Group 1 - The core point of the article is that China Reinsurance (01508) has reported the performance of its life insurance segment, Zhongcai Life Insurance, for the first nine months of 2025, showing significant financial figures [1] Group 2 - The operating revenue for Zhongcai Life Insurance is approximately 42.509 billion yuan [1] - The net profit reported is around 2.949 billion yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 China Reinsurance (Group) Corporation 中國再保險（集團）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1508） 公告 中再壽險截至2025年9月30日止九個月之 未經審核財務數據及償付能力報表 本公告乃中國再保險（集團）股份有限公司（「本公司」）根據證券及期貨條例（香港 法例第571章）第XIVA部之內幕消息條文及香港聯合交易所有限公司證券上市規 則第13.09(2)條而發出。 於2025年9月30日 （人民幣元） 資產 期末餘額 （未經審計） | 資產： | | | --- | --- | | 貨幣資金 | 3,241,588,058.62 | | 以公允價值計量且其變動計入當期損益的金融資產 | 1,117,594,621.51 | | 買入返售金融資產 | 3,572,491,000.00 | | 應收利息 | 2,513,316,6 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 China Reinsurance (Group) Corporation 中國再保險（集團）股份有限公司 （股份代號：1508） 公 告 中再產險截至 2025 年 9 月 3 0 日止九個月之 未經審核財務數據及償付能力報表 本公告乃中國再保險（集團）股份有限公司（「本公司」）根據證券及期貨條例（香港 法例第571章）第XIVA部之內幕消息條文及香港聯合交易所有限公司證券上市規 則第13.09(2)條而發出。 茲提述本公司2020年12月9日及2023年5月2日刊發的關於本公司附屬公司中國財 產再保險有限責任公司（「中再產險」）資本補充債券發行完畢的自願性公告，中再 產險已在全國銀行間債券市場成功公開發行兩筆本金總額分別為人民幣40億元資 本補充債券。根據有關規定，在資本補充債券存續期內，中再產險需在中國貨幣 網( www.chinamoney.com.cn )、中國債券信息網( www.china ...

Core Insights - The annual international conference on reinsurance, held in Shanghai, focused on the future development of the industry, attracting over 400 institutions from 28 countries and regions, emphasizing the growing role of reinsurance in supporting the real economy and enhancing global resilience in the insurance sector [1][2] Reinsurance Center Development - The construction of the Shanghai International Reinsurance Center is accelerating, with 26 institutions already established and 128 institutions having trading permissions, leading to a cumulative trading scale of 4.5 billion yuan and a registration scale of nearly 110 billion yuan by the end of Q3 [2][3] Risk Management and Innovation - The demand for comprehensive risk protection is rising due to rapid economic development, with emerging risks in strategic sectors like technology and green energy needing to be addressed by the reinsurance industry [3][7] - Technological innovation is a key focus, with advancements in risk management, actuarial pricing, and data modeling being essential for the industry's competitive edge [7][8] Globalization and Market Dynamics - The trend towards globalization and internationalization in the insurance industry is irreversible, with a growing consensus on the need to diversify reinsurance capacity across more countries, particularly in emerging markets like China [4][5] - The Shanghai International Reinsurance Center aims to enhance its market share in the national reinsurance market, focusing on creating a robust ecosystem that includes reinsurance brokers and legal institutions [5][6] Technological Advancements - The conference highlighted significant technological achievements, including the launch of a risk management center and a climate change risk insight platform, aimed at improving the assessment and management of potential catastrophic risks [8]

