Throughout 2019, we lived through a more heightened sense of crisis. Insurance companies grappled with persistent low growth, low interest rates, and aging populations in this already saturated market. Adding to that, Korean insurance companies have had to seek capital solutions for the past few years as they prepare for the upcoming IFRS 17 rollout in 2023.
Amid unfavorable market conditions, Korean Re delivered meaningful results in 2019. By consistently pushing ourselves to develop new opportunities abroad on one side and staying focused on enhancing our corporate values on the other side, we have consistently pursued a two-track strategy. As a result, we saw a subsidiary in Zurich, Switzerland incorporated and start operations in June, 2019. Later that year, in December 2019, our application to establish a branch office in Shanghai, China was approved.
Our strategic success can also be explained through numbers. On a consolidated basis, Korean Re achieved 83.3% growth in net income, totaling KRW 188.7 billion as at the end of 2019. Our gross written premiums increased by 6.5%, to KRW 8,051.5 billion, and net written premiums by 4%, to KRW 5,533.0 billion. Meanwhile, we paid KRW 4,424.6 billion in net claims, up KRW 373.1 billion compared to a year earlier. The overall loss ratio stood at 86.1%, up by 2.5%p, while net expenses fell by KRW 108.1 billion year on year, to KRW 803.8 billion.
Our total assets amounted to KRW 11,733.1 billion, up KRW 982.3 billion year on year, and invested assets reached KRW 6,222.2 billion, up KRW 342.6 billion compared to a year earlier.
Stable financial performance results enabled us to pay out dividends at an increased rate of 5.3%. Korean Re will stay committed to delivering more value to our shareholders in line with our shareholder-friendly corporate philosophy.
We entered 2020 with both positive expectations and concerns over the future, and now the world is faced with unprecedented challenges caused by the coronavirus pandemic, as well as mounting tensions in the Middle East and uncertainties in Europe after Brexit. Nevertheless, we would like to believe in an optimistic view that the economy will eventually rebound in the years to come.
In a business climate clouded by challenge after challenge, Korean Re started the new year with the slogan “New Start 2020 for New Value Creation.” On the back of profitable growth supported by optimized capital efficiency, we will continue to work to sustain a virtuous cycle of this strong performance. We will also stay committed to developing new growth engines to further diversify our business portfolio and strengthen our global capabilities. After years of efforts toward this global expansion, we saw our liaison office in Bogota finally approved by the Colombian government early this year. This marks a new foothold in Latin America and the Caribbean. We will continue to make new attempts for growth by expanding our global presence.
In 2020, Korean Re will keep up with self-improvement efforts to strengthen itself so that it can become a leading global reinsurer. Aiming even higher, we will keep moving forward amid all the present challenges and stay focused on our vision. We thank you for your unwavering support of Korean Re and look forward to delivering even more value to our clients, partners, shareholders, and all other stakeholders in 2020 and beyond.
Thank you.
Jong-Gyu Won
President and CEO