Korean Re
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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. It further noted that the ‘A+’ rating signifies Korean Re’s evolution into a truly global reinsurer, beyond its traditional Asia-focused market presence.
Since obtaining an ‘A’ rating in 2014, Korean Re has maintained it for 11 consecutive years, aspiring to an upgrade. In March 2024, the credit outlook improved from ‘Stable’ to ‘Positive’, raising expectations that have now been realized.
The company has reinforced capital strength under K-IFRS 17 and reshaped its portfolio with a focus on profitability, delivering both earnings growth and sustainability. In reinsurance—where cross-border transactions are the norm—credit ratings serve as a core trust indicator in global dealings. The ‘A+’ rating validates these strategic efforts.
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 on the upgrade process, followed by remarks from President & CEO Jong-Gyu Won, who expressed gratitude to employees and urged them to “cherish this pride and move forward with greater creativity.” Chairman Jong-Ik Won concluded with a toast expressing hopes for the future.
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 a broad range of topics, including the company’s underwriting policies, pricing tools, catastrophe (CAT) modeling, and an overview of the Korean insurance market. The program also featured cultural experiences such as on-site underwriting visits, a Bukchon city tour, the Nanta performance, and a kimchi-making workshop.
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 on a high note in a vibrant ‘K-Pub’ setting, where lively K-Pop music created an upbeat and festive atmosphere.
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, and to encourage active participation from both public institutions and private enterprises through a relay format. President & CEO Jong Gyu Won joined the initiative at the nomination of Byung-Rae Lee, Chairman of the General Insurance Association of Korea.
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.
The company offers various leave, sabbatical, and flexible work arrangements tailored to different stages of employees’ lives—including marriage, childbirth, childcare, and family care. Korean Re also provides financial support for childbirth-related medical expenses, fertility treatments, egg freezing procedures, and incentives for families with multiple children.
CEO Won stated, “The population issue is not only a matter of sustainability for the insurance industry but also a challenge directly linked to our collective survival. I hope that, through this campaign, the insurance sector can play a more active role in addressing low birth rates and 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, a Korean abbreviation for “Habitat Mobile Home,” which is designed to provide emergency shelter for disaster victims and to improve housing conditions for vulnerable populations.
The homes built by the Korean Re Volunteer Corps will be relocated to Yeonggwang, Jeollanam-do, where they will be provided to self-reliant youth and young people returning to farming communities. The initiative aims to support settlement in areas facing population decline, while fostering independence and social networks among young residents.
Since 2013, Korean Re has partnered with Habitat for Humanity for 13 consecutive years to provide financial support and volunteer services for housing-vulnerable communities. With the exception of the COVID-19 pandemic, employees have consistently participated in person each year, thereby enhancing the significance of the initiative. In the first half of this year alone, more than 40 employees joined three on-site volunteer activities.
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.
