KSCFC is a Seoul-based firm established in 1988 to support the domestic construction industry by offering guarantee and insurance services to its member companies.
The (re)insurer is developing its inward reinsurance portfolio and with its expansion to Macau can now provide motor policies which cover the greater bay area.
Tk.cn's combined ratio improved considerably from 121% in 2021, however Fitch expects the Chinese insurer's capitalisation to decline this year as its insurance portfolio expands.
Despite two capital injections worth US$1bn and a return to net profit, Fubon's credit ratings remain under scrutiny due to money owed from reinsurance counterparties.
AM Best has assessed that the South Korean insurer's robust capitalisation plus the implementation of IFRS 17 should allay worries about valuation losses in its securities.
