• First upgrade in 11 years since attaining an ‘A’ rating in 2014
• Recognized for strong capital adequacy and robust underwriting performance

Korean Reinsurance Company has reached a major milestone with its financial strength and long-term issuer credit ratings upgraded from ‘A (Positive)’ to ‘A+ (Stable)’ by S&P Global Ratings. Its Swiss subsidiary, Korean Reinsurance Switzerland AG (KRSA), also earned an ‘A+ (Stable)’ rating.

In its report released on July 28, S&P Global Ratings cited strengthened capitalization, sound underwriting performance, and continued growth in international business as the primary drivers of the upgrade.

The A+ rating underscores Korean Re’s position not only as a leading reinsurer in Asia but also as a truly global reinsurer. After obtaining an ‘A’ rating in 2014, the company had consistently maintained it for 11 years while working toward a further upgrade to A+. In February 2024, S&P revised the rating outlook from Stable to Positive, marking a step toward the upgrade in July 2025.

Earlier in May, Korean Re also received a first-time insurance financial strength rating of ‘A1’ from Moody’s Ratings, further enhancing its standing in the global reinsurance market.

he rating upgrade to A+ reflects Korean Re’s strategic focus on profitability and sustainable growth, driven by management’s commitment to capital reinforcement under the K-IFRS 17 framework and profitability-centered portfolio rebalancing. In the reinsurance industry where international transactions heavily rely on credit ratings as a measure of trustworthiness, this achievement is especially significant.

As of the end of 2024, Korean Re’s overseas business represented 41% of total insurance revenue, nearly double the 22% recorded when it first received an ‘A’ rating in 2014. This growth highlights the company’s expanding global footprint and diversified revenue base.

CEO Jong-Gyu Won commented, “The S&P rating upgrade reaffirms the international market’s trust in Korean Re’s value and growth potential. We will continue to meet the expectations of our clients and the market as we advance toward becoming a global top-tier reinsurer.”