Investment Rating - The report maintains an "Overweight" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [2][14]. Core Insights - The recent policy change aims to extend the assessment period for state-owned commercial insurance companies, promoting long-term stable investments and preventing short-term performance pressures [5]. - The adjustment in performance evaluation metrics emphasizes a balanced approach between annual and multi-year indicators, enhancing the focus on sustainable growth and risk management [5]. - The report highlights that the insurance sector is increasingly favoring high-dividend stocks, with a notable increase in equity allocations, reflecting a strategic shift towards long-term value investments [5]. Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 31,377.86 billion, with a circulating market value of 31,369.21 billion [2]. Policy Implications - The new directive from the Ministry of Finance encourages insurance funds to act as stabilizers in the market, promoting long-term investment strategies [5]. - The report notes that the new accounting standards for insurance contracts will be fully implemented by January 1, 2026, which is expected to positively influence the assessment of insurance companies [5]. Investment Strategy - The report suggests that the extended assessment period will likely reduce the negative impact of equity asset fluctuations on profit assessments, thereby increasing the tolerance for equity allocation among insurance companies [5]. - The performance of the non-bank insurance stock index has significantly outperformed the market, with an absolute return of 13.17% and a relative return of 11.14% since the beginning of 2025 [7].

Core Viewpoint - The "Gelonghui ESG Golden Award" recognizes companies excelling in sustainable development, with China Re among the 12 awarded for its commitment to ESG principles [3][4]. Group 1: ESG Awards and Recognition - The ESG Golden Award aims to create a valuable reference list of outstanding companies in the ESG field, covering all listed companies on major exchanges [3]. - China Re has consistently received high ratings in the ESG sector, achieving a Wind ESG rating of "A" and a 商道融绿 ESG rating of "A-", placing it among the top tier of insurance institutions [4]. Group 2: Environmental Initiatives - In 2024, China Re provided risk protection of 3.2 trillion yuan in support of the national "dual carbon" strategy, marking a 44.1% year-on-year increase [4]. - The company supported over 4,000 projects in wind power, solar energy, and energy storage, covering nearly 32,000 enterprises with risk protection of approximately 650 billion yuan [4]. Group 3: Social Contributions - China Re, as the chair of the "Belt and Road" reinsurance community, underwrote 64 major engineering projects in 2024, providing risk protection of nearly 80 billion yuan, a 108% increase year-on-year [4]. - The company also promoted inclusive finance, serving over 10 million small and micro enterprises and providing insurance coverage for over 200 million people, with risk protection amounting to 8.1 trillion yuan, a 20.5% increase [4]. Group 4: Governance Improvements - China Re has integrated ESG deeply into its governance structure, enhancing governance effectiveness with the establishment of a "Strategic and Sustainable Development Committee" [5]. - The company has implemented comprehensive risk management regulations for ESG risks and launched a digital strategy, establishing a data governance framework and completing 82 key projects [5]. Group 5: Overall Achievements and Future Outlook - In the past year, China Re has made comprehensive breakthroughs in ESG through institutional deepening, goal quantification, and innovative actions, receiving recognition from various institutions [6]. - The company aims to continue enhancing its sustainable development capabilities, leading in climate risk protection, reinforcing social responsibility, and improving governance systems for long-term investment value [6].

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].

Group 1 - The core viewpoint of the article is the launch of the first specialized operational liability insurance product for low-altitude economic operators in China, named "Anying Plan" [1] - The insurance product was officially released at the Third Low Altitude (Suzhou) Industry Innovation Ecological Conference and the 2025 Digital Low Altitude Conference [1] - The insurance solution was developed by Suzhou Dongwu Property Insurance Co., Ltd. in collaboration with China Property Reinsurance Co., Ltd. [1] Group 2 - The first transaction under this insurance plan provides risk protection for the operational management of the Suzhou Shengze Lake full-space unmanned system demonstration island trial operation site [1]

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。 ...

Investment Rating - The report initiates coverage on China Reinsurance Group with an "Overweight" rating, highlighting its dominant position in the Chinese reinsurance market with a projected market share of nearly 50% in 2024 [1][9][14]. Core Insights - China Reinsurance Group is positioned as a benchmark in the Chinese reinsurance industry, benefiting from unique product offerings that help alleviate capital pressure on life insurance companies. The company is expected to experience growth rates higher than direct insurance companies throughout economic cycles [1][9][14]. - The demand for financial reinsurance contracts is anticipated to increase due to macroeconomic pressures, particularly from life insurance companies facing solvency challenges. This positions China Re as a critical player in the market [1][4][29]. - The company has a significant overseas business exposure, contributing approximately 15% to its total premium income, which helps diversify business risks and provides foreign exchange hedging benefits [1][4][14]. Summary by Sections Investment Rationale - The overall reinsurance industry in China is projected to see a rise in gross written premiums (GWP) to RMB 228 billion in 2024, with China Re holding a market share of about 50% [13][14]. - The report emphasizes the company's unique business model and its ability to maintain lower volatility in underwriting performance compared to direct insurers, which typically experience more significant fluctuations [13][14]. Financial Performance - China Re's consolidated GWP is expected to reach approximately RMB 178 billion (USD 25 billion) in 2024, with a five-year compound annual growth rate (CAGR) of 4.2% from 2019 to 2024 [13][14]. - The report forecasts a net profit growth of 87% for 2024, driven by strong underwriting performance and favorable investment results [38]. Valuation - The report employs a price-to-earnings (P/E) valuation method, suggesting a target price of HKD 1.40 by December 2025, based on a P/E ratio of 5 times the expected earnings for fiscal year 2025 [9][14][23]. - The valuation is considered conservative compared to the average P/E ratios of 6-8 times for global reinsurance peers, reflecting China Re's market dominance and growth potential [9][14][23]. Overseas Business Strategy - The acquisition of Bridge Insurance in 2018 has significantly enhanced China Re's overseas business, with this segment now contributing 15% to total premium income, up from 3% in 2018 [46][48]. - The report highlights the advantages of having a diversified overseas business, including risk mitigation from regional catastrophes and improved asset-liability management [46][48].

