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]

Financial Performance - Net profit surged by 186.5% to RMB 5,922 million for the six months ended June 30, 2024, up from RMB 2,067 million in the same period last year[6]. - The net profit attributable to shareholders increased by 184.6% to RMB 5,727 million from RMB 2,012 million year-on-year[6]. - Total operating income increased by 11.3% to RMB 60.686 billion compared to RMB 54.501 billion in 2023[13]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 7,098,241 thousand, significantly higher than RMB 3,483,626 thousand in the same period of 2023, marking an increase of approximately 103.5%[133]. - The basic and diluted earnings per share for the first half of 2024 were RMB 0.13, compared to RMB 0.05 in the same period of 2023, representing a growth of 160%[132]. Revenue Growth - Insurance service revenue rose by 6.8% to RMB 51,784 million, with property reinsurance business increasing by 17.5% to RMB 23,474 million[8]. - Total insurance service revenue for the first half of 2024 reached RMB 51,783,901 thousand, an increase from RMB 48,465,956 in the same period of 2023, representing a growth of approximately 4.5%[154]. - The property reinsurance segment generated insurance service income of RMB 23,474,176 thousand, while the life reinsurance segment contributed RMB 5,861,356 thousand[149]. Investment Performance - Total investment income reached RMB 9,647 million, a significant increase of 72.6% from RMB 5,590 million[8]. - Annualized total investment return rate improved by 1.11 percentage points to 4.66%[8]. - Investment income for the life reinsurance segment increased significantly from a loss of RMB 0.641 billion in H1 2023 to a profit of RMB 1.782 billion in H1 2024, reflecting a positive turnaround[50]. Asset Management - Total assets increased by 3.2% to RMB 474,465 million as of June 30, 2024, compared to RMB 459,728 million at the end of 2023[5]. - As of June 30, 2024, the total assets under management of the group amounted to RMB 724.736 billion, with total investment assets of RMB 361.105 billion, representing a 4.5% increase from the end of the previous year[79]. - The total amount of fixed deposits as of June 30, 2024, was RMB 29,478,353 thousand, compared to RMB 27,758,604 thousand at the end of 2023, reflecting a growth of 6.2%[180]. Solvency and Risk Management - Core solvency ratio for the group stood at 161% as of June 30, 2024, compared to 155% at the end of 2023[10]. - The company maintained a stable solvency margin and international ratings, with a "A" rating from both A.M. Best and S&P Global[12]. - The company has established a comprehensive risk management system that integrates strategy, governance, preferences, assessment, and reporting to effectively manage risks[44]. Business Segments - The life reinsurance segment reported insurance service revenue of RMB 5,861 million, a decrease of 16.4% year-on-year, accounting for 11.2% of the group's total insurance service revenue[46]. - The property insurance direct business generated insurance service income of RMB 23.157 billion, an increase of 2.6% year-on-year, accounting for 44.1% of the group's total insurance service income[62]. - The company achieved a premium income of RMB 6.075 billion from motor vehicle insurance in H1 2024, a slight increase of 0.1% year-on-year[31]. Operational Efficiency - The total insurance service expenses for the first half of 2024 were RMB 54,349,716 thousand, compared to RMB 53,339,987 thousand in the same period of 2023, showing a slight increase of about 1.9%[132]. - Employee costs for the six months ended June 30, 2024, were RMB 2,793,364 thousand, a decrease from RMB 2,971,661 thousand in the same period of 2023, indicating a reduction of approximately 6%[165]. Corporate Governance - The group has adopted the Corporate Governance Code and complied with all applicable provisions during the reporting period[103]. - The company has undergone changes in its board of directors, with several members stepping down and new appointments made in 2024[112]. Future Outlook - The company is focusing on expanding its domestic and international reinsurance business while enhancing risk management and technological applications[16]. - The group aims to optimize its business and profit structure while promoting reasonable quantitative growth and effective qualitative improvement[102]. - The company plans to continue exploring innovative business models and diversifying its operations in the overseas market[58].

