J.P. Morgan South Korea FTM 28 May 26 Korean Reinsurance Company and More

Research evidence excerpt

J.P. Morgan South Korea FTM 28 May 26 Korean Reinsurance Company and More

Asia Pacific Equity Research

South Korea First to Market 28 May 2026

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Korean Reinsurance Company (MW Kim) (003690 KS, OW)

1Q26 post-result call takeaways: Strong underwriting gains support confidence in FY26 targets

We hosted Korean Re as part of the Korea Insurance 1Q26 Post Results Call series and below are our key takeaways:

1Q26 earnings & FY26 guidance. Korean Re reported exceptionally strong underwriting performance in 1Q26, with a

combined ratio of 74.6%, improving 14.5%p oya. The result was driven by the absence of major large losses across both

domestic and overseas portfolios, stronger underlying underwriting profitability and tighter risk management. The quarter was

particularly strong in the context of FY25 underwriting profit, or insurance profit, of W224B, as the company has already

delivered W178B in 1Q26 alone. Investment profit was also robust at W107B, supported in part by a firmer domestic equity

market. While 1Q26 appears to have been an exceptional quarter, the company expects underwriting to remain profitable

through the rest of the year, maintaining its low-90% combined ratio target for 2026, alongside a 9% ROE target.