Core Insights - The Chinese reinsurance industry is rapidly developing, with 26 domestic reinsurance entities and 6 foreign institutions operating in Shanghai's international reinsurance registration and trading center, achieving a cumulative trading scale of 4.5 billion yuan and a registration scale of nearly 110 billion yuan by the end of Q3 this year [1][2]. Industry Development - The reinsurance sector is expected to play a crucial role in addressing new insurance demands arising from high-quality development in production, consumption, and trade during the 14th Five-Year Plan period [1][2]. - The next decade is identified as a critical period for filling gaps in China's reinsurance market, with a need to enhance supply capabilities, risk pricing, and market leadership [4]. Risk Landscape - The global reinsurance market faces complex risks, with natural disasters causing insurance losses exceeding $100 billion for five consecutive years, and geopolitical risks increasing exposure in areas such as political violence and cybersecurity [3][4]. - China's reinsurance market currently holds only 4% of the global share, ranking seventh worldwide, indicating significant room for growth [3]. Emerging Opportunities - The demand for reinsurance is expected to rise as Chinese enterprises expand overseas, particularly in sectors like new energy vehicles, which saw exports surpassing 1.28 million units in 2024 [5][6]. - The insurance industry is anticipated to invest more resources into managing risks associated with new energy vehicles, enhancing operational management capabilities [6]. Challenges in Expansion - Challenges faced by insurers venturing abroad include data discrepancies, complex regulatory environments, high service network costs, and the need for specialized risk management [7]. - To address these challenges, initiatives such as building industry-level data platforms, sharing global networks, innovating reinsurance solutions, and promoting standardization are being pursued [7].

Core Viewpoint - The construction of the Shanghai International Reinsurance Center is crucial for the development of Shanghai as an international financial hub, with China Re's subsidiary, China Property Reinsurance Co., actively participating in this initiative [3][4]. Group 1: Contribution to Shanghai International Reinsurance Center - China Property Reinsurance Co. aims to leverage its long-term operational expertise in the reinsurance market to enhance transaction processes and business management models, contributing "China Re wisdom" to the Shanghai International Reinsurance Center [3][4]. - The company is involved in establishing transaction standards for reinsurance, focusing on operational processes, data exchange, and accounting settlement, thereby accelerating the standardization of the reinsurance market [4]. - The Shanghai Reinsurance Operations Center was established in July 2024, enhancing business transactions and system integration to support the center's development [4]. Group 2: Collaboration and Transactions - In May, China Property Reinsurance Co. signed on-site transaction agreements with Taiping Property Insurance and Dadi Insurance, with a total transaction amount exceeding 5 billion [5]. - The company plans to strengthen collaboration between its international business platforms in Beijing, Singapore, and London with the Shanghai Reinsurance Operations Center to promote domestic and international reinsurance transactions [5]. Group 3: Market Challenges and Opportunities - The global reinsurance industry faces challenges from climate change, geopolitical conflicts, and economic tensions, necessitating a search for new development opportunities [6]. - Key trends in the global reinsurance market include increasing risk complexity, technological empowerment, and market differentiation, with opportunities arising from regional development and the export of technical services [6]. - The demand for disaster protection, infrastructure investment, and economic transformation presents growth opportunities in certain regional markets [6]. Group 4: Impact of Technology - The application of artificial intelligence and automation in the reinsurance industry is expected to enhance service capabilities and operational efficiency, becoming a consensus among global reinsurers [7]. - New technologies will improve risk pricing, customer response times, and settlement cycles, while also introducing new operational risks related to cybersecurity [8]. Group 5: International Expansion in New Energy Vehicle Insurance - In the first nine months, China's new energy vehicle exports reached 1.758 million units, a year-on-year increase of 89.4%, prompting leading insurance companies to explore overseas markets [9]. - The competitive domestic car insurance market drives insurers to seek growth in overseas markets, particularly in developing countries [9][10]. - China Property Reinsurance Co. aims to empower insurers' international strategies by building a data platform, sharing global networks, innovating reinsurance solutions, and promoting standard outputs [10].

