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Cloud Call Center Community Featured Article

TMCNet: A.M. Best Revises Outlook to Stable for Korean Reinsurance Company

[January 23, 2009]

A.M. Best Revises Outlook to Stable for Korean Reinsurance Company

(BestWire Services Via Acquire Media NewsEdge) A.M. Best Co. has revised the outlook to stable from positive and affirmed the financial strength rating of A- (Excellent) and issuer credit rating of ?a-? of Korean Reinsurance Company (Korean Re) (South Korea).


The ratings reflect Korean Re?s sound asset portfolio, dominant market position in the Korean reinsurance industry and strengthening underwriting guidelines for its overseas business. The revised outlook reflects the deterioration of risk-based capitalization in fiscal year 2007 and the first half of fiscal year 2008.

Korean Re maintains a conservative investment strategy, and most of its invested assets are concentrated in fixed income securities with high credit quality. Because of this, net investment yield has been very stable at 4%-5% over the last five years. As the company was able to grow its invested assets over the last five years, the compound annual growth rate of investment income was 19% during this period with no yearly decline. The investment income for fiscal year 2007 was KRW 110 billion (USD 109 million).

As the sole domestic reinsurer, Korean Re has a dominant presence in the Korean reinsurance market. The company maintains its competitive edge by its well established business relationship with local insurers and its expertise in the domestic reinsurance market. Korean Re was able to provide services and products in a timely manner to meet the changing market demand in the Korean reinsurance market. The performance from its domestic business also has been favorable over the past five years, albeit declining slightly due to softening market conditions. A.M. Best believes that Korean Re is well-positioned in the Korean market to further benefit from opportunities if the reinsurance cycle turns in 2009.

Over the last five years, Korean Re has expanded its overseas reinsurance operations with a focus on Asian business. The premium generated from the overseas reinsurance business was KRW 672 billion (USD 665 million) as of fiscal year 2007. As the performance of its overseas operation showed deterioration in fiscal year 2007 and the first half of fiscal year 2008, the company tightened its underwriting guidelines in the second half of fiscal year 2008.

Partially offsetting these positive rating factors are the decline in risk-adjusted capitalization and the slowdown in the Korean economy.

Due to higher than expected losses stemming from its overseas business as well as the softening reinsurance market, Korean Re was unable to grow its capital in line with its business growth in fiscal year 2007 and the first half of fiscal year 2008. This resulted in a decline in risk-adjusted capitalization as well as the local solvency ratio, which stood at 162% as of September 2008 compared to 197% in fiscal year 2006 (March 2007).

A.M. Best recognizes Korean Re?s decision to improve its overseas portfolio, which will result in gradual improvement of its capitalization.

For Best?s Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at http://www.ambest.com/ratings/methodology.

Copyright ? 2009 A.M. Best Company, Inc.

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