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%。 ...

Core Viewpoint - The People's Bank of China announced a comprehensive reduction in the reserve requirement ratio by 0.5 percentage points and a simultaneous cut in policy interest rates, releasing approximately 1 trillion yuan in long-term liquidity, indicating a further tilt towards "moderately loose" monetary policy [1] Group 1: Policy Impact on the Reinsurance Industry - The policy combination injects momentum into the real economy and reshapes the financial market landscape through interest rate transmission mechanisms [1] - The low interest rate environment accelerates the restructuring of the risk pricing system in the reinsurance industry, compelling firms to enhance risk management capabilities and product innovation efficiency [1] - China Reinsurance, as a leading player in the domestic reinsurance sector, demonstrates significant competitive advantages, benefiting from its scale and core participation in the Shanghai International Reinsurance Center [1][2] Group 2: Financial Performance of China Reinsurance - In the first quarter of 2025, China Reinsurance reported a net profit of 3.508 billion yuan, a year-on-year increase of 155.3%, with notable growth in various segments [2] - The net profit of China Re Property & Casualty Insurance increased by 21.3% to 626 million yuan, while China Re Life Insurance saw a staggering growth of 537.2% to 1.147 billion yuan [2] Group 3: Asset-Liability Management - The 1 trillion yuan released by the reserve requirement cut enhances market liquidity and instills confidence in long-term capital entering the market [3] - The reduction in policy interest rates aims to lower financing costs, benefiting both enterprises and households, thereby stimulating economic growth and consumer spending [4] Group 4: Structural Opportunities in the Insurance Sector - The ongoing decline in liability costs creates a favorable operating environment for insurance companies, enhancing the price competitiveness of traditional life insurance products [5] - Insurers are increasingly utilizing proportional reinsurance to reduce capital occupation and enhance underwriting capacity, creating a positive feedback loop [5] Group 5: Strategic Advantages of China Reinsurance - China Reinsurance's core competitiveness is rooted in its three-dimensional strategic framework of risk management, technological empowerment, and internationalization [8] - The company has developed proprietary catastrophe models and innovative insurance products, positioning itself as a leader in catastrophe insurance projects across multiple provinces [8][9] - The digital transformation strategy initiated in 2018 has enabled China Reinsurance to enhance operational efficiency and drive business innovation [9] Group 6: International Expansion and Risk Diversification - By the end of 2024, international business accounted for nearly 20% of China Reinsurance's operations, with overseas assets making up about 25% [10] - The company's global presence across 11 countries and regions allows it to effectively hedge against regional risk shocks [10] Group 7: Future Growth Prospects - The dual drivers of policy benefits and market expansion are expected to accelerate the beta effect in the industry, optimizing capital costs and asset allocation efficiency for insurers [11] - China Reinsurance is positioned to leverage a combination of low-cost financing and high-yield assets to further enhance investment momentum [11] - The long-term growth logic of the industry will be anchored in technology, globalization, and green finance, allowing China Reinsurance to capture emerging market opportunities [11][12]

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%。 ...

二O二 四 年年度報告 專 業 讓保險更保險 EMPOWER YOUR INSURANCE BY EXPERTISE 使命 分散經濟風險 護航美好生活 願景 建設具有可持續發展能 力和核心競爭力的國際 一流綜合性再保險集團 經營理念 守正創新 行穩致遠 核心價值觀 誠信 專業 合作 進取 中國再保企業文化 目錄 6 業績摘要 8 榮譽與獎項 12 董事長致辭 16 管理層討論與分析 68 董事、監事、高級管理人員及員工情況 79 企業管治報告 111 董事會報告 128 監事會報告 134 內含價值 144 獨立核數師報告 151 財務報表及附註 372 釋義 376 公司資料 業績摘要 榮譽與獎項 董事長致辭 CHINA REINSURANCE REINSURANCE CHINA 業績摘要 總負債 395,682百萬元 同比增長10.7% 總權益 112,665百萬元 同比增長10.3% 保險服務收入 101,363百萬元 同比增長1.6% 淨利潤 11,080百萬元 同比增長91.3% 歸屬於母公司股東淨利潤 10,557百萬元 同比增長86.8% 歸屬於母公司股東的每股 淨資產 2.43 元 同比增長1 ...