The space agency's review found that domestic insurers currently lack sufficient capacity to underwrite large and complex space risks, leading to heavy dependence on international reinsurance markets.
Following weaker bottom-line results in FY2025, the South Korean insurer posted net income growth of KRW635.2bn (US$426.1m) in the first quarter, supported by higher sales.
The ratings agency has affirmed the South Korean insurer's IFS rating at “A+” and IDR at “A”, with subordinated debt at “A-”, all with a stable outlook.
