It is my pleasure to present to you the annual report of Future Re for the year 2022.
This report includes a review of the Company’s operating environment, governance and risk management and the report of the external auditors on financial performance of the Company.
In 2022, provided the major projects of the state and the construction of dwelling houses in cities and countryside were carried out in a full-scale way, and agricultural production and the operation of ships in maritime transport were activated, the company provided various kinds of reinsurance products and services.
Gross written premium for 2022 increased by 2.49% to KPW 1,857,912,000 as compared to KPW 1,812,857,000 in 2021.
During the year 2022, the Company achieved net profit of KPW 1,272,976,000 and combined loss ratio of 62.32% in the reinsurance portfolio.
The Company has mainly arranged proportional reinsurance covers such as Quota Share Reinsurance and Surplus Reinsurance for the risks assumed, while relying on non-proportional covers in respect of crop, engineering and marine cargo insurance.
During the year, operating expenses of the Company were kept within acceptable levels and aligned with the volume of activities, the economic and commercial environment, as well as its business strategy and prospects, thus amounting to KPW 335,960,000 compared to KPW 308,571,000 in the previous year with an increase of 8.88%.
Concerning the investment business, the Company generated a regular income from the current activities, without arranging an additional investment operation in accordance with its new strategy.
Consequently, the total income from all business activities and net income before payment to state were KPW 2,286,926,000 and KPW 1,046,815,000 respectively during the year 2022.
The Company has concentrated more efforts in the scientific and innovative operations in keeping with the developing trends of digitalization, Big-Data, IoT and telecommunication and information technologies.
The success achieved in 2022 is attributable to the Company’s standing principles of evaluating the risk management system regularly, and developing the executive programs in the light of new challenges in the market through the continuous analysis of the internal and external environment and of achieving client’s satisfaction through various kinds of products and services.
And it is also attributable to the Company’s measures of replacing the new cadres of important duties to guarantee providing the best services to the insurance companies and developing the professional skills of the staff at all levels.
With full confidence in 2023, the Company will continuously contribute to offer a range of reinsurance products and services tailored to different client’s needs and expand its business to the global insurance and reinsurance markets.
We hope that 2023 will be another good year in terms of growth and profit for the Company.
On behalf of the Executive Committee of Management, I would like to thank all the staff for their dedication which contributed to the excellent results in 2022.
And I would also like to extend my gratitude to all the insurance companies, brokers and business partners for their continuous support.
Kim Chang Ho