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Asian News - South Korea: National reinsurer to see record high profits this year

Source: Asia Insurance Review | Aug 2016

Korean Re, South Korea’s sole reinsurer, is expected to see its net profit for this year hit a new high on growing demand for its services.
 
   A Korean Re investor relations executive said that the company forecasts that its net profit for 2016 would reach KRW190 billion (US$162 million), up 1.9% from last year’s KRW186.5 billion, reported Pulse News.
 
   Korean Re has been seeing an increase in the number of new contracts with top insurers, after Standard & Poor’s raised its credit rating by one notch to A from A- in 2014. S&P hiked the rating two years ago when Korean Re successfully increased its capital by issuing $200 million worth hybrid securities for the first time.
 
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