南方财经全媒体记者 林汉垚 北京报道 近日，中国农业再保险股份有限公司（以下简称"中国农再"）发布《关于更换董事长的公告》，原董事 长赵阳因工作原因已辞去公司董事长、执行董事等职务。 同时，经中国农再第一届董事会第二十八次会议、股东大会审议通过，选举李有祥为公司执行董事、董 事长，且中国农再已收到国家金融监督管理总局任职资格核准。 公开资料显示，李有祥出生于1967年9月，经济学博士，研究员。 1990年，李有祥研究生毕业后进入中国人民银行总行稽核监督局工作。1998年，李有祥进入原保监会人 事教育部（组织部）工作，此后便长期从事保险业监管工作。2004年至2008年，李有祥任原保监会重庆 监管局副局长、纪委书记。2008年至2013年，任原保监会人事教育部副主任、巡视员。2013年11月，任 原保监会稽查局局长。2016年李有祥还曾担任中央第十轮巡视第八巡视组副组长。 本次辞任中国农再董事长的赵阳为该公司首任董事长。赵阳出生于1965年1月，中共党员，研究生学 历，哲学博士学位，曾任农业农村部政策与改革司司长。 目前中国农再公司领导有党委书记、董事长李有祥，党委副书记、执行董事、总经理郭莉，党委副书 记、监 ...

国内唯一农业再保险公司首次变更董事长。 近日， 中国农业再保险股份有限公司 （简称"中国农再"）官网公告，因工作原因，赵阳已辞去该公司董 事长、执行董事等职务。经公司董事会会议、股东大会审议通过，选举李有祥为公司执行董事、董事长。 该公司近日收到金融监管总局任职资格核准，任期自核准之日起算。 此前，李有祥已出任中国农再党委书记。李有祥原为金融监管总局稽查局局长，出生于1967年，有丰富 履历和长期保险监管经历。 公开信息显示，李有祥1990年研究生毕业后进入中国人民银行总行稽核监督局工作，后调入原保监会体 系，曾在多个部门和重庆保监局任职；2017年曾任武汉市常委、副市长（挂职）。 最近几年，李有祥主要负责财险和再保险业监管工作。2018年出任原银保监会财险部（再保部）主任， 2023年金融监管总局组建后，出任金融监管总局稽查局局长。 二季度偿付能力报告显示，中国农再上半年实现保险业务收入176亿元，净利润-1.72亿元，综合成本率 为103.89%，为承保亏损。 责编：王璐璐 排版：罗晓霞 校对： 王蔚 百万用户都在看 突发！超10万人爆仓，发生了什么？ 中国农再原董事长赵阳于今年2月辞任。 中国农再一季度 ...

8月14日，观察者网从中国农业再保险股份有限公司（下称"中国农再保险"）网站获悉，李有祥已正式 出任该公司党委书记、董事长，接替原董事长赵阳。 | | 中国农业再保险 CHINA AGRICULTURE RE | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 首页 | 党建工作 | 新闻中心 | 政策咨询 | 业务领域 | 公开信息披露 | 关于我们 | | 关于我们 | | | | 公司领导 | | | | ▶ 公司简介 | | | 李有祥 | | | | | ▶ 公司领导 | | | 觉委书记、童事长 | | | | | ▶ 姐妈架构 | | | | | | | | 企业文化 | | | | | | | 公开资料显示，李有祥出生于1967年9月，经济学博士，研究员。 李有祥（资料图） 1990年，李有祥研究生毕业后进入中国人民银行总行稽核监督局工作，后任副处长。1998年，原保监会 成立后，李有祥赴原保监会人事教育部(组织部)工作，后出任原重庆保监局副局长、纪委书记，原保监 会人事教育部副主任、巡视员，原保监会稽查局局长等职。2016年，他 ...

