Financial Performance - Total premium income rose by 27.8% to RMB 84,772 million for the six months ended June 30, 2019, up from RMB 66,308 million in the same period of 2018[4]. - Net profit surged by 52.7% to RMB 3,616 million for the first half of 2019, compared to RMB 2,368 million in the prior year[4]. - The net profit attributable to shareholders increased by 42.4% to RMB 3,320 million for the first half of 2019, compared to RMB 2,331 million in the same period of 2018[4]. - Total revenue for the six months ended June 30, 2019, reached RMB 80,039,069 thousand, up 29.2% from RMB 61,939,135 thousand in 2018[124]. - The total comprehensive income for the six months ended June 30, 2019, was RMB 6,164,706 thousand, compared to RMB 1,913,258 thousand in 2018, indicating a substantial growth[125]. - The company reported a pre-tax profit of RMB 4,193,548 thousand, compared to RMB 3,204,463 thousand in the same period of 2018, an increase of 30.9%[124]. - The net profit for the period was RMB 3,319,727 thousand, contributing to a total comprehensive income of RMB 6,166,706 thousand for the six months ended June 30, 2019[130]. - The company reported a significant increase in investment income, with financial assets at fair value through profit or loss rising to RMB 14,613,929 thousand from RMB 10,725,714 thousand, a growth of approximately 36.5%[127]. Assets and Liabilities - Total assets increased by 12.9% to RMB 384,885 million as of June 30, 2019, compared to RMB 340,907 million at the end of 2018[3]. - Total liabilities rose by 15.5% to RMB 293,096 million as of June 30, 2019, compared to RMB 253,653 million at the end of 2018[3]. - The company's equity attributable to shareholders increased to RMB 82,456,402 thousand from RMB 78,281,201 thousand, a growth of approximately 5.6%[128]. - The total equity as of June 30, 2019, was RMB 91,788,746 thousand, up from RMB 87,253,817 thousand, representing an increase of about 5.8%[128]. - The total amount of investment assets managed by the company reached RMB 246.494 billion, with RMB 216.303 billion managed by China Re Asset[77]. Investment Performance - The total investment income increased by 21.5% to RMB 6,159 million for the first half of 2019, compared to RMB 5,069 million in the same period of 2018[6]. - Investment income amounted to RMB 1,208 million, showing a 9.6% increase from RMB 1,102 million in the previous year[34]. - The annualized total investment return rate was 5.19%, a slight decrease of 0.02 percentage points year-on-year[81]. - The annualized net investment return rate was 5.07%, down 0.22 percentage points compared to the previous year[81]. - Fixed income investments accounted for 67.5% of total investment assets as of June 30, 2019, compared to 72.5% at the end of 2018[78]. Premium Income and Business Segments - The life reinsurance segment reported premium income of RMB 38.427 billion in the first half of 2019, a year-on-year increase of 27.4%, accounting for 44.8% of the group's total premium income[42]. - The property reinsurance segment's total premium income grew by 51.5% to RMB 23.03 billion, accounting for 26.8% of the group's total premium income[13]. - The domestic life reinsurance business generated premium income of RMB 35.934 billion in the first half of 2019, reflecting a 29.6% year-on-year growth[46]. - The overseas property reinsurance and bridge company business saw a remarkable growth of 237.5% year-on-year[10]. - Total premium income for the reinsurance business reached RMB 23,033 million, a 51.5% increase compared to RMB 15,200 million in 2018[34]. Solvency and Risk Management - The core solvency ratio for China Re Group was 195% as of June 30, 2019, up from 162% at the end of 2018[7]. - The comprehensive solvency adequacy ratio for the group rose to 216%, an increase of 32 percentage points compared to December 31, 2018[84]. - The group primarily faces credit risk related to commercial banks, bond issuers, receivable premiums, and reinsurance arrangements[200]. - The group employs both qualitative and quantitative analyses to evaluate credit risk, including industry research and internal credit models[200]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code and the Securities Trading Standard Code during the reporting period[97][98]. - The mid-term financial data for 2019 has been reviewed by PricewaterhouseCoopers[109]. - The company engaged Ernst & Young to assess the embedded value and new business value as of June 30, 2019[110]. Strategic Initiatives - The company aims to enhance customer service through customized solutions and strengthen strategic collaboration to drive business growth[42]. - China Re Group aims to enhance its property reinsurance business by optimizing customer service systems and accelerating operational model transformation[95]. - The company is actively expanding its overseas business portfolio, focusing on balancing and diversifying its offerings[28]. Shareholder Information - The company did not declare an interim dividend for the six months ending June 30, 2019[100]. - Central Huijin Investment Co., Ltd. holds 30,397,852,350 shares, accounting for 71.56% of the company's equity[102]. - The Ministry of Finance of the People's Republic of China owns 4,862,285,131 shares, representing 11.45% of the company's equity[102].
中国再保险(01508) - 2019 - 中期财报