0 billion.

• Return on equity improved to 8.9%, up 0.4 percentage points year-over-year.

Outlook and guidance

• Continued focus on profitability through margin-focused underwriting and portfolio diversification.

• Ongoing expansion of overseas operations and diversification by region and line of business to enhance growth and manage volatility.