在全球气候变化加剧、地缘政治冲突频发的当下，全球经济社会面临的各类风险不断上升。作为我 国再保险业国家队主力军，中国再保险（集团）股份有限公司（以下简称"中国再保"）积极参与全球风 险治理、融入国际保险再保险市场，凭借专业技术积累以及国际业务经验为全球风险分散提供坚实保 障，为经济发展提供有力支撑。 近日，金融监管总局发布公告，正式认定中国再保为我国首家国际活跃保险集团。中国再保相关负 责人在接受《金融时报》记者采访时表示，国际化战略已成为公司发展的重要动力，也是独有竞争优势 之一。 近年来，中国再保主动服务国家战略，在国际化拓展进程中，依托海外平台和再保专业优势，构建 起"一带一路"全球服务体系，全面拓展风险保障覆盖范围，不断健全服务机制，为共建"一带一路"高质 量发展提供更加全面有效的服务保障。 2020年7月，在监管部门的指导下，中国再保牵头24家保险机构成立中国"一带一路"再保险共同 体。5年来，中国再保在中国、新加坡、英国三地牵头组建"一带一路"保险再保险行业平台，搭建起遍 及136个国家和地区的战略合作"朋友圈"。 作为中国"一带一路"再保险共同体主席单位和管理机构，中国再保持续拓宽共同体风险保障 ...

Core Viewpoint - The article discusses the issuance of the "Action Plan" to support the construction of Shanghai as an international financial center, emphasizing the importance of enhancing its competitiveness and influence in alignment with national policies [1][2]. Group 1: Overall Requirements - The "Action Plan" is guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, aiming to serve high-quality economic development and expand institutional openness while balancing financial development and security [2]. Group 2: Specific Measures - The plan includes five main areas with 27 specific measures, focusing on: 1. Promoting the aggregation of financial institutions to enhance service capabilities, encouraging banks and insurance institutions to strengthen their support for Shanghai's international financial center [2][3]. 2. Improving financial services for the real economy, enhancing the quality of technology finance, and developing green finance initiatives [2][3]. 3. Expanding institutional openness to elevate the internationalization of Shanghai's financial sector, optimizing cross-border financial services, and promoting offshore financial innovations [3]. 4. Enhancing regulatory standards to ensure financial safety while supporting innovation in key areas [3][4]. 5. Improving policy support and professional financial services, including the establishment of a financial consumer protection center and enhancing the regulatory technology level [3][4]. Group 3: Financial Innovation and International Cooperation - The plan aims to establish a regulatory mechanism for financial innovation, allowing for pilot projects that focus on serving the real economy and international cooperation in financial practices [4]. - It also emphasizes the development of an international green finance hub, encouraging local financial institutions to engage in carbon finance activities and participate in international carbon pricing [4].

Core Viewpoint - The establishment of four new financial institutions in Shanghai marks a significant step in the development of the Shanghai International Reinsurance Center, enhancing the openness and competitiveness of China's reinsurance market [1][2]. Group 1: Development of Shanghai International Reinsurance Center - The Shanghai International Reinsurance Center has entered a fast track of development, driven by supportive policies and active market participation [1][2]. - The launch of the international reinsurance trading market in June 2023 signifies a shift from a "one-way opening" to a "two-way opening" in China's reinsurance market [2]. - The establishment of the Shanghai International Reinsurance Registration Trading Center is a key milestone, serving as China's first international reinsurance registration platform [2]. Group 2: Participation of International Players - Major international reinsurance companies, such as AXA Global Re and Hannover Re, have established operations in Shanghai, indicating confidence in the potential of the Chinese reinsurance market [2][3]. - The collaboration between the newly established reinsurance centers and the Shanghai International Reinsurance Registration Trading Center is expected to enhance data flow efficiency and transparency in transactions [3]. Group 3: Increased Openness of the Insurance Industry - The acceleration of the Shanghai International Reinsurance Center's development reflects the increasing openness of China's insurance industry [4]. - Since 2018, over 30 new measures have been introduced to enhance foreign investment in the banking and insurance sectors, including the removal of foreign ownership limits [4][5]. - The Chinese government encourages foreign insurance institutions to establish legal entities and branches in China, as well as to invest in domestic insurance companies [5].

