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

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.