Seoul-based reinsurer Korean Re has obtained an ESG integrated rating of A (Outstanding) in the 2023 ESG evaluation conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS).
This rating marks a major improvement from the previous year’s B+ rating (Good).
In this year’s evaluation, Korean Re obtained A ratings in all three categories: environment, social, and governance (ESG).
Looking back this year, the reinsurer declared its commitment to environmental management and established specific guidelines.
In this regard, the company set targets to reduce greenhouse gas emissions and energy consumption by measuring its energy usage and carbon footprint.
Another key factor that contributed towards the rating, is that Korean Re strengthened the oversight role of its board of management concerning ESG issues and commitments such as the Declaration on the Phase-out of Coal Financing. The company also solidified an organisational framework for ethics, legal compliance, and risk management to ensure transparent governance.
“We will continue to make sure that our ESG policies are implemented based on the belief that sound ESG practices contribute to building a healthy and sustainable business,” commented Korean Re CEO Jong-Gyu Won.
In related news, global credit ratings agency AM Best, revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Korean Re.
Further, in their results for the first 9M of 2023, Korean Re reported a net income of KRW 292.9 billion, with an insurance income of KRW 194.9 billion.