Financial Performance - The total operating revenue for the six months ended June 30, 2024, was RMB 60,686,354 thousand, an increase of 11.9% compared to RMB 54,501,489 thousand in the same period of 2023[5]. - Net profit for the same period was RMB 5,921,563 thousand, representing a significant increase of 186.5% from RMB 2,067,047 thousand in 2023[5]. - Earnings per share (basic and diluted) rose to RMB 0.13, up from RMB 0.05 in the previous year, reflecting a 160% increase[5]. - The total comprehensive income for the period was RMB 7,098,241 thousand, compared to RMB 3,483,626 thousand in the same period last year, indicating a growth of 103.5%[7]. - For the six months ended June 30, 2024, the net profit was RMB 5,726,787 thousand, compared to RMB 2,011,676 thousand for the same period in 2023, representing an increase of approximately 184%[11]. - The total comprehensive income for the period was RMB 6,819,528 thousand, significantly higher than RMB 3,391,654 thousand in the previous year, indicating a growth of about 101%[11]. Investment Income - Investment income turned positive at RMB 3,820,875 thousand, compared to a loss of RMB 455,053 thousand in the same period last year[5]. - Total investment income significantly increased to RMB 9.647 billion, up 72.6% compared to RMB 5.590 billion in 2023[54]. - The annualized total investment return rate improved to 4.66%, an increase of 1.11 percentage points from 3.55% in the previous year[54]. - Investment income for the life reinsurance segment improved significantly from a loss of RMB 641 million in the first half of 2023 to a profit of RMB 1.782 billion in the first half of 2024[124]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 474,465,230 thousand, an increase from RMB 459,727,587 thousand at the end of 2023[8]. - The total liabilities increased to RMB 366,972,328 thousand from RMB 357,548,670 thousand, indicating a growth of 2.5%[10]. - The total equity attributable to shareholders of the parent company as of June 30, 2024, was RMB 98,288,700 thousand, compared to RMB 91,314,739 thousand at the end of June 30, 2023, reflecting an increase of approximately 7.6%[13]. - The total amount of debt securities listed increased to RMB 55,766,577 as of June 30, 2024, compared to RMB 49,939,164 as of December 31, 2023, representing an increase of approximately 11.5%[39]. - The total amount of non-listed debt securities increased to RMB 61,460,245 as of June 30, 2024, compared to RMB 54,443,554 as of December 31, 2023, indicating a growth of about 12.5%[40]. Cash Flow - Cash generated from operating activities was a negative RMB 1,402,678 thousand, a decline from a positive RMB 15,156,597 thousand in the same period last year[15]. - The net cash generated from investing activities was RMB 1,585,031 thousand, contrasting with a cash outflow of RMB 9,742,612 thousand in the previous year[15]. - The company reported a decrease in cash used in financing activities, which was RMB 827,547 thousand compared to RMB 5,146,084 thousand in the previous year[18]. - The cash and cash equivalents at the end of the period were RMB 17,209,350 thousand, an increase from RMB 15,748,263 thousand at the end of June 30, 2023[18]. Insurance Revenue - The insurance service income for the first half of 2024 was RMB 51,783,901 thousand, up from RMB 48,465,956 thousand in 2023, reflecting a growth of 4.8%[5]. - Total insurance service revenue for the six months ended June 30, 2024, was $51,783,901, an increase from $48,465,956 in the same period of 2023, representing a growth of approximately 4.5%[31]. - The property reinsurance segment generated insurance service income of CNY 23.47 billion, while the life reinsurance segment contributed CNY 5.86 billion[30]. - In the first half of 2024, the property reinsurance segment reported insurance service revenue of RMB 23.474 billion, a year-on-year increase of 17.5%[67]. Market Outlook and Strategy - The company anticipates continued growth in the domestic market, with over 75% of revenue derived from customers in China[28]. - The company plans to continue expanding its market presence and investing in new technologies to enhance its service offerings and operational efficiency[31]. - The company is focused on expanding its asset management services through its subsidiary, China Re Asset Management[26]. - The company continues to monitor performance across its business segments to optimize resource allocation and enhance profitability[27]. Risk Management and Compliance - The company has implemented a comprehensive risk management system to enhance investment risk monitoring and control[172]. - The company emphasizes the enhancement of the "three lines of defense" in risk management to support high-quality development[199]. - The company is committed to improving risk management by establishing a comprehensive risk management system that covers both domestic and international operations[199]. Employee and Corporate Governance - As of June 30, 2024, the group employed 48,770 staff, with a compensation structure designed to attract and retain talent[193]. - The group aims to enhance its business structure and profitability while focusing on the development of property and life reinsurance sectors, emphasizing risk management and innovation[197].

L 证券研究投告 中国再保胜 (1508 HK) 4 01 5 56 12 (%) 19 8 (4) (16) (27) Aug-23 Dec-23 Apr-24 Jul-24 立朴永温：S&P 1H24 集团宾泰冷冷润网比装升 150%~200% 主大成都 海外财产系保险业务永保成事 成价大学园 未坐弄侏虚有里失轰增长 财产业业务编材平稳 K B 264+ (3.5 ip)0.85 $. PhD SAC No. S0570521010 (852) 3658 6112SFC No. AWF297 -生兒近 SAC No. S0570124070107 inghui@htsc.com +(86) 21 2897 2228 부휴坏充 2024 年８月 03 日 | 中国香港 0.85目标价 (本名) 救金阶 (0.52 22,090李佳 (意多百万) 6 个月牛均日点文辑 (港牛百万)4.95 0.39-0.6352 鸡谷塔西（毫令) BVPS (人民名)2.20 经常预测检与存住 ★**L202220232024E2025E2026E 札条专载入 (人民专百万)153,76899,755111,376124,8 ...