Core Viewpoint - The Shanghai Free Trade Zone (FTZ) continues to play a pioneering role in deepening the alignment with international high-standard economic and trade rules, exploring a "deep water zone" for institutional opening [2][16]. Group 1: Establishment of the Shanghai International Reinsurance Registration Trading Center - The Shanghai International Reinsurance Registration Trading Center, launched in June 2023, is China's first national-level reinsurance trading platform, marking a significant achievement in the institutional opening of the reinsurance industry [2][3]. - The establishment of the center reflects the broader institutional innovation and expansion of openness within the Shanghai FTZ, with 80 pilot measures already implemented [3]. Group 2: Data Cross-Border Flow and Compliance - The Shanghai FTZ has prioritized the implementation of high-standard digital trade rules, focusing on data cross-border flow, sharing, and governance, which are crucial for the development of China's digital economy [4]. - A negative list for data exit management was released in February 2024, providing compliance guidance for enterprises in finance, shipping, and commerce, covering 84 data items across six scenarios [4][5]. - The combination of a negative list and scenario-based guidelines has created an effective data exit compliance mechanism, reducing compliance costs and improving efficiency for enterprises [5]. Group 3: International Data Cooperation and Innovation - The Lingang New Area is actively promoting the construction of international data centers and developing new business models focused on data processing and governance services [7]. - The Shanghai Data Exchange is working to establish itself as a key hub for global data element allocation, facilitating cross-border data flow and cooperation between domestic and international enterprises [8]. Group 4: Financial Services Expansion - The Shanghai FTZ aims to accelerate the opening of financial services, addressing the challenges faced by the reinsurance market, which has historically been small and underdeveloped [9]. - The Shanghai International Reinsurance Registration Trading Center is set to enhance the efficiency of reinsurance transactions by standardizing documentation and utilizing blockchain technology [10][11]. Group 5: Trade Facilitation and Growth - The implementation of the "direct release" regulatory model in the Yangshan Special Comprehensive Bonded Zone has significantly improved customs clearance efficiency, leading to a substantial increase in automobile roll-on/roll-off transport volumes [13][14]. - The total import and export value of the Shanghai FTZ exceeded 1.1 trillion yuan in the first half of the year, accounting for a quarter of the total FTZ import and export value in the country [15].

Financial Data and Key Metrics Changes - The company reported operating EPS of $4.72 per share, with an adjusted operating return on equity of 14.3% for the trailing twelve months, which aligns with intermediate-term targets [6][23] - The pretax adjusted operating income for the quarter was $421 million, reflecting a decrease due to claims volatility in U.S. Individual Life and unfavorable claims in the Healthcare Excess business [23][24] - Economic claims experience was lower than expected by $256 million, leading to a $158 million unfavorable financial impact for the current period [28][29] Business Line Data and Key Metrics Changes - U.S. Individual Life experienced a higher level of large claims, offsetting favorable results from Q1, while the Healthcare Excess business faced unfavorable claims consistent with market trends [6][7] - The traditional business premium growth was 11% year-to-date on a constant currency basis, with strong growth in the U.S., EMEA, and Asia [35] - The company achieved a record quarter for individual underwriting cases, indicating strong performance in the U.S. Traditional area [20] Market Data and Key Metrics Changes - In Asia, traditional business saw robust performance with a 43% increase in life insurance sales in Hong Kong for the first quarter [16] - The U.S. PRT market showed increased activity at the jumbo end, with expectations for a pickup in the second half of the year [19] - Claims in Canada and EMEA were modestly unfavorable, while APAC experience was favorable [32] Company Strategy and Development Direction - The company is focused on capital optimization and has increased excess capital to $3.8 billion, providing flexibility for growth and shareholder returns [24][36] - The strategic focus includes building a comprehensive asset management platform and maintaining strong risk discipline [14][22] - The company aims to balance capital deployment into business growth with returning capital to shareholders through dividends and share repurchases, targeting a payout ratio of 20% to 30% of after-tax operating earnings [37][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business prospects, citing a proven strategy that has stood the test of time [22][44] - The company anticipates improvements in claims experience and margins in the Healthcare Access business as pricing actions are implemented [31][64] - Management acknowledged the volatility in claims experience but emphasized that year-to-date results are broadly in line with expectations [57][72] Other Important Information - The effective tax rate for the quarter was 25.2%, above the expected range, primarily due to valuation allowances on foreign tax credits [26] - The company announced a 4.5% increase in quarterly dividends to $0.93 per share [37] Q&A Session Summary Question: Can you talk about the additional credit on the LifeBlock? - Management indicated that the value of in-force credits was a result of extensive analysis and reflects the current book of business without changes in actuarial assumptions [48][49] Question: Can you unpack the individual life experience in the quarter? - Management noted that the claims experience should be reviewed over longer periods, and while Q2 saw elevated large claims, year-to-date results are in line with expectations [55][56] Question: Can you discuss the health experience in the quarter? - Management explained that the negative experience in the Healthcare Access line is driven by higher claims costs, but rate increases have been implemented and margins are expected to improve [63][64] Question: What are the priorities for using excess capital? - Management stated that they aim to balance capital deployment into business growth with returning capital to shareholders, with a focus on share buybacks being opportunistic [75][77] Question: Is there a practical limitation to the value of in-force credit? - Management confirmed that there are limits to the amount of value of in-force credit that can be recognized, but they believe there are opportunities for further recognition [106][108] Question: How does the company plan to address volatility in results? - Management acknowledged the potential for volatility but emphasized their focus on long-term growth and the importance of maintaining appropriate reserves [110][112]

