Business

  As the largest specialised P&C reinsurance company in the PRC, China Re P&C offers a wide variety of P&C reinsurance coverage catering to the characteristics of domestic market. Our lines of business cover a wide range of insurance risks in the PRC, including motor, commercial and household property, agricultural, liability and engineering insurance. Motor together with commercial and household property business lines contribute to the majority of our domestic P&C reinsurance business.

  Domestic P&C reinsurance business refers to our P&C reinsurance business written from ceding companies in the PRC and operated by China Re P&C. In 2014, the reinsurance premium income from our domestic P&C reinsurance business was RMB29,296 million, accounting for 94.1% of the reinsurance premium income from our P&C reinsurance business segment. Our domestic P&C reinsurance business provides reinsurance coverage for a wide range of lines of business available in the PRC market, including motor, commercial and household property, engineering, agricultural and liability insurance.

  International P&C reinsurance business refers to our P&C reinsurance business written from ceding companies outside the PRC and operated by China Re P&C on behalf of the Group Company. In 2014, the reinsurance premium income from our international P&C reinsurance business was RMB1,357 million, accounting for 4.4% of the reinsurance premium income from our P&C reinsurance business segment. Our international P&C reinsurance business primarily provides reinsurance coverage for non-marine (e.g., property and engineering), specialty (e.g., marine, energy, aviation and aerospace), liability and motor insurance.

  Lloyd’s business refers to business underwritten by China Re Syndicate 2088 that was established at Lloyd’s by our Group Company through its subsidiary, China Re UK. In 2014, the reinsurance premium income from our Lloyd’s business was RMB476 million, accounting for 1.5% of the reinsurance premium income from our P&C reinsurance business segment.

  CNIP business refers to the business underwritten by the Group Company through CNIP, including both domestic and overseas nuclear insurance business. Besides the Group Company, our subsidiaries China Re P&C and China Continent Insurance also underwrite business through CNIP and we record their premium income from CNIP as income from domestic P&C reinsurance business and income from primary P&C insurance business segment, respectively. The reinsurance premium income from our CNIP business was RMB55 million in 2014, accounting for 0.2% of the reinsurance premium income from our P&C reinsurance business segment. Our CNIP business primarily covers nuclear property risks and nuclear third-party liability risks.

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