Financial Performance - Total assets reached RMB 500,439 million, an increase of 10.3% year-on-year[11]. - Total liabilities amounted to RMB 397,852 million, reflecting a year-on-year growth of 13.5%[11]. - Total premium income was RMB 162,732 million, showing a slight increase of 0.7% compared to the previous year[11]. - Net profit stood at RMB 6,390 million, representing a year-on-year growth of 7.9%[11]. - Profit attributable to shareholders of the parent company was RMB 6,363 million, up 11.4% year-on-year[11]. - Earnings per share increased to RMB 0.15, marking an 11.4% rise compared to the previous year[11]. - Weighted average return on equity improved to 6.84%, up by 0.50 percentage points[12]. - Total equity decreased slightly to RMB 102,587 million, a decline of 0.3% year-on-year[11]. - The total premium income of China Re Group reached RMB 162.732 billion, representing a year-on-year growth of 0.7%[32]. - Net profit for the year was RMB 6.390 billion, an increase of 7.9% compared to the previous year[32]. - The weighted average return on equity improved to 6.84%, up by 0.50 percentage points year-on-year[32]. - The total investment return rate was 5.17%, while the net investment return rate was 4.59%, both showing a year-on-year decline[32]. - The net profit for 2021 reached RMB 2,669 million, a significant increase of 47.9% compared to RMB 1,805 million in 2020[61]. - The total revenue for 2021 was RMB 49,620 million, reflecting a 5.0% increase from RMB 47,238 million in 2020[61]. Business Segments - The total premium income for the property reinsurance segment reached RMB 51.954 billion in 2021, a year-on-year increase of 7.0%, accounting for 31.5% of the group's total premium income[38]. - Net profit for the property reinsurance segment was RMB 2.669 billion, representing a year-on-year growth of 47.9%, with a weighted average return on net assets of 9.76%[38]. - The life reinsurance segment's premium income reached RMB 69.374 billion in 2021, a year-on-year increase of 3.6%, accounting for 42.1% of the group's total premium income[69]. - The total premium income for the life reinsurance segment was RMB 69.302 billion in 2021, reflecting a 4.2% increase from RMB 66.518 billion in 2020[71]. - The overseas property reinsurance and bridge business generated total premium income of RMB 16.824 billion, a year-on-year increase of 12.0%, with a combined cost ratio of 97.32%, down 11.40 percentage points[48][49]. Market Position and Strategy - The company is focused on sustainable development and enhancing core competitiveness in the reinsurance sector[2]. - The company aims to achieve high-quality development and create stable returns for shareholders[23]. - The company plans to enhance risk management capabilities to ensure a robust safety baseline[23]. - The company is actively expanding into public REITs and perpetual bond strategy funds to alleviate allocation pressure[107]. - The company anticipates significant growth in the insurance industry driven by a shift from auto insurance to non-auto insurance, with core growth factors including policy support and consumption upgrades[122]. - The company expects the non-auto insurance sector to benefit from continued policy support, with agricultural, liability, and health insurance types projected to maintain high growth rates[122]. Digital Transformation and Innovation - The digital transformation strategy "Digital China Re 2.0" was launched, with an annual technology investment growth rate of no less than 15% during the 14th Five-Year Plan period[21]. - The online business rate reached 85%, significantly exceeding the industry average[21]. - The company launched nearly 200 new innovative products in 2021 and received over 20 awards for its contributions[21]. - The company plans to enhance its digital solutions and develop innovative products, including a new underwriting platform[59]. Risk Management and Compliance - The company emphasizes the importance of risk management and aims to strengthen proactive risk management awareness and culture[126]. - The company has implemented a risk preference system that integrates with its business plans to guide and constrain operations[189]. - The company has established procedures for identifying, handling, and disclosing insider information to ensure compliance and timeliness[191]. - The company’s risk management policies and internal control systems are regularly reviewed to ensure their effectiveness and compliance with regulatory requirements[182]. Corporate Governance - The company has a strong focus on corporate governance and compliance, with experienced professionals in key positions[137]. - The board consists of 10 members, including 3 executive directors, 3 non-executive directors, and 4 independent non-executive directors[151]. - The company has established a strong governance framework with independent directors who bring diverse perspectives and expertise to the board[134]. - The company has adopted the Corporate Governance Code since its listing and complied with all applicable provisions during the reporting period[145]. Employee Development and Welfare - The company has implemented a talent development program focusing on young employees, key talents, and core personnel, enhancing career planning and training opportunities[144]. - The company has established a pension plan and supplementary medical insurance to enhance employee welfare and retention[144]. - As of December 31, 2021, China Re Group had a total of 55,407 employees, with a compensation structure comprising basic salary, performance bonuses, and benefits[144].
中国再保险(01508) - 2021 - 年度财报