On April 23, Chen Wenhui, Vice Chairman of China Insurance Regulatory Commission (CIRC), paid an inspection visit to China Re.
In his brief introduction on the group’s operation and management, China Re’s Chairman Li Peiyu said, with the strong support from CIRC, China Re has comprehensively advanced ‘strategy management, human resources management, internal control and risk management’, and has continuously improved its business performance in recent years. In 2013, China Re’s consolidated premium income hit a record high of RMB 70 billion and its consolidated pre-tax profit rose 46.29% to RMB 4.291 billion. Moreover, China Re has obviously improved its reinsurance expertise, significantly enhanced its asset management ability, steadily implemented the internationalization strategy and actively upgraded the direct insurance business. According to its12th Five-year Plan, China Re will make a good use of its advantages in reinsurance technologies and services in the upgrading process of the insurance industry to support its development.
Mr. Chen affirmed the progress China Re has made through reform and innovation in recent years. He pointed out that China Re has been insisting on the strategy orientation of marketization, professionalization and internationalization, focusing on reinsurance, steadily advancing the groundwork, and continually innovating its system and mechanism, which resulted in higher level of reinsurance expertise, better asset management, stronger overall strength and steady market share.
He said that as the world’s second largest economy, China offers great potential for the future development of insurance and reinsurance. With its unique advantages in capital management, risk management, financial management and overall services, China Re should and could play a positive role in risk prevention and treatment, capital and financial management, and overseas business expansion.
Chen Wenhui stressed that China Re should keep focusing on reinsurance, make a better use of the localization advantage, explore both domestic and overseas markets, and constantly improve its expertise and service, so as to play a greater role in industry research and overall services, and make more contribution to the development of China’s insurance industry.