Greetings

I am pleased to introduce the Annual Report of Future Re Company for the year 2024, a review of the operating environment and business performance along with the relevant information.

2024 was the year when, thanks to the far-reaching plan, crucial decision and unconditional executive ability of the government of the Democratic People’s Republic of Korea, the first-year task to implement the regional development policy in the new era was successfully carried out and, thereby, the first entities of modern regional-industry factories were completed in 20 cities and counties. It was also a year when the construction projects of dwelling houses were pushed forward vigorously in Pyongyang and in the rural areas over the country to bring about successes in improving the people’s livelihood, and eye-opening successes made in different sectors of the national economy.

Last year, in keeping with the upward trend in the overall national economic development, the Company continued to provide domestic insurance companies with the reinsurance coverage in various lines, including Fire, Marine Cargo and Marine Hull, CAR/EAR, CECR and Crops, and settled all valid claims in a timely manner, thus further consolidating its position as the sole reinsurance company in the country.

Along with this, the Company laid foundations for establishing business relationships in close contact with insurers in various regional markets over the world, and supported risks of several lines from the Asian and African markets on a facultative reinsurance basis.

The Company, last year, also went through an enhancement in making its operation scientific, modern and IT-based by developing initial and upgraded modules for risk analysis in the reinsurance underwriting, taking advantage of the in-house IT development force, based on in-depth study and analysis of the latest trends of the international market.

In this course, all the staff members of the Company improved their professional skills and enriched their practical experiences in the reinsurance business, which made it possible for the Company to draw up a long-term scheme of coping actively and sensitively with the ever-changing environment of the insurance markets at home and abroad by relying on its own talents.

The Company updated its accounting system in compliance with the IFRS and the relevant regulations of the state, thus reporting its financial position under the updated system.

Now we are sure that ours will turn into a more competent company by making full preparations for the next-stage development in 2025.

I, on behalf of the Executive Management Board, would like to extend my heartfelt gratitude to all the employees of the Company, who spared no efforts in the development of the Company in 2024 as in the past, and also to all the counterparts who trusted and supported us last year.

Best regards.