2016 Annual Working Meeting of China Re held in Beijing
Operating Results of the Group Reached a New Stage
On 23 February, the 2016 annual working meeting of China Re was held in Beijing. The meeting made an overall conclusion of the work in 2015 and the period of 12th Five-year Development, thoroughly analyzing the new opportunities and new challenges. The current and future tasks were arranged and planned, guiding the implementation of the 13th Five-year Development Plan.
Mr. Li Peiyu, Chairman of China Re, made a working report titled “Reforming China Re with Confidence and High Spirit”. He said, in 2015, despite the complicated external market condition, China Re successfully completed overall listing and officially listed its shares on the Hong Kong Stock Exchange, becoming the fourth largest H Share IPO in Asia in 2015 and the first reinsurance company listed on the Hong Kong Stock Exchange. The operating results of the Group reached a new stage with a prudent growth in operation revenue and a record-breaking profit. The Group gained fruitful results in major projects with remarkable results in business innovation and successfully started the operation of New Core business system of Reinsurance (NCR) Phase 1. The international strategy was implemented to actively respond to the challenges of C-ROSS and phased objective was achieved for the drawing-up of the 13th Five-year Development Plan. Meanwhile, the infrastructure of the Group was constantly reinforced and positive outcomes of reforms and development were made.
Mr. Li Peiyu stated that various results of China Re were achieved by proactive and constant accumulation during the period of 12th Five-year Development. During these five years, the operating results of the Group were on the rise and made a solid foothold in the market. The core technical capability made significant improvement and the international strategy was effectively implemented. There were a series of reforms and innovations and the quality of management was improved substantially. Under the current situation, the next five-year period is very critical for China Re’s further reform. The task will be difficult and challenging. The Group must grasp opportunities precisely to face the challenge of reform.
Mr. Li Peiyu proposed the new ideas for reform of China Re during the period of 13th Five-year Development, stated the overall demands for tasks in 2016 and made deployment for key tasks. First, reform should be accelerated to adapt to the new normal of economy. The development approach of the Group can be upgraded by following the new trends in the industry and meeting the new needs for development. Second, collective efforts should be made on the planning for a new situation of reform. The Group will strive to reinforce its leading position in the reinsurance industry in China during the 13th Five-year Development, taking full advantage of the opportunities in the insurance market in China. There should be breakthrough in terms of innovation, creating a new model for driving business and expanding room for innovation. And a new step should be taken in the international strategy to build a new layout in the coordinated development of domestic and international market. Thirdly, the market-based, professional and international strategy should be continued. The depth of the domestic market should be built further while developing the international market. The Group should optimize and deepen its reinsurance business, strengthening the consolidated business layout in sectors such as direct insurance and asset management. A differentiated and consolidated competitive edge should be harnessed to attain coordinated development of the three major segments of reinsurance, direct insurance and asset management. The China-based China Re will be turned into a comprehensive international reinsurance group. Fourthly, the 13th Five-year Development should have a solid commencement, seizing the strategic opportunities brought by policies such as new “State Council Ten Guidelines”. The Group will adapt to the changes in regulations and market conditions and adhere to principles which are effective in short term and advantageous in the long run. The 13th Five-year Development Plan will be carried out along the two major themes of market innovation and strategic business layout. The follow-up work of the listing and rectification work of inspection should be conducted to strive for a favorable beginning for stable operating results and reform. Fifthly, the drawing-up for the 13th Five-year Development Plan and the actual needs for current reforms should be integrated, planning for the 13 tasks in the three respects.
In the meeting, China Re’s President Zhang Hong proposed the overall guiding principles for operation and the operating goals in 2016 and made specific plans for the tasks of subsidiaries. He demanded the Group to actively respond to the market trends, objectively analyze current operations and accurately grasp the current operating ideas. The Group should also conduct its operation management solidly, further highlighting the difference in the operation management policy of various business segments. Operating values related to transformation and risk adaptation should be established and implemented. Support for innovative development should be strengthened. The annual operating goals of the Group should be attained completely, striving for an upgrade of operating model.
In this meeting, China Re also commended teams and individuals with special contribution in 2015 and outstanding contribution in major projects. Wang Pingsheng, Vice Chairman of China Re, made a conclusion speech.
Chaired by Mr. Wang Yonggang, the Chairman of the Board of Supervisors, the meeting was attended by the party committee members of the Group, the Board of Directors, the Board of Supervisors, members of the office of president, leaders of subsidiaries, senior deputy and higher managers of group companies, heads of overseas organizations and representatives of Retired Cadres.