Financial Performance - Insurance service revenue reached RMB 99,755 million, an increase of 11.8% year-on-year[13] - Net profit amounted to RMB 5,791 million, a significant increase from a loss of RMB 875 million in the previous year[17] - Profit attributable to shareholders of the parent company was RMB 5,652 million, up from a loss of RMB 325 million year-on-year[17] - Earnings per share (EPS) was RMB 0.13, compared to a loss of RMB 0.01 in the previous year[17] - Total assets increased to RMB 459,728 million, reflecting an 8.2% growth year-on-year[17] - Total liabilities rose to RMB 357,549 million, marking a 9.3% increase compared to the previous year[17] - Total equity reached RMB 102,179 million, up 4.8% year-on-year[17] - The weighted average return on equity improved to 6.22%, an increase of 6.58 percentage points from the previous year[17] - Total investment income surged to RMB 9.304 billion, a remarkable increase of 519.0% from RMB 1.503 billion in the previous year[48] - The net profit after tax reached RMB 5.791 billion, an increase of RMB 6.666 billion year-on-year, with the net profit attributable to shareholders amounting to RMB 5.652 billion, up by RMB 5.977 billion[28] Business Growth and Development - The company received multiple awards, including the "Best High-Quality Development Insurance Group" and "Most Influential Listed Company" in 2023[20] - The company served 210 million people in health-related services, marking a significant increase of 78.5% year-on-year[29] - The company supported 3.72 million small and micro enterprises, which is a year-on-year increase of 150.8%[29] - The company has initiated 12 major project groups and established a "4+N" ecosystem for digital transformation over the next five years[31] - The company is focusing on enhancing its service capabilities to support national strategies and the development of the real economy[28] - The company aims to strengthen its global risk governance role and expand its services related to the Belt and Road Initiative[36] - The company is committed to accelerating its digital transformation and enhancing its competitive edge through innovative business models[36] Insurance Segment Performance - Property reinsurance business revenue increased by 18.7% to RMB 43.309 billion, while life reinsurance revenue decreased by 8.0% to RMB 11.914 billion[48] - The total premium income for the group was RMB 176.849 billion, reflecting a year-on-year growth of 4.2%[49] - The company maintained a customer coverage rate of 97.8%, with over 40% of contracts where it acted as the lead reinsurer[89] - The total premium income from overseas property reinsurance and bridge business was RMB 23.29 billion, reflecting an 18.7% increase compared to the previous year[90] - The company reported a decrease in engineering insurance premium income by 20.0% to RMB 2.05 billion, attributed to proactive business structure optimization[84][88] - The company’s liability insurance premium income rose to RMB 6.35 billion, marking an 11.1% increase year-on-year[84][88] Investment and Asset Management - The total assets under management reached RMB 724.53 billion, with total investment assets increasing by 5.9% to RMB 345.40 billion[187] - The third-party assets managed by the company surged by 270.7% to RMB 379.13 billion compared to the previous year[187] - Fixed income investments constituted 86.8% of total investment assets, with bonds making up 59.5% of the portfolio[189] - The company maintained a high-quality credit structure, with 98.44% of domestic credit bond investments rated AAA[192] - The total investment income for 2023 was RMB 9,304 million, significantly up from RMB 1,503 million in 2022, resulting in an investment income rate of 2.77% compared to 0.47% the previous year[200] Risk Management and Compliance - The company has actively managed investment risk limits, particularly in high-risk sectors such as real estate and local government financing, to mitigate potential losses[195] - The company has implemented enhanced risk control measures in overseas markets, focusing on geopolitical risk assessments and monitoring individual securities[195] - The company aims to enhance compliance and risk management levels in financial reinsurance business[135] Product Innovation and Strategic Focus - The company is committed to product innovation, investing in digital solutions to improve underwriting efficiency and risk analysis[117] - The company is focusing on strategic development in guaranteed reinsurance and actively participating in industry infrastructure construction[123] - The company continues to innovate in agricultural insurance products and strengthen partnerships in policy-based agricultural insurance[88]

Financial Performance - The total revenue for China Reinsurance (Group) Corporation for the year ended December 31, 2023, was RMB 109,394,871 thousand, an increase of 13.5% compared to RMB 96,424,734 thousand in 2022[3]. - The net profit for the year was RMB 5,790,593 thousand, a significant recovery from a net loss of RMB 875,348 thousand in 2022[4]. - Basic earnings per share for 2023 was RMB 0.13, compared to a loss of RMB 0.01 per share in 2022[2]. - The total assets of the company as of December 31, 2023, amounted to RMB 459,727,587 thousand, up from RMB 424,732,150 thousand in 2022, reflecting a growth of 8.2%[5]. - The total liabilities increased to RMB 357,548,670 thousand as of December 31, 2023, compared to RMB 327,236,258 thousand in 2022, marking an increase of 9.3%[7]. - The total equity attributable to shareholders as of December 31, 2023, was RMB 93.25 billion, up from RMB 88.62 billion at the end of 2022, indicating a growth of approximately 5.87%[9]. - The company reported a total asset value of RMB 459.73 billion, an increase from RMB 414.85 billion in the previous year, marking a growth of about 10.79%[9]. - The company declared dividends of RMB 594.72 million to shareholders, consistent with the previous year's distribution[10]. Investment Performance - Investment income for the year was reported as a loss of RMB 1,280,368 thousand, an improvement from a loss of RMB 4,129,448 thousand in 2022[3]. - The company reported a significant increase in cash received from the sale of investment assets, which rose to RMB 232,450,494 thousand in 2023 from RMB 161,888,760 thousand in 2022, a growth of 43.5%[11]. - The total investment income for 2023 