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KREDKRED
003690KOSPI

Korean Reinsurance Company

14,540
-100 (-0.68%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Korean Reinsurance Company was established in 1963 and is listed on the KOSPI market. Headquartered in Seoul, the company operates as a joint stock company.

The company is a professional reinsurer providing reinsurance services for non life and life insurance. It operates through insurance and investment business segments, distributing its services to domestic and international insurance markets through a global network.

Business overview as filed

당사는 국내 유일의 전업 재보험사로서, 1963년도에 설립된 이후 지난 약 60년간 국내외 재보험시장에서 축적한 경험을 바탕으로 거래사들과의 동반자적 관계를 통해 보험산업 발전에 이바지하며 성장을 지속하고 있습니다. 또한, 국내를 비롯하여 전세계에 걸친 폭넓은 해외 네트워크를 구축하며 글로벌 재보험사로서 세계 시장에서의 입지를 강화해 나가고 있습니다. 아울러, 국제신용평가기관으로부터 견실한 재보험사로 인정받고 있습니다. (A.M.Best : A(Stable) / S&P : A+(Stable) / Moody's : A1(Stable))

당사는 포트폴리오 다각화 및 신시장 개척, 수익성 중심 전략을 통해 지속가능한 성장을 추진하고 있으며, 재보험 조건 최적화를 통해 실적 변동성 완화에 힘쓰고 있습니다. 또한, 투자영업 수익률을 제고하여 양호한 투자이익을 시현하고 있습니다. 보험영업에서는 종목별, 지역별 분산 및 수익성 중심의 포트폴리오 구축을 통해 자연재해 및 대형사고 등의 위험에도 불구하고 안정적인 이익 시현을 추구하고 있고, 투자영업에서는 지속적인 포트폴리오 다변화 등 자본차익 기회를 확보하기 위한 자산 배분을 지향하며 안정적이고 지속적인 수익성을 위해 최선을 다하고 있습니다. 이에 따라, 당사는 2025년 기준으로 6조 5,761억원의 매출액, 4,633억원의 영업이익, 3,166억원의 당기순이익을 달성하였습니다. 전년 동기 대비 매출액은 2,271억원 감소, 영업이익은 638억원 증가, 당기순이익은 307억원 증가하였습니다.

Company overview

가. 회사의 법적, 상업적 명칭

- 당사의 명칭은 코리안리재보험주식회사이고 영문명은 Korean Reinsurance Company입니다.

나. 설립일자 및 존속기간

- 당사는 1963년 3월 19일에 대한손해재보험공사로 설립되었으며, 1978년 3월 2일 주식회사로 전환(대한재보험주식회사)하였고 2002년 6월 27일 코리안리 재보험주식회사로 사명을 변경하였습니다. 또한 1969년 12월 22일에 기업 공개를 통해 현재 유가증권시장에 상장되어 있습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소 등

- 주 소 : 서울특별시 중구 청계천로 100 시그니쳐타워 4, 5층 (2025년 4월 14일부터 본점 소재지 변경) - 전화번호 : 02-3702-6000- 인터넷 홈페이지 : http://www.koreanre.co.kr

라. 회사사업 영위의 근거가 되는 법률

- 상법 및 보험업법 등에 근거하고 있습니다.

마. 주요 사업의 내용

① 손해보험 재보험의 출수재 업무 ② 생명보험 재보험의 출수재 업무 ③ 해외에 있어서의 보험업무 ④ 기타 권한있는 경제부처의 장 또는 금융 감독기관이 승인하는 보험업무 ⑤ 보험업법 및 관계 법령에 의해 금지 또는 제한되는 방법을 제외한 모든 자산운용 ⑥ 보험업법 및 관계 법령에 의해 허용되는 보험업 외의 겸영가능 업무 또는 보험업의 부수업무

바. 연결대상 종속회사 개황 바-1. 연결대상 종속회사 현황(요약)

바-2. 연결대상회사의 변동내용 - 제64기 사업연도 기준(2025.1.1~2025.12.31) 변동사항 없음

사. 중소기업 등 해당 여부

아. 신용평가에 관한 사항

- 당사는 국제신용평가기관으로부터 신용등급을 받고 있으며, 평가등급은 아래와 같습니다.

주1) A.M.Best는 미국에 소재한 세계적 권위의 보험회사 신용평가기관으로서, 당사는 2002년 신용등급 A-을 획득하였고 2011년 2월22일자로 신용등급 A(Stable)로 상향 됨. 신용등급 A는 해외재보험 거래기준 우수 투자적격등급을 의미함.

주2) S&P(Standard & Poor's)는 미국에 소재한 세계 최고권위 신용평가기관의 하나로서, 당사는 2025년 7월 28일 발표된 S&P 정기 신용등급 평가에서 신용등급이 기존 A(Positive)에서 A+(Stable)로 상향 조정됨.주3) Moody's(Moody's Investors Service)는 미국에 소재한 세계 3대 신용평가기관의 하나로서, 당사는 2025년 5월 16일자로 보험금지급능력평가에서 신용등급 A1(Stable)을 획득하였음.

