Korean Reinsurance (003690)
Korean Reinsurance (003690) is Korea’s first and largest reinsurer, writing property, casualty, and life reinsurance at home and abroad, and has ranked among the world’s top-10 reinsurers by premiums. In ETFpedia it is the reinsurance ballast of the Korea Financials & Holdings High Dividend concept: Q1 2026 net profit jumped 131.4% to ₩209.5 billion on a catastrophe-free quarter.
| Ticker | 003690 |
|---|---|
| Exchange | KOSPI |
| Sector | Financials · Insurance (Reinsurance) |
| Country | South Korea |
| Held by ETF | DAISHIN343 금융&지주고배당 ETF (0189Z0) |
| Wikidata | Q12620571 |
| Last updated | 2026-06-10 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Korean Re disclosed Q1 2026 results with the mid-May quarterly filing cycle. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)
Korean Re reported Q1 2026 revenue of ₩1.698 trillion, up 9.3% year over year, and net profit of ₩209.5 billion, up 131.4%. No large catastrophe losses recurred against a prior-year base that absorbed ₩121.5 billion from the LA wildfire, the Myanmar earthquake, and the Yeongnam wildfire, while a weaker won lifted the valuation of overseas bonds.
| Revenue | ₩1,698.1bn+9.3%YoY |
|---|---|
| Net profit | ₩209.5bn+131.4%YoY · Q1 2025 base held ₩121.5bn of losses from three large catastrophes |
Recent & upcoming events
- · FY2025 dividend: third straight record total payout.The fiscal 2025 dividend was set at ₩570 a share, ₩100.73 billion in total, a 31.4% payout and roughly 4.6% yield, the third consecutive record after ₩79.5 billion for 2023 and ₩91 billion for 2024, on net profit of ₩320.9 billion (+1.3%). (source)
- · Q1 2026 results: net profit up 131.4% on a catastrophe-free quarter.Revenue rose 9.3% to ₩1.698 trillion and net profit jumped 131.4% to ₩209.5 billion, as no large claims events recurred against a prior-year quarter burdened by ₩121.5 billion of catastrophe losses and FX gains lifted overseas bond valuations. (source)
- · Constituent universe of the KRX-Akros high-dividend index goes investable.The DAISHIN343 금융&지주고배당 ETF (0189Z0), tracking the KRX-Akros Financial & Holdings High Dividend Index of high-yield, low-PBR Korean financials and holding companies, listed on KRX. (source)
Q1 2026 figures are from Korean press coverage of the company's quarterly disclosure; audited detail sits in the DART 분기보고서. Dividend, CSM, and K-ICS figures are from The Bell's coverage of company disclosures.
Figures are as of 2026-06-10 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Korean Reinsurance do?
Korean Re is the insurer of insurers: primary carriers cede it slices of property, casualty, marine, and life risk, and it earns the spread between premiums taken in and claims plus expenses paid out, compounded by investment income on the float. The franchise is global in a way few Korean financials are. AM Best’s industry ranking placed Korean Re 10th in the world with $7.78 billion of reinsurance premiums, and its 99.6% combined ratio was the only sub-100% result among the top-20 reinsurers in that table, the underwriting-discipline marker of the house (Asia Economic Daily). Under IFRS 17 the future profit embedded in its book is visible as a contractual service margin, which reached ₩1.0289 trillion at the end of Q1 2025, up 7.95% from end-2024 (The Bell).
Why is Korean Re a Korea financials high-dividend name?
Because it pairs a below-book valuation with a payout that is policy, not mood. The fiscal 2025 dividend of ₩570 a share, ₩100.73 billion in total, was the third consecutive record total payout, after ₩79.5 billion for 2023 and ₩91 billion for 2024, a 26% increase over three years, paid at a 31.4% payout ratio and roughly 4.6% yield under the company’s stated policy of keeping the payout ratio at 30% or higher (The Bell). The same disclosure cycle confirmed it qualifies for Korea’s dividend-income separate taxation, the 2026 tax lever that rewards exactly this payout profile, and a K-ICS solvency ratio above 200% versus the 130% supervisory recommendation leaves capital room to keep paying through a loss year (The Bell).
What did Korean Re report most recently?
In Q1 2026 (quarter ended March 31, 2026), revenue was ₩1.698 trillion, up 9.3% year over year, and net profit was ₩209.5 billion, up 131.4% (Aju Business Daily). The company was direct about the arithmetic behind the jump:
“Results rose because of the base effect from the large-loss events of the previous year.” (translated)
— Korean Re official (Aju Business Daily, May 15, 2026)
Q1 2025 had absorbed ₩121.5 billion of losses from three catastrophes, the LA wildfire, the Myanmar earthquake, and the Yeongnam wildfire; Q1 2026 saw no major claims events, and a weaker won added valuation gains on overseas bonds (Aju Business Daily). That swing, ₩121.5 billion of losses one year and none the next, is the texture of reinsurance earnings, which is why the dividend policy anchors on a payout ratio rather than a won amount.
