人民财讯7月30日电，7月30日，国家金融监督管理总局官网公布批文，批复中国农业再保险股份有限公 司(简称"中国农再")变更股权。同意中央汇金投资有限责任公司受让财政部持有的中国农再90亿股股 份，受让后，中央汇金投资有限责任公司合计持有中国农再90亿股股份，持股比例为55.90%。 ...

7月29日，《国际金融报》记者获悉，慕尼黑再保险发布的自然灾害损失报告显示，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。 根据报告，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。从灾害原因来看，气象灾害造成的损失占总损失的88%，占保险损失的98%，地震则分别占 12%和2%。 "2025年的上半年自然灾害损失数据启示我们，应立即采取行动加大对风险缓解措施的投入。"慕尼 黑再保险董事会成员康安新（Achim Kassow）指出，这不仅可以减少灾害造成的人员伤亡，还能够在 气候变化背景下维持保险保障的可负担性。同时，还应缩小保险缺口，以赋能个人与社会能够更从容地 应对自然灾害带来的经济影响。 ...

Core Viewpoint - China Reinsurance has experienced significant value recovery, with a more than 275% increase since its low point in January 2024, marking its tenth anniversary in the Hong Kong stock market [1][3]. Industry Growth and Profitability Turning Point - The Chinese insurance market has seen substantial growth, with original premium income rising from RMB 2.4 trillion in 2015 to RMB 5.7 trillion in 2024, achieving a compound annual growth rate (CAGR) of 9.9%, surpassing the global CAGR of 4.7% [5]. - The reinsurance market in China has also grown, with ceded premiums increasing from RMB 150.16 billion in 2015 to RMB 278.28 billion in 2022, reflecting a CAGR of 9.2% [5][6]. - China Reinsurance's total premium income has grown from RMB 80.43 billion in 2015 to RMB 178.48 billion in 2024, with a CAGR of 9.3% [6]. Competitive Advantages and Financial Performance - China Reinsurance has established itself as a leader in the reinsurance industry, with a return on equity (ROE) increasing from 2.09% in 2022 to 10.74% in 2024, marking the second-highest level in nearly a decade [8]. - The group's underwriting profitability has reached new highs, with a year-on-year growth of over 170% in 2024 [10]. Innovation and Internationalization - China Reinsurance has developed proprietary catastrophe models, enhancing its pricing power and risk management capabilities [14][15]. - The acquisition of the British Bridge Insurance Group in 2018 has significantly improved China Re's underwriting capabilities and international business presence, with Bridge's total premium income growing from RMB 9.614 billion in 2019 to RMB 22.269 billion in 2024, a CAGR of 18.3% [17][20]. Valuation and Market Position - China Reinsurance has historically traded at a low price-to-book (P/B) ratio, reaching as low as 0.2, and currently stands at 0.48, indicating a significant undervaluation compared to peers [22][24]. - The company is positioned to benefit from both domestic growth and international market opportunities, enhancing its long-term valuation prospects [30][31].

Core Viewpoint - The reinsurance industry has shown significant cumulative return rates, with notable companies achieving over 200% cumulative returns since their establishment, indicating strong profitability and shareholder value creation [1][4][19]. Summary by Sections Cumulative Return Rate Definition - Cumulative return rate is defined as: (Net assets at year-end - Total shareholder capital + Total dividends paid) / Total shareholder capital at year-end * 100% [9][12]. - This metric reflects the ratio of cumulative profits to total shareholder investments since the company's inception [1]. Industry Performance (2017-2024) - The reinsurance industry generated a net profit of approximately 31.9 billion yuan during the period from 2017 to 2024 [10]. - By the end of 2024, the total shareholder capital in the reinsurance sector was about 63.3 billion yuan, with total net assets reaching approximately 105.9 billion yuan [12]. - Cumulative dividends paid by the industry amounted to 11.4 billion yuan, with a record high of 2.77 billion yuan in dividends for 2024 [12][14]. Cumulative Return Rates - The cumulative return rate for the reinsurance industry in 2024 was reported at 85.3%, with an annualized return rate of 8.0% [14]. - Excluding the impact of Zhongnong Re, the cumulative return rate would have been 115.0%, with an annualized return of 10.0% [5][16]. Company Rankings - Among 15 reinsurance companies, five achieved cumulative return rates exceeding 100%, with the highest being 803% for Deutsche Allgemeine Rückversicherung [19][27]. - The average cumulative return rate for these companies was 109.8%, with a median of 24.9% [17][23]. Dividend Distribution - In 2024, six reinsurance companies distributed dividends, marking the highest number of dividend-paying companies in the past eight years [4][13]. - China Re Life Insurance led in cumulative dividends with 5.13 billion yuan, followed by China Re Property & Casualty with 3.33 billion yuan [13]. Recent Trends - The cumulative profitability efficiency of the reinsurance industry has been declining in recent years, primarily due to increased shareholder investments, which rose by 16.1 billion yuan, leading to a nearly 40% increase in total shareholder capital [15][16].