reached RMB 93.04 billion, a year-on-year increase of 519.03%[109]. - Net investment income for 2023 was RMB 14.37 billion, up 22.38% compared to 2022[109]. - The annualized total investment return rate was 2.77%, an increase of 2.30 percentage points year-on-year[109]. - The annualized net investment return rate was 4.28%, up 0.62 percentage points from the previous year[109]. Operational Efficiency - Operating cash flow for 2023 was RMB 18,203,912 thousand, compared to RMB 13,201,221 thousand in 2022, representing a year-over-year increase of 37.9%[11]. - Net cash generated from operating activities increased to RMB 16,293,405 thousand in 2023 from RMB 11,709,557 thousand in 2022, reflecting a growth of 38.9%[11]. - Cash used in investing activities amounted to RMB 14,827,839 thousand in 2023, compared to RMB 6,802,323 thousand in 2022, indicating a significant increase in investment outflows[12]. - The total cash and cash equivalents at the end of 2023 were RMB 17,803,419 thousand, up from RMB 15,416,186 thousand at the end of 2022, marking an increase of 15.5%[12]. Market Strategy and Growth - The company plans to expand its market presence through strategic acquisitions and new product launches in the upcoming fiscal year[9]. - The company aims to achieve a revenue growth target of 5% for the next fiscal year, driven by new market strategies and product offerings[9]. - User data indicates a steady increase in active users, contributing to the overall revenue growth and market share expansion[9]. - The company is focusing on strategic development in health reinsurance, leveraging data and product innovation to support structural reforms in the industry[72]. Segment Performance - The property reinsurance segment's insurance service revenue grew by 18.7% to RMB 43.309 billion in 2023[45]. - The net profit for the property reinsurance segment was RMB 3.065 billion, a significant increase from a loss of RMB 0.013 billion in 2022[44]. - The life reinsurance segment's insurance service revenue decreased by 8.0% from RMB 12,950 million in 2022 to RMB 11,914 million in 2023, primarily due to the decline in the release of margins from existing financial reinsurance contracts[75]. - The net profit of the life reinsurance segment increased by 272.9% to RMB 1,294 million in 2023, driven by a significant increase in investment income[74]. Risk Management and Compliance - The company has established a comprehensive risk management system that integrates strategy, governance, preferences, assessment, and reporting[72]. - The company is actively enhancing its risk management framework to address market volatility and external risks[106]. - The company has complied with the Corporate Governance Code and has adopted the Securities Trading Standard Code for its directors and supervisors[139]. - The company’s independent non-executive director count did not meet the Hong Kong Listing Rules requirements until December 20, 2023, when it was rectified[138]. Future Outlook - The outlook for 2024 indicates strong resilience and potential in the Chinese economy, with significant growth opportunities in the insurance sector driven by new business models and risk management services[120]. - The company aims to build a world-class comprehensive reinsurance group, focusing on six key tasks including enhancing global development capabilities and improving risk control[122].

Financial Performance - Total assets increased by 5.9% to RMB 449,688 million as of June 30, 2023, compared to RMB 424,732 million as of December 31, 2022[5] - Net profit surged by 464.8% to RMB 2,067 million in the first half of 2023, compared to RMB 366 million in the same period last year[6] - Net profit attributable to parent company shareholders surged by 331.5% to RMB 2.012 billion in the first half of 2023, driven by the implementation of new accounting standards and capital market changes[15] - Total assets grew by 5.9% to RMB 449.688 billion as of June 30, 2023, compared to RMB 424.732 billion at the end of 2022[16] - Net profit for the first half of 2023 was RMB 540 million for the group company, RMB 444 million for China Re Property Insurance, RMB 108 million for China Re Life Insurance, and RMB 219 million for China Continent Insurance[97] - Net profit attributable to the parent company's shareholders was RMB 2,011,676 thousand, compared to RMB 466,246 thousand in the first half of 2022[143] - Net profit attributable to parent company shareholders for the first half of 2023 was RMB 2.01 billion[149] Insurance Business - Insurance service revenue grew by 16.4% to RMB 48,466 million in the first half of 2023, compared to RMB 41,639 million in the same period last year[6] - Property reinsurance business revenue increased by 21.8% to RMB 19,986 million in the first half of 2023[8] - Life reinsurance business revenue rose by 35.0% to RMB 7,008 million in the first half of 2023[8] - Total premium income reached RMB 102.617 billion in the reporting period, representing a year-on-year growth of 16.6%[10] - Property reinsurance segment's insurance service revenue increased by 21.8% to RMB 19.986 billion in the first half of 2023, accounting for 40.3% of the group's insurance service revenue[17] - Domestic property reinsurance business premium income grew by 19.4% to RMB 24.311 billion in the first half of 2023, with a combined ratio of 99.65%, up 0.09 percentage points year-on-year[25] - Overseas property reinsurance and Chaucer business achieved a total premium income of RMB 13.923 billion in 2023, a 22.4% year-over-year increase, with a combined ratio of 88.45%, down by 8.05 percentage points[35][36] - The company's personal reinsurance division saw a 35.0% year-over-year increase in insurance service revenue to RMB 7.008 billion in the first half of 2023[49] - Domestic protection-type reinsurance business generated RMB 15.559 billion in premium income in the first half of 2023, a 15.2% year-on-year increase[58] - Domestic savings-type reinsurance business saw a remarkable 1,186.8% year-on-year growth in premium income, reaching RMB 14.237 billion in the first half of 2023[58] - Domestic financial reinsurance business experienced a 62.6% decline in premium income, dropping to RMB 5.077 billion in the first half of 2023[58] - Non-insurance business scale premiums reached RMB 5.080 billion in the first half of 2023, a 66.5% year-on-year increase[59] - Overseas savings-type reinsurance