What are the risks for Korean Reinsurance?
- Catastrophe volatility. A single quarter took ₩121.5 billion of losses in 2025; large events compress profit and, through the 30%-plus payout-ratio policy, the dividend itself (Aju Business Daily).
- FX cuts both ways. The overseas bond valuation gains that lifted Q1 2026 reverse when the won strengthens.
- Reinsurance pricing cycle. Global reinsurance rates soften as capital floods in after benign loss years, squeezing the margin on renewals.
- Payout ceiling. A roughly 31% payout ratio is structurally lower than the 50% targets of Korea’s bank holding groups, so the yield depends more on the low entry multiple than on payout expansion (The Bell).
Related securities, concepts & terms
- Korea Financials & Holdings High Dividendparent
- Seoul Guarantee Insurance (031210)sibling
- Shinhan Financial Group (055550)sibling
- Corporate Value-up Program (기업 밸류업 프로그램)related
Related indices & ETFs
- DAISHIN343 금융&지주고배당 ETF (0189Z0) · Daishin Asset ManagementKorea-listed ETF (June 9, 2026) tracking the KRX-Akros index behind this concept; 0.24% total fee with monthly distributions.
- KRX-Akros Financial & Holdings High Dividend Index (KFHHD) · KRX-AkrosThe KRX-Akros index that frames this concept and the benchmark the DAISHIN343 ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Korean Reinsurance
What does Korean Reinsurance do?
Korean Re is Korea's first and largest reinsurer: it takes on insurance risk from primary insurers in property, casualty, and life lines, at home and through an overseas network. AM Best's global ranking placed it 10th worldwide with $7.78 billion of reinsurance premiums, and its 99.6% combined ratio was the only sub-100% figure among the top-20 reinsurers in that ranking (Asia Economic Daily; Korean Re).
What did Korean Re report in Q1 2026?
Revenue of ₩1.698 trillion, up 9.3% year over year, and net profit of ₩209.5 billion, up 131.4%. The jump is mostly base effect: Q1 2025 absorbed ₩121.5 billion of losses from the LA wildfire, the Myanmar earthquake, and the Yeongnam wildfire, while Q1 2026 had no major claims events and a weaker won lifted overseas bond valuations (Aju Business Daily).
Why is Korean Re considered a high-dividend stock?
Because it pays a rising, policy-anchored dividend from a book-value-heavy balance sheet that trades below book. The fiscal 2025 dividend of ₩570 a share, ₩100.73 billion in total, was the third straight record total payout (₩79.5 billion in 2023, ₩91 billion in 2024), a 31.4% payout ratio and roughly 4.6% yield, under a stated policy of keeping the payout ratio at 30% or higher; it also qualified for Korea's dividend-income separate taxation (The Bell).
When does Korean Re report its next earnings?
Korean issuers do not pre-announce earnings dates. Korean Re's first-half results come with the H1 2026 반기보고서 (semi-annual report), due around August 14, 2026 under Korea's 45-day deadline; the date is estimated. It last disclosed Q1 2026 results on May 15, 2026 (Aju Business Daily).
How does IFRS 17 shape Korean Re's earnings quality?
Under IFRS 17, future reinsurance profit is carried as a contractual service margin (CSM) that amortizes into earnings. Korean Re's CSM balance reached ₩1.0289 trillion at the end of Q1 2025, up 7.95% from ₩953.1 billion at end-2024, helped by ₩66.1 billion of new-contract CSM from long-term co-developed products, and its K-ICS solvency ratio has run above 200%, far over the 130% supervisory recommendation (The Bell).
Sources & references
- 코리안리, 1분기 순익 2095억원…전년比 131.4% 증가 · Aju Business Daily (아주경제), 2026-05-15
- [보험사 배당 돋보기] 코리안리, 3년 연속 총배당금 신기록 · The Bell, 2026-02-20
- 코리안리, 보험계약마진 증가… 킥스비율도 우상향 · The Bell, 2025-05-20
- 코리안리, 세계 재보험사 10위 등극 "국내외 영업기반 확대" · Asia Economic Daily (아시아경제), 2021-09-03
- 코리안리재보험 (corporate site) · Korean Reinsurance Company
- 대신자산운용, 'DAISHIN343 금융&지주고배당 ETF' 신규 상장 · Newspim, 2026-06-09