Financial Performance - Total premium income for the first half of 2020 increased by 20.5% to RMB 102.123 billion, compared to RMB 84.772 billion in the same period of 2019[4] - Net profit for the first half of 2020 decreased by 24.0% to RMB 2.749 billion, down from RMB 3.616 billion in the first half of 2019[4] - The annualized weighted average return on equity decreased by 2.57 percentage points to 5.63% in the first half of 2020, compared to 8.20% in the same period of 2019[4] - Total investment income for the first half of 2020 rose by 22.8% to RMB 7.565 billion, compared to RMB 6.159 billion in the first half of 2019[7] - The annualized total investment return increased by 0.29 percentage points to 5.48% in the first half of 2020, compared to 5.19% in the same period of 2019[7] - Pre-tax profit decreased by 21.6% to RMB 3,287 million from RMB 4,194 million year-on-year[10] - Net profit attributable to shareholders was RMB 2,467 million, down 25.7% from RMB 3,320 million in the previous year[10] - The total assets as of June 30, 2020, were RMB 477,407 million, a 20.4% increase from RMB 396,638 million at the end of 2019[11] - The total liabilities increased by 26.6% to RMB 379,245 million from RMB 299,660 million year-on-year[11] - The net profit for the first half of 2020 was RMB 699 million, a decrease of 41.5% compared to RMB 1.194 billion in 2019[34] - The net profit for the six months ended June 30, 2020, was RMB 2,749,371 thousand, a decrease from RMB 3,616,068 thousand in the previous year, indicating a decline of about 24.0%[140] - The total comprehensive income for the six months ended June 30, 2020, was RMB 3,053,274 thousand, compared to RMB 6,164,706 thousand in 2019, reflecting a decrease of approximately 50.5%[141] Investment Performance - The company achieved a net investment income of RMB 6.407 billion in the first half of 2020, a 6.3% increase from RMB 6.027 billion in the same period of 2019[7] - Investment income for the property reinsurance segment rose by 35.5% to RMB 1.637 billion from RMB 1.208 billion in the previous year[39] - Investment income for the life reinsurance segment rose by 64.2% to RMB 3.207 billion, up from RMB 1.953 billion in the previous year[58] - Total investment income for the first half of 2020 reached RMB 7.565 billion, a year-on-year increase of 22.8%[91] - Net investment income for the same period was RMB 6.407 billion, reflecting a year-on-year growth of 6.3%[91] - Annualized total investment return rate improved to 5.48%, up by 0.29 percentage points compared to the previous year[91] Market Position and Business Segments - The company maintained a leading market position in domestic property reinsurance and life reinsurance, with a market share of 3.53% in the domestic property insurance market[9] - The property reinsurance segment's total premium income was RMB 270.78 million, a growth of 17.6%, accounting for 26.2% of the group's total premium income[12] - Domestic property reinsurance business premium income was RMB 180.21 million, up 20.8% year-on-year, with a combined ratio of 99.80%[13] - The life reinsurance segment's premium income reached RMB 50.50 billion in H1 2020, a year-on-year increase of 31.4%, accounting for 48.9% of the group's total premium income[44] - The health insurance segment contributed RMB 9.937 billion, representing 19.8% of the total premium income[54] - The property insurance direct underwriting segment reported total premium income of RMB 25.763 billion for the first half of 2020, a year-on-year increase of 5.7%, accounting for 24.9% of the group's total premium income[64] Claims and Expenses - The total claims and benefits paid out increased by 30.1% to RMB 45.648 billion, up from RMB 35.093 billion in the previous year[59] - The total claims and expenses for the first half of 2020 amounted to RMB 71,814,702 thousand, compared to RMB 55,914,408 thousand in 2019, indicating an increase of approximately 28.4%[140] - Claims and benefits increased by 19.3% from RMB 10,514 million in H1 2019 to RMB 12,542 million in H1 2020, largely due to higher claims in non-auto insurance related to the COVID-19 pandemic[79] Solvency and Capital - Core solvency ratio as of June 30, 2020, was 175%, down from 190% at the end of 2019[8] - The comprehensive solvency adequacy ratio decreased to 192%, down 17 percentage points from 209% at the end of 2019[94] - The actual capital of China Re Group reached RMB 101,929 million, up 4.7% from RMB 97,311 million at the end of 2019[94] - The core capital of China Re Group was RMB 92,933 million, an increase of 5.2% from RMB 88,316 million at the end of 2019[94] Strategic Initiatives and Future Outlook - The company aims to enhance underwriting capabilities and improve business quality through structural adjustments and the reduction of underperforming segments[27] - The company is focusing on product innovation, including the development of network risk parameter insurance products and a new generation electronic underwriting platform[32] - The company plans to closely monitor the development of the COVID-19 pandemic and take relevant measures to mitigate its impact on operations[9] - The company aims to enhance its property reinsurance business by optimizing customer service systems and promoting technological empowerment and innovation[107] - Future outlook includes ongoing development in new products and technologies to expand market presence and improve service offerings[164] Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with its provisions during the reporting period[110] - No interim dividend was declared for the six months ending June 30, 2020[112] - The interim financial data for 2020 has been reviewed by PricewaterhouseCoopers[118] - Deloitte was commissioned to assess the embedded value of the group as of June 30, 2020[119] - The group’s financial statements are prepared in accordance with significant accounting policies that align with the International Financial Reporting Standards[158]
中国再保险(01508) - 2020 - 中期财报