business premium income decreased by 57.4% to RMB 1.886 billion in the first half of 2023[61] - Other overseas business premium income surged by 447.1% to RMB 1.504 billion in the first half of 2023, mainly due to renewal premiums from overseas financial reinsurance business[61] - Contract reinsurance accounted for 99.9% of the total reinsurance premium income in both 2023 and 2022, with RMB 38.215 billion in 2023 and RMB 32.856 billion in 2022[62] - Life and health insurance accounted for 60.8% of the total reinsurance premium income, reaching RMB 23.279 billion, with a year-on-year growth of 16.8%[64] - Property insurance direct underwriting business achieved insurance service revenue of RMB 22.58 billion, a 7.8% increase year-on-year, accounting for 45.6% of the group's total insurance service revenue[65] - Motor vehicle insurance premium income grew by 2.6% year-on-year to RMB 12.499 billion, maintaining a stable market position[75] - Accident and short-term health insurance premium income surged by 29.5% year-on-year to RMB 6.768 billion, reflecting strong growth in non-motor insurance segments[74] - Cargo transportation insurance premium income grew by 39.1% year-on-year to RMB 780 million, indicating strong performance in niche markets[74] - Agricultural insurance premium income increased by 20.7% year-on-year to RMB 1.177 billion, reflecting the company's focus on high-growth sectors[74] - Accident and short-term health insurance premium income reached RMB 6.768 billion in the first half of 2023, a year-on-year increase of 29.5%[76] - Guarantee insurance premium income was RMB 2.601 billion in the first half of 2023, with a cumulative bad debt rate of 9.9% for personal consumer loan guarantee insurance, up 1.5 percentage points year-on-year but down 3.6 percentage points from the beginning of the year[76] - Liability insurance premium income increased by 11.2% year-on-year to RMB 2.304 billion in the first half of 2023[76] - Agricultural insurance premium income grew by 20.7% year-on-year to RMB 1.177 billion in the first half of 2023, with the company obtaining agricultural insurance operation qualifications in 32 provinces[76] - Cargo transportation insurance premium income rose by 39.1% year-on-year to RMB 780 million in the first half of 2023, driven by seasonal growth in online shopping return freight insurance[78] - Direct sales channel accounted for 36.2% of property insurance premium income in the first half of 2023, up from 33.1% in the same period last year[79] - Shanghai contributed 14.5% of the company's property insurance premium income in the first half of 2023, the highest among all regions[80] - The comprehensive cost ratio for property insurance business decreased to 100.86% in the first half of 2023 from 103.00% in the same period last year[81] Investment Performance - Total investment income nearly doubled, increasing by 99.7% to RMB 4,626 million in the first half of 2023[8] - Annualized total investment yield improved by 0.50 percentage points to 3.27% in the first half of 2023[8] - Investment income in the property reinsurance segment turned positive to RMB 161 million in the first half of 2023, compared to a loss of RMB 276 million in the same period last year[18] - Interest income in the property reinsurance segment increased by 12.9% to RMB 1.240 billion in the first half of 2023, compared to RMB 1.098 billion in the same period last year[20] - Earnings from investments in associates in the property reinsurance segment increased by 76.5% to RMB 180 million in the first half of 2023, due to higher profits from associated companies[23] - The company's investment income in the personal reinsurance division improved by 42.1% year-over-year, from a loss of RMB 1.107 billion in H1 2022 to a loss of RMB 641 million in H1 2023[53] - The company's interest income in the personal reinsurance division slightly decreased by 0.3% year-over-year to RMB 2.333 billion in the first half of 2023[52] - Investment income for the property insurance direct underwriting business increased by RMB 310 million to RMB 100 million, reversing a loss of RMB 210 million in the same period last year[69] - The company's total managed assets reached RMB 604.279 billion as of the end of the reporting period, with third-party managed assets growing by 146.1% year-on-year to RMB 251.695 billion[82] - Total investment assets amounted to 352.584 billion, with fixed income investments making up 80.3% of the total[84] - Domestic credit bond investments accounted for 16.98% of managed assets, with AAA-rated bonds comprising 98.43% of these investments[86] - Directly held domestic non-standard assets represented 6.71% of managed assets, with 80.12% rated AA+ or above[86] - The top three industries for non-standard asset holdings were transportation (26.42%), real estate (26.06%), and utilities (23.54%)[86] - The company holds a 3.93% stake in China Everbright Bank, which is expected to provide long-term, stable investment returns[88] - The company invested 3.089 billion in a property located in Shanghai's Pudong New Area, with 19,925.48 square meters designated for investment purposes[89] - The company's cash and short-term deposits stood at 14.249 billion, representing 4.0% of total investment assets[84] - Equity and fund investments totaled 71.722 billion, accounting for 20.4% of total investment assets[84] - The company's bond investments included 126.185 billion in corporate bonds, making up 35.8% of total investment assets[84] - The company's investment in government bonds was 14.210 billion, representing 4.0% of total investment assets[84] - Total investment income for the first half of 2023 reached RMB 4.626 billion, a year-on-year increase of 99.7%[92] - Net investment income for the first half of 2023 was RMB 6.990 billion, a year-on-year decrease of 1.9%[92] - Annualized total investment yield for the first half of 2023 was 3.27%, up 0.50 percentage points year-on-year[92] - Annualized net investment yield for the first half of 2023 was 3.96%, down 0.34 percentage points year-on-year[92] - The group company's investment return rate was 1.44%, with China Re Property Insurance at 1.31%, China Re Life Insurance at 1.50%, and China Continent Insurance at 0.96%[97] - The group company's comprehensive investment return rate was 1.49%, with China Re Property Insurance at 2.40%, China Re Life Insurance at 2.49%, and China Continent