上述负责人表示，自2001年我国加入世贸组织后，再保险已成为我国开放最为彻底的金融细分领域之 一，国际头部再保险集团均在中国设立了分支机构并持续加大资本投入。面对外资再保险公司的竞争压 力，中国再保积极拓展国际市场，深度参与国际竞争，目前，境外机构已覆盖11个国家和地区，分布在 财产险、寿险再保险、保险资管三大业务板块。 自1999年起，中国再保先后在伦敦、中国香港、纽约设立代表处；2015年，在香港联交所成功上市，同 年设立中再资产（香港）；2016年，设立新加坡分公司拓展亚太地区国际再保险市场。随着中国再保全 球化进程的稳步推进，公司不断提升中国在全球再保险行业的影响力和话语权，加快推动从全球产业链 参与者向主导者的转变进程。2018年，中国再保把握市场机遇，成功收购英国桥社保险集团，全球网 络、经营能力、人才实力均得到有力提升。2019年底，中国再保全球化战略布局再添新版图，旗下中再 寿险在香港设立全资子公司中再寿险（香港），立足境内外市场打造具有全球影响力的人身再保险业务 中心。 "经过多年耕耘，中国再保全球布局显著拓宽，国际业务年保费规模已超过300亿元，国际业务占比约 17%，海外资产占比超四分之 ...

6月28日，全国首个面向低空经济运营管理方的专业运营责任保险产品——"安翼计划"在第三届低空(苏 州)产业创新生态大会暨2025数字低空大会上正式发布并实现首单落地。据了解，该保险方案由苏州东 吴财产保险股份有限公司联合中国财产再保险有限责任公司研发，首单为苏州市盛泽湖全空间无人体系 示范岛试飞运营场地提供了运营管理方风险保障。(上证报) ...

港股保险股回调，众安在线(06060.HK)跌超8%，云锋金融(00376.HK)跌超7%，中国再保险 (01508.HK)、中国人寿(02628.HK)、中国平安(02318.HK)等多股下挫。 ...

风格敞口 中国再保险集团 - H 中国再保险行业的标杆；首次覆盖，给予"增持"评 级 中国再保险集团在中国再保险市场中占据主导地位，2024 年市场份额接 近 50%（中再产险为 22%，中再寿险为 28%）。由于长端国债收益率处 于历史低位，中国保险行业面临偿付能力负担。资本欠佳/承压的保险公 司可以使用中再的资本改善产品（如财务再保险），提升偿付能力充足 率。财务再保险作为一种风险转移/资本缓解工具，一般被资本欠佳的保 险公司用来改善资本充足率。沉重的宏观压力对财务再保险合同需求的 提升构成上行风险，而来自面临偿付能力压力的寿险公司的需求尤甚。 因此，我们首次覆盖中再，因其具有稀缺性价值，给予"增持"评级， 主要支撑因素包括：1) 独特的产品供应，有助于缓解寿险公司的资本压 力；2) 在经济周期中，增速高于直保公司；3) 得益于境外业务敞口，业 务风险分散，同时具有外汇对冲收益。 中国 证券研究 2025 年 6 月 22 日 首次覆盖 增持 1508.HK, 1508 HK 股价（2025 年 6 月 20 日）： 1.14 港元 目标价（2025 年 12 月）： 1.40 港元 证券研究报告 保险 ...

港股保险股震荡走强，中国太平(00966.HK)涨超6%，新华保险(01336.HK)涨超5%，中国再保险 (01508.HK)涨超4.5%，中国人寿(02628.HK)涨超4%，中国太保(02601.HK)、中国平安(02318.HK)、众安 在线(06060.HK)均涨2.8%。 ...

2025年5月7日，央行宣布全面降准0.5个百分点并同步下调政策利率，释放长期流动性约1万亿元（币种 为人民币，如无特别说明以下同），标志着货币政策进一步向"适度宽松"倾斜。 这一政策组合拳不仅为实体经济注入动能，更通过利率传导机制重塑金融市场格局。对再保险行业而 言，低利率环境加速了风险定价体系的重构，倒逼行业深化风险管理能力与产品创新效率，具备全周期 风险分散能力和资产负债管理优势的头部企业将迎来结构性机遇。 聚焦到公司层面，作为国内再保险行业的领军企业，中国再保险（简称"中国再保"）在此轮政策周期中 展现出显著的领跑态势。其亚洲第一、全球第八的业务规模优势，叠加在上海国际再保险中心建设中的 核心参与地位，使其能够充分承接政策释放的增量需求。当市场加速重构风险分散机制，这种集规模效 应、技术壁垒与政策先发优势于一体的行业地位，正成为中国再保把握政策红利的核心动能。 恰逢近期其发布了2025年第一季度财报，接下来不妨结合这份成绩单，来看看中国再保在政策红利推动 下的成长逻辑和投资亮点。 一、政策红利助力险企资产负债两端修复 从流动性释放、经济复苏传导至资本市场联动，政策红利的持续释放正在重塑再保险行业的价值 ...

