Overseas Life & Health

The global life insurance industry experienced a mix of uncertainty and positive developments in 2025. Despite relatively favorable macroeconomic conditions, uncertainty surrounding post-pandemic mortality trends and long-term health impacts continued to pose challenges to market relevance and the establishment of appropriate pricing assumptions. Additionally, emerging risks, such as potential new pandemics, rising drug use, and increasing suicide rates, have added complexity to life reinsurance pricing and risk assessment. In the face of these challenges, we maintained a profit-focused underwriting approach, ensuring sustainable and responsible growth in an evolving market landscape.

Korean Re continued to strategically adjust its overseas life and health portfolio in 2025, with gross written premiums decreasing by 11.3% to KRW 411.4 billion. This adjustment was driven by our strategic decision aimed at enhancing portfolio profitability through the discontinuation of new business in underperforming segments, aligning with our focus on profitability-driven underwriting. From a regional perspective, North America accounted for the largest share at 64%, followed by Asia at 28%, with China and Japan contributing 19% and 9%, respectively. South America and Europe each represented approximately 4% of the total portfolio.

In terms of profitability, performance in 2025 improved compared to the previous year, primarily due to a base effect from reserve increases recognized in the prior year arising from in-force business. While uncertainties persist, and competition in the life reinsurance sector is still intense, we continue to strengthen profitability through the expansion of business in high-margin products, ongoing research into new markets, and the development of supporting infrastructure. These efforts enable us to respond effectively to evolving market conditions and emerging risks.

In the coming year, we will continue to closely monitor mortality and morbidity market trends, with a strong emphasis on maintaining low volatility and stable profitability through diversification across regions and product lines. At the same time, we will further enhance collaboration with our overseas branches, leveraging our expertise in life and health reinsurance to develop tailored solutions that address the evolving needs of our partners. Through this strategic approach, we aim to reinforce our market position and drive sustainable growth in the global life and health reinsurance landscape.

█ Gross Written Premiums: Overseas Life & Health

(Units: KRW billion, USD million)

	2025 (KRW)	2025 (USD)	2024 (KRW)	2024 (USD)
Asia	115.5	80.5	163.5	119.5
Americas & Oceania	280.5	195.5	286.7	209.5
Europe, Middle East & Africa (EMEA)	15.4	10.8	13.7	10.0
Total	411.4	286.8	463.8	338.9

* Individual figures may not add up to the total shown due to rounding.