Insurance at 1.73%[97] Solvency and Capital - Core solvency adequacy ratio of China Re Group stood at 155% as of June 30, 2023, slightly down from 157% as of December 31, 2022[11] - Core capital of China Re Group increased by 11.6% to RMB 100.312 billion as of June 30, 2023[94] - Core solvency adequacy ratio of China Re Group decreased by 1 percentage point to 155% as of June 30, 2023[94] - Comprehensive solvency adequacy ratio of China Re Group decreased by 4 percentage points to 186% as of June 30, 2023[94] - Core solvency adequacy ratio of China Re Property & Casualty increased by 7 percentage points to 126% as of June 30, 2023[94] - Total assets of the group company reached RMB 88,180 million, with China Re Property Insurance at RMB 123,981 million, China Re Life Insurance at RMB 245,056 million, and China Continent Insurance at RMB 95,009 million[97] - The group company's net asset return rate (ROE) was 0.87%, with China Re Property Insurance at 2.10%, China Re Life Insurance at 0.55%, and China Continent Insurance at 0.90%[97] - The group company's total asset return rate (ROA) was 0.63%, with China Re Property Insurance at 0.38%, China Re Life Insurance at 0.05%, and China Continent Insurance at 0.24%[97] Strategic Initiatives - The company plans to focus on innovation, business structure adjustment, and investment capability enhancement to achieve high-quality development[108] - In property reinsurance, the company aims to deepen innovation-driven development and improve operational efficiency while balancing profit and business growth[108] - In life reinsurance, the company will leverage "data+" and "product+" strategies to expand protection-type reinsurance and explore opportunities in tax-advantaged health insurance and long-term care insurance[108] - For direct property insurance, the company will optimize business structure, enhance risk pricing, and improve cost control, especially in auto insurance[109] - The company will strengthen investment management and innovation capabilities, optimize asset allocation, and drive third-party asset management business growth[109] - The company adheres to the Corporate Governance Code and has complied with all applicable provisions during the reporting period[110] - All directors and supervisors confirmed strict compliance with the Standard Code of Securities Transactions during the reporting period[111] - The company is taking measures to comply with the Hong Kong Listing Rules regarding the number and composition of independent non-executive directors[112] - The company appointed Li Wenfeng as a non-executive director and Dai Deming as an independent non-executive director, effective from August 29, 2023[121] - He Chunlei was appointed as the Chairman of the 5th Board of Directors, and Zhuang Qianzhi was appointed as the Vice Chairman and President of the 5th Board of Directors on August 29, 2023[121] - The Board of Directors adjusted the composition of its specialized committees, including the appointment of Wang Xiaoya to the Audit Committee and Li Wenfeng to the Nomination and Remuneration Committee[122] - Zhuang Qianzhi was appointed as the President of the company on March 17, 2023, and ceased to serve as the Chief Risk Officer on July 7, 2023[124] - Lei Jianming was promoted from Assistant to the President to Vice President on March 30, 2023[124] - Tian Meipan was appointed as Assistant to the President and Chief Actuary on July 7, 2023[124] - Cao Shunming was appointed as Assistant to the President, Chief Compliance Officer, and Chief Risk Officer on July 7, 2023[124] Accounting and Financial Reporting - The company adopted new accounting standards, including IFRS 17 for insurance contracts, effective from January 1, 2023, which impacted the classification and accounting of insurance and investment contracts[158][160] - The company has adopted the new accounting standard IFRS 17 for insurance contracts starting from January 1, 2023, which includes the aggregation and recognition of insurance contracts and reinsurance contracts held[162][163] - Insurance contracts are grouped into portfolios based on similar risks and managed uniformly, with each portfolio further divided into three groups based on profitability at initial recognition[162] - Reinsurance contracts held are assessed separately from issued insurance contracts and are grouped into three categories based on net gains at initial recognition[163] - The company uses the concept of contract boundaries to determine future cash flows to be considered in measuring insurance contract groups[167] - Future cash flow estimates are adjusted for the time value of money and financial risks not included in the estimates, using current discount rates[164] - Non-financial risk adjustments are made to the present value of future cash flow estimates to reflect compensation for uncertainties in the amount and timing of cash flows due to non-financial risks[165] - The company adopted the International Financial Reporting Standard (IFRS) 17 for insurance contracts starting from January 1, 2023, which includes new accounting policies and revisions[169][170] - The insurance contract boundary is reassessed at each reporting date to reflect changes in the company's substantive rights and obligations, which may vary over time[169] - Insurance acquisition cash flows are defined as cash flows directly attributable to the corresponding portfolio of contracts and are allocated using a systematic and rational method[169] - For insurance contracts not measured using the premium allocation approach, the initial measurement includes the sum of fulfillment cash flows and the contractual service margin (CSM)[170] - The CSM represents the unearned profit the company expects to recognize as it provides services under the contract group[170] - Subsequent measurement of insurance contract groups includes the sum of the unearned liability and the incurred claims liability, with adjustments for changes in fulfillment cash flows[172] - The CSM is adjusted for changes related to future services, interest accrued, and any currency exchange differences[173] - Changes in fulfillment cash flows related to future services include adjustments for premiums received, changes in estimates of future cash flows, and changes in risk adjustments for non-financial risks[174] - The premium allocation approach is generally used for contracts with a coverage period of