Core Insights - Tony Cheng, the president of American Reinsurance Group, has experienced a unique career trajectory, having risen through the ranks over 30 years to lead a company that provides $3.9 trillion in reinsurance coverage for active policyholders [2] - In 2025, American Reinsurance Group announced a landmark $1.5 billion agreement with Equitable to provide reinsurance services for a $32 billion life insurance policy, solidifying its industry leadership and potential for future profit growth [2] Group 1 - Tony Cheng's career path is notable for his long-term commitment to American Reinsurance Group since 1997, contrasting with the trend of frequent job changes for rapid career advancement [3] - Cheng attributes his work ethic and dedication to his parents, who were teachers and instilled values of hard work and perseverance in him [4] - The Asia-Pacific region has grown significantly under Cheng's leadership, expanding from a small team to over 1,000 employees and generating $4 billion in revenue [4][6] Group 2 - Cheng emphasizes the importance of a startup mentality in driving global business growth, focusing on problem-solving and innovation rather than merely competing in established markets [6] - He highlights the necessity of soft skills, such as communication and information synthesis, in the age of artificial intelligence, which may replace more straightforward mathematical tasks [7] - Continuous learning and humility are crucial for personal and professional growth, as Cheng believes that losing the passion for learning can hinder one's ability to succeed [7]

报告还显示，美国今年上半年还多次遭遇强雷暴事件，引发强降雨和龙卷风。其中，3-5月发生四次严 重风暴系列事件，包括几场强龙卷风，造成约190亿美元的总损失，其中保险损失146亿美元。总体来 看，2025年上半年美国各类强对流风暴造成的总损失达340亿美元，保险损失约260亿美元。 尽管遭遇多起气象灾害事件，欧洲上半年总损失仍低于2024年，约50亿美元，其中超半数为保险损失。 2025年上半年欧洲损失最高的自然灾害是今年6月的雷暴及冰雹天气，袭击了法国、奥地利和德国，造 成总损失12亿美元，保险损失约8亿美元。 7月29日，慕尼黑再保险发布《2025年上半年自然灾害损失报告》。报告显示，2025年上半年，全球自 然灾害造成的总损失约1310亿美元(上一年度经通胀调整后为1550亿美元)，其中保险损失达800亿美元 (2024年为640亿美元)；总损失与保险损失均显著高于过去十年及三十年的平均值(经通胀调整后：总损 失分别为1010亿及790亿美元；保险损失分别为410亿及260亿美元)。2025年上半年的保险损失在1980年 有记录以来的上半年数据中，排名第二，仅低于2011年上半年，当年日本发生严重地震并引 ...