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Korean Re’s net income plummets by more than 44%

Posted On: Sep. 19, 2022 9:53 AM CST

Financial results

South Korea-based reinsurer Korean Reinsurance Co.’s net income plunged by more than 44% year-on-year to 67 billion South Korean won ($48.3 billion) in the first half of the year due to weak underwriting results of its overseas business amid growing COVID-19 losses, Asia Insurance Review reported. High natural catastrophe losses also weighed down on the reinsurer’s earnings.