Core Points - China Reinsurance (01508) announced the resignation of Mr. He Chunlei as Chairman, Executive Director, and Chairman of the Board's Strategy and Sustainable Development Committee due to reaching the statutory retirement age, effective from September 18, 2025 [1] - Mr. Zhuang Qianzhi has been appointed as the Chairman of the fifth Board of Directors, pending approval of his qualifications by the National Financial Regulatory Administration, with a term lasting until the end of the fifth Board's term [1] - Mr. Zhuang Qianzhi will temporarily assume the roles of legal representative and Chairman of the company from September 18, 2025, until he officially takes office as Chairman [1] - Due to work arrangements, Mr. Zhuang Qianzhi will no longer serve as the company's President from September 18, 2025, but will act as the interim President until a new President is officially appointed [1] - The Board announced that Mr. He Chunlei will no longer serve as the company's authorized representative as per Listing Rule 3.05, with Mr. Zhuang Qianzhi appointed as the new authorized representative effective from September 18, 2025 [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） 執行董事之辭任 委任董事長 總裁之辭任 及 變更授權代表 和春雷先生確認與董事會無不同意見，亦無需要知會本公司股東的任何事項。本 公司及董事會對和春雷先生任職期間為本公司做出的重要貢獻表示衷心感謝。 委任董事長 莊乾志先生的簡歷載列如下： 莊乾志先生，出生於1972年1月，經濟學博士，高級經濟師，現任本公司副董事 長、執行董事。加入本公司前，莊先生曾任中國建設銀行股份有限公司（上海證 券交易所上市公司，股份代號：601939；香港聯合交易所有限公司主板上市公 司，股份代號：939）總行投資銀行部財務顧問處副經理、機構業務部證券質押 貸款處高級經理，中國建銀投資有限責任公司投資銀行部副總經理，戰略部、風 險部總經理，辦公室主任，西南 ...

Core Viewpoint - China Reinsurance has received approval from the National Financial Regulatory Administration for Mr. Jiang Yaohui's appointment as a director, effective from September 10, 2025 [2] Group 1: Appointment Details - Mr. Jiang Yaohui will serve as an independent non-executive director and a member of the Board Nomination and Remuneration Committee and the Related Party Transaction Control Committee [2] - His term will last until the end of the fifth board term, with the possibility of re-election [2] - Following Mr. Jiang's appointment, independent non-executive director Ms. Ye Mei will no longer serve as a member of the Board Nomination and Remuneration Committee [2]

姜耀辉先生担任公司独立非执行董事、董事会提名薪酬委员会委员及关联交易控制委员会委员的任期自 2025年9月10日起生效，至第五届董事会任期届满为止，任期届满可以连选连任。同时，自姜耀辉先生 正式履行公司董事职务之日起，公司独立非执行董事叶梅女士不再担任董事会提名薪酬委员会委员。 格隆汇9月12日丨中国再保险(01508.HK)发布公告，公司于2025年9月12日收到国家金融监督管理总局关 于姜耀辉先生任职资格的批复。根据该批复，国家金融监督管理总局核准姜耀辉先生担任公司董事的任 职资格。 ...

姜耀辉先生担任公司独立非执行董事、董事会提名薪酬委员会委员及关联交易控制委员会委员的任期自 2025年9月10日起生效，至第五届董事会任期届满为止，任期届满可以连选连任。 同时，自姜耀辉先生正式履行公司董事职务之日起，公司独立非执行董事叶梅女士不再担任董事会提名 薪酬委员会委员。 智通财经APP讯，中国再保险(01508)发布公告，公司于2025年9月12日收到国家金融监督管理总局关于 姜耀辉先生任职资格的批复。根据该批复，国家金融监督管理总局核准姜耀辉先生担任公司董事的任职 资格。 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1508） 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 董事會設立5個專業委員會。下表列出各董事會成員在該等委員會中所擔任的職 位。 | 委員會 | 戰略與 | | | | 關聯 | | --- | --- | --- | --- | --- | --- | | | 可持續發展 | 審計 | 提名薪酬 | 風險管理 | 交易控制 | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 和春雷先生 | 主任委員 | | | | | | 莊乾志先生 | 委員 | | | 委員 | | | 朱曉雲女士 | | | | 委員 | | | 楊長松先生 | 委員 | | 副主任委員 | | | | 賈祥翔女士 | | 副主任委員 | 委員 | 委員 | | | 周鄭先生 ...

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） 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 （股份代號：1508） 關於姜耀輝先生董事任職資格 獲國家金融監督管理總局核准的公告 姜耀輝先生的簡歷及根據《香港聯合交易所有限公司證券上市規則》（「上市規則」） 第13.51(2)條要求披露的其他資料請參見本公司日期為2024年9月19日的通函。截 至本公告日期，該等資料並未發生任何變化。 1 董事會欣然宣佈，本公司於2025年9月12日收到國家金融監督管理總局關於姜耀 輝先生任職資格的批覆。根據該批覆，國家金融監督管理總局核准姜耀輝先生擔 任本公司董事的任職資格。姜耀輝先生擔任本公司獨立非執行董事、董事會提名 薪酬委員會委員及關聯交易控制委員會委員的任期自2025年9月10日起生效，至 第五屆董事會任期屆滿為止，任期屆滿可以連選連任。同時，自姜耀輝先 ...