우량 신용등급 획득 및 등급 상향 배경

- 지속적인 이익잉여금 증가 및 신종자본증권 발행 등 자본력 강화

- 해외수재 비중 점진적 확대 및 국내시장 내 선도적 지위 유지

- 포트폴리오 다변화 및 조건 개선으로 양호한 언더라이팅 실적 시현

- 자산 및 부채 듀레이션의 관리 강화

평가등급의 의미 : 전사적 재무건전성 (Financial Strength Rating)

◆ A.M.Best (본점소재지 : 미국)

◆ Standard & Poor's (본점소재지 : 미국)

◆ Moody's Investors Service (본점소재지 : 미국)

자. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.31), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.10%
[2.15%, 4.48%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 19.9% (2026-05-13). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.17
Beta [0.07, 0.28] · KOSPI200 · As of 2026-10-08
Intercept
+0.055%[-0.246%, +0.355%]
R squared
0.08
Observations
252
Trading-time corrected beta
0.03[-0.17, 0.24]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2022202320242025TTM
Insurance revenueKRW 100M57,63051,67651,36649,75849,964
Revenue growth%—-10.33-0.60-3.13—
Operating incomeKRW 100M3,5243,6374,0544,7096,758
Operating income growth%—3.2011.4816.16—
Net incomeKRW 100M2,7852,8393,1673,2204,676
Net income growth%—1.9411.561.70—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%6.117.047.899.4613.53
Net margin%4.835.496.176.479.36
ROENot applicableNot applicableNot applicableNot applicableNot applicable
ROA%2.532.352.412.263.17
Debt ratio%305.70270.94281.14287.13266.39
Reserve ratio%2,941.502,758.452,527.912,721.852,794.59
Free cash flowKRW 100M13,0506,35811,49316,555—
FCF margin%22.6412.3022.3833.27—
OCF conversion%469.19224.96363.51518.17—
Capex to revenue%0.030.050.040.27—
EPSKRW1,7621,6551,5561,587—
PERx3.864.325.117.27—
BPSKRW19,28419,67117,72318,90722,747
PBRx0.350.360.450.610.58
Dividend per shareKRW430—540515—
Payout ratio%24.40—34.7032.45—

Consolidated basis

Margins%

Cash flow by activityKRW 100M

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Free cash flow breakdownKRW 100M

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

2022202320242025
110,172120,663131,604142,598
Total liabilitiesKRW 100M83,01688,13497,075105,763
27,15632,52934,52936,834

Income statement

2022202320242025
57,63051,67651,36649,758
Operating incomeKRW 100M3,5243,6374,0544,709
3,5173,6143,9884,623
2,7852,8393,1673,220
Basic earnings per shareKRW1,7621,655*1,5561,587
Diluted earnings per shareKRW1,7621,655*1,5561,587
2,3433,8403,2183,630

Cash flow statement

2022202320242025
Net incomefrom the income statement2,7852,8393,1673,220
Total adjustments to operating cash flowcomputed10,2803,5478,34513,467
13,0656,386*11,51116,687
-15,325-7,943*-11,533-16,417
2,5611,629-1,260-1,394
4,7894,9895,1023,994
Net change in cash and cash equivalentsKRW 100M200113-1,108-1,156

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.31.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2022적정Term 61안진회계법인2022-12-31
2021적정Term 60안진회계법인2022-12-31
2020적정Term 59안진회계법인2022-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.21
%
%
Cost of equity5.46%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate30.3%
Base fiscal year2025
Current priceKRW14,540

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model15,204+4.6%
Dividend discount model DDM15,204+4.6%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE250,853+1,625.3%
Residual income model RIMNo book value or return on equity
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.21 × 5.00% = 5.46%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = g_T = 2.00%

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 515 × (1 + 2.00%) / (5.46% − 2.00%) = 525 / 0.0346 = 15,204 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 515, g_1 = 2.00%, g_T = 2.00%, r = 5.46%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%5250.9483498
22.00%5360.8992482
32.00%5470.8527466
42.00%5570.8086451
52.00%5690.7668436
Terminal value2.00%16,7860.766812,871
Total15,204

P_0 = 15,204 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 16,687.2 − 132.7 + 0.0 (net borrowing) = 16,554.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%16,885.70.948316,012.2
22.00%17,223.40.899215,487.6
32.00%17,567.80.852714,980.1
42.00%17,919.20.808614,489.3
52.00%18,277.60.766814,014.6
Terminal value2.00%539,580.30.7668413,730.7
Total488,714.5

P_0 = 488,714.5 KRW hundred million ÷ 194,821,031 (shares) = 250,853 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list