one year or less, or when it is expected to yield results not materially different from the non-premium allocation approach[175] - The company adopted the International Financial Reporting Standard No. 17 (IFRS 17) for insurance contracts starting from January 1, 2023, which includes new accounting policies for initial and subsequent measurement of insurance contracts[177][178] - The unearned premium liability is measured at the initial recognition of each contract group by deducting any insurance acquisition cash flows allocated to the contract group from the premiums received at the initial recognition date[176] - The unearned premium liability increases due to any premiums received and amortization of insurance acquisition cash flows, and decreases due to insurance acquisition cash flows paid, insurance service revenue recognized, and any investment components paid or transferred to the incurred claims liability[178] - The company recognizes a loss in the income statement and increases the unearned premium liability if there is an indication of a loss in the contract group during the coverage period[178] - The company measures the liability for incurred claims as the amount of fulfillment cash flows related to incurred claims, discounted at the current interest rate[178] - For reinsurance contracts held, the company uses the same accounting policies as for insurance contracts not measured under the premium allocation approach, with modifications[179] - The carrying amount of reinsurance contracts held at each reporting date is the sum of the unearned premium asset and the incurred claims asset[179] - The company adjusts the contract service margin for reinsurance contracts held if the reinsurance contracts are entered into before or at the same time

Financial Performance - For the six months ended June 30, 2023, the total revenue was RMB 54,501,489 thousand, an increase of 18.5% compared to RMB 45,902,519 thousand for the same period in 2022[3]. - The net profit for the period was RMB 2,067,047 thousand, significantly up from RMB 365,972 thousand in the previous year, representing a growth of 465.5%[4]. - Earnings per share (EPS) increased to RMB 0.05 from RMB 0.01, reflecting a substantial improvement in profitability[2]. - The company reported a total comprehensive income of RMB 3,483,626 thousand for the period, compared to RMB 538,055 thousand in the same period last year[4]. - Cash generated from operating activities was RMB 17,463,450,000, compared to RMB 158,814,000 in the same period last year[10]. - The company reported a significant increase in cash flow from operating activities, resulting in a net cash inflow of RMB 15,156,597,000[10]. - The company achieved a pre-tax profit of 2,361,073, compared to 136,978 in the previous year, marking a substantial increase of approximately 1,628.5%[72]. - The net profit attributable to equity holders for the six months ended June 30, 2023, was 2,011,676, significantly up from 466,246 in the same period of 2022[83]. - The company reported a foreign exchange gain of 1,507,258, compared to a gain of 944,098 in the previous year, showing improved currency management[72]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to RMB 449,688,168 thousand, up from RMB 424,732,150 thousand at the end of 2022, indicating a growth of 5.9%[5]. - The total liabilities as of June 30, 2023, were RMB 349,412,305 thousand, an increase from RMB 327,236,258 thousand at the end of 2022, reflecting a growth of 6.3%[6]. - The company reported a total equity of RMB 102,089,721,000, with minority interests amounting to RMB 9,382,426,000[9]. - The cash and cash equivalents at the end of the period were RMB 15,748,263,000, down from RMB 17,337,075,000 a year earlier[11]. Insurance Operations - The insurance service expenses totaled RMB 53,339,987 thousand, compared to RMB 46,366,370 thousand in the prior year, marking an increase of 15.5%[2]. - Insurance service revenue reached 54,501,489, an increase from 41,639,381 in the previous year, reflecting a growth of approximately 30.7%[72]. - Total premium income for the reporting period reached RMB 102.617 billion, representing a year-on-year growth of 16.6%[5]. - The company established a loss component for loss-making contracts, which is deducted from insurance service revenue when cash flows occur[33]. - The company has chosen to defer insurance acquisition cash flows in the accounting policy for unearned liability[25]. Investment Performance - The total investment income surged by 99.7% to RMB 4,626 million, compared to RMB 2,316 million in the same period last year[96]. - The annualized total investment yield improved to 3.27%, an increase of 0.50 percentage points from 2.77% in 2022[96]. - The company reported a total investment income of (455,053), a decline from (1,637,161) year-over-year, highlighting challenges in investment performance[72]. - The company has maintained a stable investment strategy, focusing on high-dividend assets and optimizing industry distribution to achieve stable investment returns[157]. Regulatory Compliance and Governance - The company has adopted the Corporate Governance Code and complied with all applicable provisions during the reporting period[183]. - The group’s solvency report data as of June 30, 2023, has been submitted to the National Financial Regulatory Administration, ensuring compliance with regulatory standards[168]. - The interim financial information for the six months ending June 30, 2023, has been reviewed by PricewaterhouseCoopers[186]. Market Position and Strategy - The company plans to expand its market presence and invest in new technologies to enhance service offerings and operational efficiency[72]. - The company aims to enhance innovation capabilities and accelerate business structure adjustments to achieve balanced growth in both profitability and business expansion[176]. - The company emphasized strengthening partnerships with international brokers to expand business opportunities and enhance service capabilities[122]. Risk Management - The company has established a comprehensive risk management system that integrates strategy, governance, preferences, assessment, and reporting to effectively manage risks and support stable business development[127]. - The company has actively responded to external market risks and adjusted its investment risk limits, particularly in high-risk credit sectors[159].

