Korean Re Secures Upgrade to ‘A+’ Credit Rating from S&P, Enhancing Global Reinsurance Market Credibility

Korean Re has achieved a milestone with Standard & Poor's (S&P) upgrading its rating from ‘A’ to ‘A+ (Stable)’. The rating of Korean Reinsurance Switzerland AG was also raised to ‘A+ (Stable)’.

In its July 28 press release, S&P cited strengthened capital adequacy, robust underwriting profitability, and growth in overseas business as the key drivers. Since obtaining an ‘A’ rating in 2014, Korean Re maintained it for 11 consecutive years. In March 2024, the credit outlook improved from ‘Stable’ to ‘Positive’.

To mark the occasion, Korean Re held an “S&P Credit Rating Upgrade Celebration” on July 31 in its fourth-floor lounge. The event featured a briefing by the Corporate Planning Office, followed by remarks from President & CEO Jong-Gyu Won and Chairman Jong-Ik Won.

Korean Re Hosts International Client Marketing Events

From June 16 to 20, the “International Treaty Team I” hosted the inaugural “Korean Re Asia Valued Client Seminar.” Eight (re)insurance professionals from across Asia visited Korean Re to participate in sessions covering underwriting policies, pricing tools, catastrophe modeling, and an overview of the Korean insurance market.

Separately, on June 3, the “International Fac Team II” organized the “Korean Re K-Pub” event in London, inviting local industry partners. The event concluded in a vibrant setting with K-Pop music and networking.

Korean Re Participates in Population Awareness Relay Campaign

On June 18, Korean Re took part in the “Population Awareness Relay Campaign,” jointly organized by the Ministry of Health and Welfare and the Korea Human Resource Development Institute for Health and Welfare.

Under the slogan, “A nation where children are happy, youth can nurture hope, and the elderly can live with fulfillment,” the campaign seeks to raise public awareness of demographic challenges such as low birth rates and population aging.

Korean Re recognizes the structural risks of demographic change and has sought to address the low birth rate by implementing family-friendly policies that support work-life balance.

CEO Won stated that the population issue is linked to the sustainability of the insurance industry and society, and expressed hope that the insurance sector can play a more active role in addressing low birth rates and an aging society.

Korean Re Supports Mobile Housing for Self-Reliant Youth, Continuing 13 Years of Partnership with Habitat for Humanity

From May 22 to 23, Korean Re employees participated in volunteer activities at the Habitat Builders School in Cheonan, Chungcheongnam-do, as part of the “Mobile Housing Support Project for Self-Reliant Youth.”

This initiative forms part of the company’s corporate social responsibility efforts in collaboration with Habitat for Humanity Korea. The Korean Re Volunteer Corps took part in building Haeihome, designed to provide emergency shelter for disaster victims and improve housing conditions for vulnerable populations.

The homes will be relocated to Yeonggwang, Jeollanam-do, where they will be provided to self-reliant youth and young people returning to farming communities. Since 2013, Korean Re has partnered with Habitat for Humanity for 13 consecutive years.

Korean Re Launches Junior Board to Strengthen Internal Dialogue

Korean Re has launched a “Junior Board” as part of its efforts to foster stronger internal communication and engagement. Comprising staff- to assistant manager-level employees who represent the company’s future talent, the Junior Board serves as a communication channel to discuss key corporate issues openly and bridge opinion gaps that are increasingly evident across job grades.

On July 31, 13 members of the Junior Board held a kickoff meeting to share the significance of its launch and to commit to serving as a catalyst for stronger internal dialogue.

The inaugural Junior Board will be active through October.