On March 31, China Reinsurance (Group) Corporation — or China Re Group — held the 2019 Annual Results Announcement Online Press Conference in Beijing. Chairman Yuan Linjiang led the management team to share information and answer questions about company strategy implementations, profitability performances, COVID-19 outbreak impact and related coping strategies, global presence and other issues of public concern.

As the national player of the domestic reinsurance industry, China Re Group pushed forward the "One-Three-Five" Strategy in 2019, achieving rapid growth in premiums, significant profitability improvement, constant optimization of business mix and sound risk management. These efforts showcased the group's high-quality development results.
In 2019, China Re Group obtained excellent overall outcomes.

First, the group's premiums grew quickly in 2019. Its gross written premiums recorded an increase of 18.6 percent, reaching 144,973 million yuan, making the group the world's seventh-largest reinsurer by reinsurance gross written premiums. Among China Re Group's gross written premiums, gross written premium income of P&C reinsurance was 42,679 million yuan, representing a year-on-year growth of 47.4 percent; gross written premium income of life and health reinsurance was 55,526 million, representing a growth of 5.9 percent; and gross written premium income of P&C primary insurance was 48,730 million yuan, representing a growth of 14.3 percent.

Second, the group's profitability increased significantly. Its net profit attributable to equity shareholders of the parent company reached 6,049 million yuan, up 62.2 percent year on year; its ROE was 7.32 percent, up 2.42 percentage points; dividend per share was 0.044 yuan (tax-inclusive), up 41.9 percent.

Third, the group's business mix was continuously optimized. 33.9 percent of the P&C reinsurance business was international business, representing a year-on-year increase of 19.6 percentage points, 70.9 percent of the domestic P&C reinsurance business was non-motor business, representing a year-on-year increase of 5.8 percentage points; 33.5 percent of the domestic life and health reinsurance business was protection-type business, representing an increase of 7.4 percentage points; 42.2 percent of the P&C primary insurance business was non-motor business, representing an increase of 6.5 percentage points.

Fourth, the group maintained sound risk management. Its capacities of risk management and corporate governance gained recognition from the regulatory institution. It maintained Standard and Poor's "A" rating and A. M Best's "A (excellent)" rating. The comprehensive solvency adequacy ratios for all insurance entities of the group remained above 200 percent.

In 2019, China Re Group focused on the strategies of "platform operation, technology advancement and globalization", and actively implemented a series of major strategic initiatives.

First, China Re Group's platform operation yielded fruitful results. In terms of serving national strategies, the group launched China's first proprietary commercial earthquake catastrophe model certified by the Seismological Society of China. It served as the chief reinsurer in more than 90 percent of government catastrophe projects, obtaining over 78 percent of the market share. It released the first political violence insurance product, providing comprehensive solutions for China's overseas enterprises. It launched the emergency response platform for nuclear accident damage compensation, and fully participated in the pilot practice of environmental pollution liability insurance. In terms of business innovation platforms, the group tapped in the IDI "Ten Billion Blue Ocean" market. It built IDI platforms in Shanghai and Beijing together with local governments and enterprises, earning the group higher status in the IDI sector. It jointly launched specific medicine insurance with other large platforms including WeSure and Alipay, recording over 4 million policies. In terms of industry synergy platforms, the group undertook the preparation of the main body of the second set of Chinese life insurance experienced critical illness table; signed new strategic cooperation agreements with 12 local governments and large State-owned enterprises, implemented 24 collaborative projects, achieving premiums of 1,950 million yuan for the year.

Second, China Re Group leveraged technology advancements for its business transformation and upgrading. The group pushed ahead with the "Digital China Re" Strategy, established internal and external digital industry platforms, built a new industry Internet ecology for pan-insurance; upgraded internal infrastructures, built the management command module system, enhanced internal data strengths and intelligent control level; formed open external innovation platforms, launched the catastrophe "Re-series", eIDI, eMAS, eF2 and the BRI-integrated service platforms. Its subsidiary China Continent Insurance launched “online, digital and intelligent” business transformation, developed Super APP, cutting the time needed for new product development by 90 percent compared with the previous ones. The group built the reinsurance-primary insurance blockchain-based business platform, Nuclear Insurance Pool business management platform, China Re Life's AI underwriting platform, intelligent calculation platform for bancassurance data integration, and promoted digital transformation in an all-round manner to safeguard the steady development for the insurance sector.

Third, China Re Group fully unleashed business potentials through its vast global presence. The Group continuously improved its international business management, successfully integrated Chaucer's business, staff and operation into the parent company, and transferred the management responsibilities of Syndicate 2088 to Chaucer. The group made continuous breakthroughs in its global layout, as China Re HK went into operation, China Re Singapore Branch received new life reinsurance license, and China Re P&C Malaysia Branch was approved by CBIRC for establishment. The signing of 31 overseas MOUs marked the group's deepened international business cooperation, providing localized services for Chinese interests abroad in 135 countries and regions; the group enhanced synergy and match between overseas assets and liability, diversifying risks in both domestic and overseas markets.

The future landscape is filled with challenges arising from the COVID-19 outbreak, the global economic downturn and the fierce insurance market competition. However, the insurance sector also bears great potentials, and is undergoing profound shifts and forming new patterns, thus presenting great opportunities. China Re Group will follow the strategies of "platform operation, technology advancement and globalization", firmly adhere to effective development, meet market benchmarks, keep the bottom-line of risk compliance and continue digital transformation, implement the operation strategy of "stabilizing growth, optimizing structure, controlling risk, and improving profitability", while striving to achieve the "One-Three-Five" Strategy，high-quality development and sound growth in overall value, to deliver more value for China Re Group's customers and shareholders.