Financial Performance - Total assets reached RMB 520,695 million, an increase of 4.2% year-on-year[6]. - Total liabilities amounted to RMB 426,022 million, reflecting a year-on-year growth of 7.1%[6]. - Total equity decreased to RMB 94,673 million, down 7.3% compared to the previous year[6]. - Total premium income was RMB 169,765 million, representing a 4.3% increase year-on-year[6]. - Net profit fell to RMB 1,525 million, a significant decline of 74.1% year-on-year[6]. - Profit attributable to equity holders of the parent company was RMB 1,871 million, down 68.6% year-on-year[6]. - Earnings per share decreased to RMB 0.04, a drop of 68.6% compared to the previous year[6]. - Weighted average return on equity was 2.09%, down 4.32 percentage points year-on-year[7]. - Net assets per share attributable to equity holders of the parent company decreased to RMB 2.02, down 7.2% year-on-year[7]. - Total investment income dropped significantly by 63.3% to RMB 5.752 billion, with an investment yield of 1.79%, down 3.20 percentage points from 4.99% in 2021[23]. - Net profit attributable to shareholders of the parent company was RMB 1.871 billion, a decline of 68.6% from RMB 5.954 billion in 2021[24]. - The solvency ratio for the group was 157% as of December 31, 2022, down from 184% a year earlier[21]. - The company’s core solvency ratio was 635% as of December 31, 2022, unchanged from the previous year[21]. Business Segments - Property reinsurance business premium income rose by 19.0% to RMB 61.819 billion, while life reinsurance business premium income decreased by 4.3% to RMB 66.385 billion[22]. - The total premium income for the property reinsurance segment reached RMB 61.819 billion, a year-on-year increase of 19.0%, accounting for 35.4% of the group's total premium income[26]. - The net profit for the property reinsurance segment was RMB 1.065 billion, a year-on-year decrease of 55.0%, with a weighted average return on net assets of 3.82%[26]. - The life reinsurance segment's premium income was RMB 66.39 billion in 2022, a decrease of 4.3%, accounting for 38.0% of the group's total premium income[58]. - The domestic guaranteed reinsurance business generated RMB 29.07 billion in 2022, an increase of 11.6% year-on-year[60]. - The domestic savings-type reinsurance business saw a significant increase of 119.9%, reaching RMB 9.93 billion in 2022[60]. - The agricultural insurance segment generated RMB 10.911 billion in premium income, a significant increase of 35.3% year-on-year[33]. - The total premium income from overseas property reinsurance and bridge business was RMB 19.621 billion in 2022, up 16.6% year-on-year[36]. Market Position and Strategy - The group maintained the largest market share in domestic property and life reinsurance, with a risk coverage amount of RMB 42.2 trillion for key national strategic areas, up 20.3% year-on-year[13]. - The company aims to build a world-class comprehensive reinsurance group by 2035, focusing on product innovation, platform-driven strategies, and technological empowerment[15]. - The company plans to enhance its global layout and risk management capabilities as part of its high-quality development strategy initiated in 2023[16]. - The company strategically exited smaller direct insurance businesses to focus on core business areas[47]. - The company aims to focus on high-quality development, emphasizing risk management and product innovation in property reinsurance, while enhancing domestic market position[115]. Governance and Leadership - He Chunlei has been appointed as the Chairman of the Board since December 7, 2022, and has served as an Executive Director since February 2017[118]. - Zhuang Qianzhi has been appointed as the President and Executive Director since March 2023, and previously served as the Chief Risk Officer since April 2021[121]. - The company has seen a leadership transition with Zhuang Qianzhi taking over the role of President from He Chunlei in March 2023[121]. - The company has a diverse board with independent directors including Mo Jinchang and Jiang Bo, enhancing corporate governance[122]. - The company has a robust governance structure with various committees led by experienced board members[118]. - The company has maintained a strong focus on corporate governance, with multiple qualified individuals overseeing compliance and legal matters[130]. Risk Management - The company emphasizes the importance of effective risk management and internal control systems, with the board of directors responsible for overseeing these processes[175]. - The company has implemented a risk preference system that includes risk tolerance and limits, closely integrated with operational plans to guide and constrain business operations[177]. - The company has conducted three evaluations of its risk management and internal control systems in 2022, focusing on design and operational effectiveness, covering all key monitoring aspects[180]. - The company has enhanced its internal control management effectiveness by regularly assessing internal controls and dynamically identifying risk points[178]. - The company has made targeted management measures to ensure solvency adequacy before undertaking significant business activities[177]. Shareholder Communication and Dividends - The company has a dividend policy that stipulates at least 30% of the net profit attributable to shareholders of the parent company will be distributed as cash dividends annually[188]. - The board proposed a final dividend of RMB 0.014 per share, totaling approximately RMB 595 million, subject to shareholder approval[197]. - The company emphasizes effective communication with shareholders to enhance understanding of its business and improve governance[189]. - The company has established an Investor Relations Management Policy to ensure fair, timely, accurate, and effective communication with shareholders[189]. Taxation and Compliance - H-share individual shareholders from Hong Kong or Macau will have a 10% withholding tax rate on dividends[198]. - H-share individual shareholders from countries with tax agreements lower than 10% will also have a 10% withholding tax rate applied temporarily[198]. - The company strictly adheres to sanctions-related commitments and has implemented risk management policies to avoid activities that could lead to sanctions risks[191]. - The company has committed to maintaining compliance with relevant laws and regulations, ensuring no significant legal or regulatory issues affect its operations[194].