AM Best revises Korean Reinsurance Company credit rating outlook

HONG KONG, Dec 11 (Bernama) -- AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Korean Reinsurance Company (KRE) (South Korea). The outlook of the FSR is stable.

The Credit Ratings (ratings) reflect KRE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.

The revision of the Long-Term ICR outlook to positive from stable reflects AM Best’s expectation of an improvement in KRE’s balance sheet strength from 2023 onward while its operating performance and business profile fundamentals remain unchallenged. The company’s risk-adjusted capitalisation, which AM Best assesses comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), is expected to improve further following its plan to restructure the underwriting portfolio, coupled with increased capital from recent hybrid bond issuances and continued solid profit retention.

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