Core Viewpoint - The Chinese government has issued a notification to promote high-level institutional opening-up measures in free trade zones, aiming to align with international high-standard economic and trade rules, particularly focusing on the Shanghai Free Trade Zone [1][2]. Group 1: Key Measures and Areas of Focus - The notification includes 77 pilot measures covering seven areas: service trade, goods trade, digital trade, intellectual property protection, government procurement reform, "post-border" management system reform, and risk prevention [1]. - Among the 34 measures to be replicated in other free trade zones, key initiatives include enhancing digital RMB pilot applications, optimizing cross-border fund management policies for multinational companies, and establishing a negative list for data export [1][2]. - The remaining 43 measures to be promoted nationwide include advancing cross-border electronic payment applications, encouraging the acceptance of commercial password testing results, and improving the digitalization of government procurement platforms [1][2]. Group 2: Financial and Digital Innovations - The notification emphasizes the development of financial technology and international cooperation to facilitate cross-border asset management and support the internationalization of the reinsurance industry [2]. - It also supports the exploration of digital RMB applications in trade within qualified free trade zones and aims to enhance the functionality of free trade account systems for orderly capital flow between domestic and foreign entities [2]. - The measures include allowing qualified asset management companies to conduct cross-border transfer of asset-supported securities and exploring cross-border transfer of financing lease assets with RMB settlement in suitable free trade zones [2].

Core Viewpoint - Warren Buffett converted 8,239 shares of Berkshire Hathaway Class A stock into 12,358,521 shares of Class B stock and donated them to the Gates Foundation and four family charitable organizations, marking his largest annual donation in nearly two decades, totaling $6 billion [1][2]. Group 1: Donation Details - The donation consists of 9,433,839 shares to the Gates Foundation, 943,384 shares to the Susan Thompson Buffett Foundation, and 660,366 shares distributed among the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation [2]. - The donation is set to be processed by June 30 [2]. Group 2: Buffett's Philanthropic Strategy - Since 2006, Buffett has made annual donations before Thanksgiving, converting Class A shares to Class B shares prior to donations, as part of a "lifetime commitment" to philanthropy [3][4]. - Buffett's plan involves donating 5% of his remaining shares each year to the five foundations, which include the Gates Foundation and four family-run charities [4]. Group 3: Future of the Gates Foundation - Bill Gates announced plans to donate nearly all his wealth through the Gates Foundation over the next 20 years, with the foundation expected to spend over $200 billion by 2045 [6]. - The Gates Foundation, co-founded by Gates and his ex-wife Melinda in 2000, is one of the largest charitable organizations globally, focusing on improving health and productivity [6]. Group 4: Historical Context - The philanthropic actions of Buffett and Gates echo the legacy of Andrew Carnegie, who emphasized the importance of using wealth for the greater good in his essay "The Gospel of Wealth" [7].

Investment Rating - The report initiates coverage on China Reinsurance Group with an "Overweight" rating, highlighting its dominant position in the Chinese reinsurance market with a projected market share of nearly 50% in 2024 [1][9][14]. Core Insights - China Reinsurance Group is positioned as a benchmark in the Chinese reinsurance industry, benefiting from unique product offerings that help alleviate capital pressure on life insurance companies. The company is expected to experience growth rates higher than direct insurance companies throughout economic cycles [1][9][14]. - The demand for financial reinsurance contracts is anticipated to increase due to macroeconomic pressures, particularly from life insurance companies facing solvency challenges. This positions China Re as a critical player in the market [1][4][29]. - The company has a significant overseas business exposure, contributing approximately 15% to its total premium income, which helps diversify business risks and provides foreign exchange hedging benefits [1][4][14]. Summary by Sections Investment Rationale - The overall reinsurance industry in China is projected to see a rise in gross written premiums (GWP) to RMB 228 billion in 2024, with China Re holding a market share of about 50% [13][14]. - The report emphasizes the company's unique business model and its ability to maintain lower volatility in underwriting performance compared to direct insurers, which typically experience more significant fluctuations [13][14]. Financial Performance - China Re's consolidated GWP is expected to reach approximately RMB 178 billion (USD 25 billion) in 2024, with a five-year compound annual growth rate (CAGR) of 4.2% from 2019 to 2024 [13][14]. - The report forecasts a net profit growth of 87% for 2024, driven by strong underwriting performance and favorable investment results [38]. Valuation - The report employs a price-to-earnings (P/E) valuation method, suggesting a target price of HKD 1.40 by December 2025, based on a P/E ratio of 5 times the expected earnings for fiscal year 2025 [9][14][23]. - The valuation is considered conservative compared to the average P/E ratios of 6-8 times for global reinsurance peers, reflecting China Re's market dominance and growth potential [9][14][23]. Overseas Business Strategy - The acquisition of Bridge Insurance in 2018 has significantly enhanced China Re's overseas business, with this segment now contributing 15% to total premium income, up from 3% in 2018 [46][48]. - The report highlights the advantages of having a diversified overseas business, including risk mitigation from regional catastrophes and improved asset-liability management [46][48].

