Long-Term

The Korean long-term insurance market maintained its upward trajectory in 2025. This continued growth was mainly backed by the rapid growth of personal accident and health insurance premiums.

In the wake of the implementation of IFRS 17, sales competition intensified, as insurers strived to increase their Contractual Service Margin (CSM). Major insurers have adopted proactive sales strategies, leveraging general agency (GA) channels. This trend is likely to persist and remain a key driver of market growth.

Against this backdrop, Korean Re recorded long-term insurance premiums of KRW 1,668 billion in 2025. The combined ratio before management expenses rose to 99.8%, reflecting a deterioration in profitability within the health insurance sector. The compression of margin stemmed from a market-wide easing of underwriting standards by primary insurers aiming to drive top-line growth. In response, we have been strengthening our portfolio analysis and collaboration with partners to reinforce pricing discipline and restore underwriting profitability.

In 2026, the long-term insurance market is expected to grow at a steady rate of 5.0%. This outlook is driven by the continued rise in medical expense insurance premium rates and insurers’ coordinated marketing initiatives to promote newly developed products, particularly those offering premium discounts for preferred policyholders.

In response to these market trends, we will continue to support our clients in terms of product development based on an extensive analysis of their product portfolios. We will also provide underwriting services and the necessary reinsurance programs, as well as risk transfer solutions, in a way that contributes to the sustainable growth of insurers offering long-term insurance coverage.

As insurers further adapt to IFRS 17, we will make sure that our efforts are directed toward responding to their needs, such as providing risk management services and solvency capital relief, by being more attentive to their individual business profiles and conditions. Through these efforts, we will seek to refine our cooperation with direct insurers. Based on our strengthened portfolio analysis, we will selectively engage in new product development so that we can build a more profitable business portfolio.

█ Gross Written Premiums: Long-Term

(Units: KRW billion, USD million)

	2025 (KRW)	2025 (USD)	2024 (KRW)	2024 (USD)
Long-Term	1,667.9	1,162.7	1,590.0	1,161.9