港股保险股走高，中国太平(00966.HK)涨超6%，中国太保(02601.HK)、友邦保险(01299.HK)、中国人民 保险集团(01339.HK)、中国再保险(01508.HK)均涨超4%，中国人寿(02628.HK)涨近3%，中国平安 (02318.HK)涨1.75%。 ...

Core Viewpoint - The rapid development of the green industry has created significant funding demands, with green finance emerging as a crucial tool to support this growth, particularly through green insurance, which plays a vital role in risk management and investment for green projects [1][17]. Group 1: Overview of Green Insurance Industry - Green insurance, also known as ecological insurance, is a fundamental means of environmental risk management under market conditions, with environmental pollution liability insurance being the most representative type [3]. - The green insurance product system includes various categories such as pollution risk protection, resource risk protection, and green financial risk protection [4]. Group 2: Development History of Green Insurance - China's green insurance began in 2007 with pilot environmental liability insurance, and significant policy developments have occurred since then, including the 2016 guidance on building a green financial system [5]. - The latest guidance from the National Financial Regulatory Administration in 2024 aims to establish a comprehensive support system for green insurance by 2027 [7]. Group 3: Current Status of Green Insurance Industry - The green insurance market in China is still in its early stages, with a relatively small market size but steady growth in industry scale and product innovation [1][17]. - In 2023, the total premium income from green insurance reached 229.7 billion yuan, accounting for 4.5% of the total industry premium, with cumulative insurance coverage amounting to 709 trillion yuan [13][15]. Group 4: Key Enterprises in Green Insurance - Major companies in the green insurance sector include China Pacific Insurance, China Property & Casualty Insurance, and China Life Insurance, each contributing significantly to the green insurance market with substantial coverage amounts [19][20]. - For instance, by 2024, China Pacific Insurance's green insurance coverage is expected to exceed 147 trillion yuan, while China Property & Casualty Insurance is projected to provide 161.9 trillion yuan in risk protection [20][24]. Group 5: Future Trends in Green Insurance - The industry is expected to see a diversification of products and services, with a focus on integrating environmental risk considerations into traditional insurance offerings [26][27]. - Regulatory bodies and insurance companies are encouraged to enhance the green investment mechanisms to support sustainable projects effectively [28].