Core Viewpoint - The Hong Kong stock market is experiencing a slow bull market in 2025, with the Hang Seng Index rising over 30% year-to-date as of September 11, 2025, and various sectors like new consumption, innovative pharmaceuticals, and hard technology gaining investor attention [1][3]. Group 1: Financial Performance - China Reinsurance reported total premium income of 103.835 billion yuan in the first half of 2025, a year-on-year increase of 3.4%, and net profit attributable to shareholders of 6.244 billion yuan, up 9% [4]. - The company's net assets grew by 3.7% year-on-year, reaching 116.781 billion yuan [4]. - The property reinsurance business maintained profitability, with a comprehensive cost ratio of 95.83%, despite a 1.29 percentage point increase due to prior year losses [5]. Group 2: Business Structure Optimization - The company is focusing on "structural optimization, innovation-driven, and strategic focus," balancing short-term operational efficiency with long-term value creation [7]. - Emerging business areas, such as construction quality defect insurance and agricultural index insurance, generated premium income of 2.249 billion yuan, a 31.6% increase [8]. Group 3: Investment Performance - Total investment assets grew by 1.1% to 448.877 billion yuan, with total investment income of 9.584 billion yuan and net investment income increasing by 4.9% to 7.321 billion yuan [6]. - The company achieved a stock investment return that outperformed the market benchmark by over 900 basis points [6]. Group 4: Future Outlook - China Reinsurance is expected to continue releasing growth potential through product innovation and global expansion, alongside industry valuation recovery opportunities [13].

Core Insights - The insurance industry is actively enhancing its resilience and risk management capabilities in response to increasing extreme weather events due to global climate change [1][2][5] Group 1: Industry Response to Catastrophic Risks - Listed insurance companies are leveraging digital and intelligent technologies throughout the entire process of disaster risk reduction, shifting from "passive acceptance" of losses to "proactive reduction" [2] - China Pacific Insurance has developed various types of catastrophe insurance, providing risk coverage exceeding 600 billion yuan in the first half of 2025 [4] - China Reinsurance is enhancing its catastrophe risk protection and climate risk response capabilities, participating in pilot projects across 21 provinces and cities [6] Group 2: Risk Reduction Initiatives - China Life Insurance reported a net loss of 2.51 billion yuan due to major disasters in the first half of 2025, a decrease of 38.3% year-on-year, with disaster impact on the comprehensive claims ratio at 1 percentage point [2][3] - The company has implemented a risk reduction service platform, "Wanxiang Cloud," achieving full-process digital upgrades and enhancing collaboration with the China Meteorological Administration [2] - China Pacific Insurance is continuously improving its agricultural insurance disaster response mechanism, reaching 206,000 farming households with risk reduction services [4] Group 3: Reinsurance Mechanisms - The insurance industry is optimizing reinsurance mechanisms to enhance financial resilience against catastrophic risks, implementing a "proportional + excess" catastrophe protection system [5][6] - China Reinsurance has adjusted its reinsurance contract structures to focus on catastrophe risk pain points, increasing the reinsurance ratio for various contracts [6] - The overall reinsurance market is experiencing fluctuations in renewal rates, with some business lines maintaining upward pressure on rates despite increased losses from global catastrophic events [7]

Regulatory Dynamics - The three departments are exploring the construction of a forest insurance product system, including index insurance, yield insurance, income insurance, and liability insurance [7] - The Ministry of Commerce will increase support for export credit insurance and enhance the convenience of insurance services [8] - The Financial Regulatory Bureau has introduced new regulations for insurance company capital guarantee deposits [9] - In 2024, the compulsory traffic insurance premium income is projected to be 271.06 billion, with claims costs at 226.28 billion [10] - The Financial Regulatory Bureau has abolished 11 regulatory documents related to the insurance industry [11] - From January to July 2025, the insurance industry’s original premium income exceeded 4.2 trillion, with claims expenditures exceeding 1.5 trillion [12] - The Medical Insurance Bureau reported that from January to July 2025, the basic medical insurance fund income exceeded 1.68 trillion, with expenditures nearing 1.37 trillion [13] Company Dynamics - Ping An Life has made three significant investments in Agricultural Bank's H-shares within six months [20] - Minsheng Insurance increased its stake in Zheshang Bank's H-shares to 6.03% [21] - Hongkang Life raised its stake in Zhengzhou Bank's H-shares to 21.24% [22] - Hongkang Life also increased its stake in Honghua Smart Energy to 7.05% [23] - China Ping An plans to cancel 103 million A-shares [24] - China Life has established a venture capital fund with a registered capital of 1 billion [25] - Sunshine Life, along with Tencent and other partners, has set up an equity investment fund with an investment of approximately 22.43 billion [27] - AIA Life has established an equity investment fund in Tianjin with a total investment of 4.5 billion [28] - Guolian Life has set up a 1.22 billion fund to invest in new quality productivity and smart technology [29] - China Pacific Insurance reported a net profit of 27.885 billion for the first half of the year, a year-on-year increase of 11% [30] - China Taiping reported a net profit of 6.764 billion HKD for the first half of the year, a year-on-year increase of 12.2% [32] - New China Life's net profit for the first half of the year was 14.799 billion, a year-on-year increase of 33.5% [34] - China Life's net profit reached 40.931 billion for the first half of the year, a year-on-year increase of 6.9% [35] - China Insurance reported a net profit of 26.530 billion for the first half of the year, a year-on-year increase of 16.9% [36] - China Ping An's operating profit for the first half of the year was 77.732 billion, a year-on-year increase of 3.7% [38] - China Re reported total premium income of 103.835 billion for the first half of the year, with a net profit growth of 9.0% to 6.244 billion [41] Industry Dynamics - A total of 73 life insurance companies reported a combined net profit of 185.8 billion for the first half of the year, with a year-on-year increase of approximately 25% [64] - The first AIC equity investment fund that incorporates bank insurance funds has been established with a capital of 1 billion [65] - Another insurance asset private equity fund has completed registration [66]