记者丨林汉垚 2018年，李有祥重回金融监管部门，任原银保监会财险部（再保部）主任。 2023年国家金融 监管总局组建后，李有祥先后担任国家金融监管总局财产保险监管部（再保险监管部）主任、 稽查局局长等职务。 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、监事长、工会委员会主席童爱萍，党委委员、副总经理白云，党委委员、纪委书记 王成伟。 据了解，中国农再于2019年11月经国务院正式批复设立，其目的是为加快建立财政支持的农业 保险大灾风险分散机制、促进农业保险高质量发展。 编辑丨肖嘉 2020年9月，中国农再创立大会、第一次股东大会暨首届中国农业保险高峰论坛在京召开， 2020年12月底，中国农再正式获批开业。 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， ...

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 ...

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]

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].