AM BEST AFFIRMS CREDIT RATINGS OF KOREAN REINSURANCE COMPANY

HONG KONG, Dec 11 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Korean Reinsurance Company (KRE) (South Korea). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect KRE’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.

KRE’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as being at the strongest level, supported by solid and stable internal capital generation over the past five years. The impact of a series of share buybacks in 2020, which amounted to approximately 4% of the company’s capital and surplus at year-end 2019, had limited impact on its risk-adjusted capitalisation. The company’s balance sheet strength also is underpinned by its strong financial flexibility, proven by a track record of successful hybrid bond issuance in overseas and domestic capital markets, as well as its conservative investment portfolio that is focused on good quality fixed income securities.


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