The Korean casualty insurance market experienced a phase of recovery and stabilization in 2024. The prolonged hardening of the domestic casualty market has gradually subsided, leading to a plateau in rate increases. This trend has led to an increase in competition, particularly in business lines with favorable loss ratios. Despite these market dynamics, our domestic casualty portfolio remained profitable, delivering solid performance.

In 2024, liability insurance accounted for the largest share of our total domestic casualty premiums at 46.5%, followed by personal accident insurance at 28.2% and special risk insurance at 25.4%. Over the year, we restructured our liability portfolio and exited underperforming accounts.

Meanwhile, the personal accident insurance sector grew by 7.4%, driven by the post-pandemic recovery of the travel insurance market. We also continued to strengthen cooperation with our clients as we remained dedicated to providing effective responses to evolving market trends. Our client engagement is concentrated on supporting clients in navigating key industry challenges, including cyber security risks and ESG considerations.

Looking ahead, we are likely to encounter increased competition from overseas reinsurers. We will also have to deal with domestic primary insurers who continue to increase retention levels. Amid these challenges, we will respond agilely to changes in the domestic legislative landscape and continue to lead many domestic accounts by leveraging our underwriting expertise.

Moreover, our resources will be strategically allocated to strengthen risk management through thorough and proactive risk assessments, ensuring readiness for potential market changes. With a strong commitment to sustainable profitability, we remain confident in our ability to provide stable reinsurance capacity and tailored solutions that effectively meet the evolving needs of our clients.