Korea Re eyes overseas expansion to offset losses
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South Korea-based Korean Reinsurance Co. plans to expand its overseas operations in Asia and Europe to diversify its portfolio and stem a prolonged slump in earnings, The Korea Times reported. Korea Re's net profit declined 22.5% year over year to nearly 103 billion South Korean won ($88 million) in 2018 due to limited opportunities in its domestic market and catastrophe-related losses worldwide.