本报记者 陈晶晶 北京报道 近日，中国再保险（01508.HK）披露2024年业绩数据显示，2024年，公司合并总保费收入1784.83亿 元，同比增长0.9%；合并保险服务收入1013.63亿元，同比增长1.6%；归属于母公司股东净利润105.57 亿元，同比增长86.8%。2024年，公司总投资收益173.89亿元，同比增长86.9%；总投资收益率4.83%， 同比增加2.06个百分点。 对于盈利增长原因，中国再保险在年报中称："承保、投资两端均衡发力，实现承保业绩持续改善、投 资收益同比增长。" 《中国经营报》记者注意到，中国再保险2024年境内7家子公司和海外6家经营平台全部实现盈利。其中 财产再保险业务作为中国再保险的重要板块，涵盖境内、境外以及桥社等多个业务方向，贡献了近一半 的净利润。 中国再保险总裁庄乾志在业绩发布会上表示，2024年是中国再保险"蓄势发力期"的收官之年，2025— 2027年是"发展突破期"，将着力实现创新转型，以更大力度突破发展瓶颈，实现软硬实力双提升。 各板块业务实现承保盈利 作为中国再保险旗下唯一的财险直保公司，2024年，大地保险净利润14.75亿元，同比增长292. ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 118,132,916 thousand, an increase of 8.0% from RMB 109,394,871 thousand in 2023[3] - Net profit for the year ended December 31, 2024, reached RMB 11,080,440 thousand, representing a significant increase of 91.5% compared to RMB 5,790,593 thousand in 2023[4] - Basic earnings per share for 2024 was RMB 0.25, up from RMB 0.13 in 2023, reflecting a growth of 92.3%[3] - The total comprehensive income for the year ended December 31, 2024, was RMB 12,472,343 thousand, compared to RMB 5,408,554 thousand in 2023, marking an increase of 130.4%[4] - The net profit for the year ended December 31, 2024, was RMB 10,556,993 thousand, compared to RMB 5,652,446 thousand in 2023, representing an increase of approximately 86.5%[8] - The total comprehensive income for the year was RMB 11,786,287 thousand, compared to RMB 5,351,422 thousand in 2023, indicating a significant increase[9] Investment Performance - Investment income for 2024 was RMB 6,831,989 thousand, a recovery from a loss of RMB 1,280,368 thousand in 2023[3] - Interest income totaled RMB 9,234,723,000, with significant contributions from various business units[24] - Investment income amounted to RMB 6,831,989,000, indicating robust investment performance despite market fluctuations[24] - Investment income increased significantly to RMB 17,389 million in 2024, up 86.9% from RMB 9,304 million in 2023[36] - Investment income for 2024 is projected at $6,831,989, showing a recovery from previous losses[28] Asset and Liability Management - Total assets as of December 31, 2024, amounted to RMB 508,347,105 thousand, an increase of 10.5% from RMB 459,727,587 thousand in 2023[5] - Total liabilities as of December 31, 2024, were RMB 395,682,308 thousand, up from RMB 357,548,670 thousand in 2023, indicating a growth of 10.7%[6] - The total equity attributable to shareholders as of December 31, 2024, was RMB 103,255,661 thousand, an increase from RMB 93,253,047 thousand at the end of 2023[8] - The company's total assets increased to RMB 25,285,234 as of December 31, 2024, up from RMB 23,523,867 in 2023[31] - The group's total assets increased by 10.6% to RMB 508.35 billion as of December 31, 2024[45] Cash Flow and Dividends - Cash generated from operating activities for 2024 was RMB 11,930,645 thousand, down from RMB 18,203,912 thousand in 2023, a decrease of about 34.5%[10] - The company distributed dividends to shareholders amounting to RMB 1,784,152 thousand in 2024, up from RMB 594,717 thousand in 2023, reflecting a substantial increase in shareholder returns[11] - The company declared a dividend of RMB 0.042 per share for the fiscal year 2023, totaling RMB 1,784,152, compared to RMB 0.014 per share in 2022[30] Market Position and Strategy - The group derives over 75% of its revenue from domestic customers, highlighting its strong foothold in the Chinese market[21] - The company plans to expand its market presence and enhance product offerings in the upcoming fiscal year[24] - The company aims to optimize its business structure and reduce the scale of internet platform and auto insurance businesses while enhancing overall development quality[150] - The company plans to focus on structural reforms in product and service offerings, emphasizing innovation in health insurance and long-term care products[164] Risk Management and Compliance - The company implemented new insurance and financial instrument standards starting January 1, 2023, which may impact future financial reporting[2] - The company emphasized enhancing risk management systems and monitoring investment risks effectively throughout the reporting period[142] - The group maintained an "A" rating from both Beich and S&P Global, indicating stable financial conditions[40] Segment Performance - The property reinsurance segment generated RMB 46,042,242,000 in insurance service income, while the life reinsurance segment contributed RMB 9,845,927,000[24] - The total insurance service revenue for the life reinsurance segment decreased by 17.4% from RMB 11.914 billion in 2023 to RMB 9.846 billion in 2024, primarily due to a decline in protection-type business[89] - The net profit for the property reinsurance segment was RMB 5.18 billion, reflecting a year-on-year growth of 68.9%[47] - The net profit for the life reinsurance segment increased by 225.3% from RMB 1.294 billion in 2023 to RMB 4.209 billion in 2024, driven by proactive market opportunities and optimized asset allocation[89] Future Outlook - The company anticipates significant growth opportunities in green insurance, agricultural insurance, and health and elderly care insurance sectors[160] - The property reinsurance market is expected to see a rigid growth in demand due to increasing disaster risks and emerging risks, with improved pricing conditions[161] - The life insurance market is driven by strong demand for retirement savings products, with health insurance expected to innovate due to healthcare reforms and AI advancements[161]