一是要强化研究引领。再保险业是典型的研究驱动、创新驱动型金融领域。再保险业具有数据聚合和跨 行业分析的优势，具有全球范围的交流互动机制，能够牵头进行基础性、前沿性研究。再保险机构要进 一步增强对巨灾风险、新兴风险和复杂风险的认识，攻克风险定价难题，制定综合解决方案，为经济社 会发展提供风险保障。 二是要强化科技赋能。传统的精算方法难以有效评估新的风险挑战，而科技创新不仅优化了再保险业的 业务流程，更拓宽了服务边界，可以赋能再保险业更准确地预测特定区域的各类风险，实现差异化精准 定价。未来，领先的再保险公司将不再是单纯的资本提供者，更是科技赋能型风险价值创造者。 三是要强化行业协同。再保险机构具有平台型公司的典型特征，是推动行业建立健全风险共担机制、发 挥共同体作用的重要力量。在风险格局日益复杂的当下，全行业通过深度协同合作，可以更好地发 挥"社会稳定器"和"经济减震器"功能作用。未来，再保险应利用业务中立性特点，积极推动行业协同， 不仅要实现承保能力整合，更要积极制定行业标准、共享风险数据，进而提升整个金融体系的韧性。 10月22日，中国再保党委书记庄乾志在2025上海国际再保险会议上表示，未来十年是中国再保 ...

Core Viewpoint - The recent adjustment in the regulatory responsibilities of insurance institutions in China indicates a shift towards localized supervision, with a significant increase in the number of insurance entities under local regulatory bodies, while the Financial Regulatory Authority focuses primarily on insurance groups and their subsidiaries [1][2][3]. Group 1: Regulatory Changes - As of June 30, 2025, the number of insurance entities regulated by the Financial Regulatory Authority decreased from 116 to 65, primarily focusing on insurance groups and their subsidiaries [2]. - The adjustment reflects a broader trend of localizing regulatory responsibilities, with local regulatory bodies now overseeing a larger number of insurance institutions [4][5]. - The Financial Regulatory Authority convened a special meeting with local regulatory agencies to discuss these changes [1]. Group 2: Impact on Local Regulatory Bodies - Local regulatory bodies, particularly in major cities like Beijing and Shanghai, have seen a significant increase in the number of insurance entities they oversee, with Beijing's count rising from 24 to 39 and Shanghai's from 24 to 36 [4][5]. - The increase in regulatory responsibilities has led to heightened pressure on local regulatory bodies, necessitating stronger management accountability from insurance company executives [5]. Group 3: Specific Changes in Insurance Institutions - The total number of insurance institutions listed as of June 30, 2025, is 238, a decrease of one from the end of 2024, with notable changes including the removal of Tianan Insurance and the addition of Suzhou Dongwu Insurance [6]. - Several types of insurance institutions, such as insurance asset management companies and health insurance companies, have shifted from being regulated by the Financial Regulatory Authority to local regulatory bodies [6][7]. - A total of 21 out of 35 insurance asset management companies have transitioned to local regulatory oversight, while 14 remain under the Financial Regulatory Authority [7].

Group 1 - The stock of China Reinsurance (01508) was transferred from HSBC to CITIC Securities, with a market value of HKD 436 million, accounting for 4.18% of the total [2] - China Reinsurance's subsidiary, China Property Reinsurance Co., Ltd., received approval from regulatory authorities to publicly issue 10-year redeemable capital supplement bonds in the national interbank bond market, with a maximum issuance scale of RMB 4 billion [2]

Core Viewpoint - China Reinsurance (01508) has seen a significant shareholder transfer, indicating potential shifts in investor sentiment and market positioning [1] Group 1: Shareholder Activity - On October 14, China Reinsurance's shares were transferred from HSBC to CITIC Lyon Securities, with a market value of HKD 436 million, representing 4.18% of the total shares [1] Group 2: Regulatory Approval and Bond Issuance - China Reinsurance's subsidiary, China Property Reinsurance Co., has received regulatory approval to publicly issue 10-year redeemable capital supplementary bonds in the national interbank bond market, with a maximum issuance size of RMB 4 billion [1]