Core Viewpoint - The reinsurance industry in 2024 is experiencing a decline in premium income while showing significant growth in net profit and investment returns, indicating a shift in operational dynamics and regulatory impacts [2][4][11]. Group 1: Reinsurance Industry Performance - The reinsurance industry reported a premium income of 226.4 billion yuan in 2024, a year-on-year decrease of 2.6% [2][11]. - The net profit for the reinsurance industry reached 5.42 billion yuan, reflecting a year-on-year increase of 37.2%, with total investment income at 11.3 billion yuan, up 16.9% [4][12]. - The return on equity (ROE) for the reinsurance sector was 5.4%, an increase of 1.1 percentage points year-on-year, but still significantly lower than the ROE of life insurance (18.7%) and property insurance (8%) [5][16]. Group 2: Risk Structure in Reinsurance - Among the 13 secondary risk indicators for minimum capital in the reinsurance industry, premium and reserve risk accounted for the highest proportion at approximately 27%, followed by counterparty default risk at 20% and loss occurrence risk at 11% [7][22]. - The dominance of premium and reserve risk is attributed to the fact that property insurance constitutes about two-thirds of the reinsurance business [22]. Group 3: Comparative Analysis with Original Insurance Industry - The total investment return rate for the reinsurance industry was 3.1%, lower than the life insurance industry's 3.5% but on par with the property insurance industry's 3.1% [17]. - The comprehensive investment return rate for reinsurance was 5.6%, higher than that of property insurance (5.5%) but lower than life insurance (7.5%) [18]. Group 4: Rankings of Reinsurance Companies - The rankings of reinsurance companies based on premium income, net profit, ROE, total investment return, and comprehensive investment return were provided, highlighting the performance of major players in the industry [9][25][28][29][30][31].

Core Insights - The Shanghai International Reinsurance Registration Trading Center has achieved a trading scale of 2.1 billion yuan, marking a significant breakthrough in its development from "0 to 1" [1][2] - The center is moving towards a new development stage with a complete business model of "inward + outward + brokerage" [1][2] Development Milestones - The "International Board" of Shanghai Reinsurance officially launched in June 2023, with the establishment of the Shanghai International Reinsurance Registration Trading Center in October 2024 [2] - The Shanghai Financial Office has reported significant progress in institutional aggregation, platform construction, and regulatory improvement [2] Future Development Focus - The Shanghai Insurance Exchange has outlined a three-phase development path: Phase 1 focuses on domestic transactions, Phase 2 on cross-border transactions, and Phase 3 on global risk governance [2] - The focus is on attracting institutions to register and conduct business through differentiated regulatory policies and local incentives [2] Data Cross-Border Solutions - The Lingang New Area has introduced the world's first operational guidelines for cross-border data flow in the reinsurance sector, establishing a complementary mechanism for efficient and secure data solutions [3] - The area is also developing industry clusters with high growth potential, such as new energy vehicles and integrated circuits, which increase the demand for risk protection [3] Regulatory and Market Environment - Suggestions for a differentiated regulatory system include support in solvency frameworks, investment management, and reporting requirements to attract international reinsurance capabilities [4] - Continuous efforts are needed from market, protection, and regulatory perspectives to enhance the operational rules of the reinsurance registration trading center [4][5] Collaborative Environment - The Shanghai Financial Office emphasizes the importance of a coordinated regulatory environment to support the establishment of a comprehensive and differentiated regulatory system [5][6] - The goal is to create a market-oriented, rule-of-law, and international financial business environment to position Shanghai as a leading hub for reinsurance [6]

Core Viewpoint - The construction of the Shanghai International Reinsurance Center is a significant practice for China's high-level financial opening and an important part of Shanghai's international financial center development [1] Group 1 - The Shanghai International Reinsurance Center construction has entered a "fast track" due to joint efforts from various parties [1] - Reinsurance, as "insurance for insurance," inherently possesses international attributes, playing a crucial role in enhancing the competitiveness and influence of international financial centers [1] - The government is committed to implementing the decisions of the central government and local authorities to build a modern reinsurance market system characterized by concentrated business, active transactions, and well-established regulations [1]