On February 6, China Re annual work conference of 2018 was held in Beijing. The conference was led by the thought on socialism with Chinese characteristics for the new era by Xi Jinping. The spirits of the 19th CPC National Congress, the National Financial Work Conference, the Central Economic Work Conference, and the National Insurance Regulatory Work Conference were all thoroughly implemented. The Group analyzed the new situation facing the development in the new era, reviewed the achievements of the Group's reform and development in 2017, and made arrangements for operational priorities in 2018.
Yuan Linjiang, chairman and secretary of CPC committee of the Group, said that in the new era that the main social contradictions have changed, the main contradictions faced by China Re are: the needs to actively serve the national strategy and industry development, and the need for shareholders to enhance corporate value. There is a contradiction between the three needs mentioned above and the incompatibility in capacity building and the incomplete reform & development of China Re. Focusing on this major contradiction, China Re should better integrate into the overall development of the country under the guidance of the spirit of 19th CPC National Congress. It should follow the concept of a three-stage development of the third entrepreneurship, concentrate on making steady progress, win the tough battle of "1-3-5 ", and accelerate the pace of the third entrepreneurship.
Reviewing and summarizing the developments since the "13th Five-Year Plan", especially in 2017, the Group was faced with multiple challenges including complicated internal and external situations, strict financial supervision, risk prevention, de-leverage, tightening macro constraints, new players, new formats, new technologies emerging, the insurance industry accelerating transformation and upgrading, and continuous pressure from competitors. China Re, with strong support from shareholder units and regulatory agencies, has comprehensively strengthened leadership by CPC, and has consistently adhered to the “1-3-5” strategy as a guide to accelerate innovation and cooperation and fission, help promote national strategies, serve the real economy, optimize control mechanisms, and effectively prevent and control risks. The speed of development has been faster and the quality better, with the premium growth rate reaching a record high and market share slightly increased. The key businesses have been growing rapidly, including international property reinsurance, business division, reinsurance of life insurance and non-auto insurance by China Continent Insurance. The business structure has been optimized speedily. The results of reform and development have shown. The group's appearance has taken on a new look.
Yuan Linjiang emphasized that the third entrepreneurship of the China Re, which was initiated by the “1-3-5” strategy, was led by the thought on socialism with Chinese characteristics for the new era by Xi Jinping, guided by the “1-3-5” strategy. It would fulfill the mission of performing the national reinsurance function with a vision to build a world-class enterprise with global competitiveness, and would go onto a transform from a comprehensive reinsurance group to a financial insurance group featuring reinsurance. The Group shall adhere to the overall working tone of progress in stability, correctly manage the relationships between the national strategy and market-oriented operation, speed and quality, development acceleration and risk prevention, tradition and innovation, management strengthening and simplification, implement key deregulation and infrastructure construction, etc. We should build up our forces to work hard enthusiastically for the third entrepreneurship.
The year 2018 is the year in which the spirit of the 19th CPC National Congress was implemented. It is the 40th anniversary of China’s reform and opening up. It is also the second phase strategy of third entrepreneurship for China Re. It is a crucial year between the past and the future for the “1-3-5” strategy. Yuan Linjiang put forward the general requirements for work in 2018, namely, to implement the spirit of the 19th National Party Congress, the National Financial Work Conference and the Central Economic Work Conference, implement the requirements of shareholders and regulatory agencies, focus on the main contradiction, and follow the overall deployment of the of the second phase strategy of the third entrepreneurship. The Group should enhance the leadership of the CPC in an all-round way, fight for the three major challenges of innovation, coordination and fission. Achieve new breakthroughs, keep the bottom line of risk, accelerate high-quality development in the areas of strengthening the leadership of the CPC, serving the national strategy, innovation driving, coordinated development, fissile growth, mechanism protection, risk management and control, and personnel protection. And a solid foundation would be laid for the “1-3-5” decisive victory.
At the meeting, He Chunlei, the Deputy General Manager and the Deputy Secretary of the CPC Committee of the Group, presented the annual operating report, summarizing the Group's operating results in 2017 and analyzing the market conditions, opportunities and challenges in-depth. He pointed out that the current insurance industry was still in a period of golden opportunity. The Group's development was facing a macroeconomic environment of “progress in stability” and an insurance regulatory environment of “strict supervision and risk prevention”, facing an intensified competition market and trends of new technology appliance and new formats merging. Focusing on the Group's annual operational priorities, he proposed that the Group's annual business operation ideas and overall business objectives in 2018 were to uphold the CPC's leadership, use the “1-3-5” strategy as a guideline, and focus on the “progress in stability” main tone to consolidate and continuously enhance its market position. The Group should adhere to the three insists on high-quality development, market compliance and compliance risk compliance; actively grasp the golden opportunity of the industry development, focus on promoting strategic leadership and technology-driving for rapid creation of core competitiveness, and accelerate the transformation of business development upgrade. At the same time, he put forward specific requirements for the management of the group system's strategic coordination, operation and overall planning, information technology and risk management, and made arrangements for the work of the subsidiaries.
The conference also commended and rewarded the 10 key special projects in 2017 and the 8 business innovation project teams, giving an encouragement for the staff to explore and innovate.
Zhang Hao, the Supervisor and the Deputy Secretary of the CPC Committee of the Group, presided over the meeting and gave a concluding speech. Those who attended the conference include the CPC committee of the Group, board of directors, board of supervisors, members of the president’s office, representatives of shareholders’ units, company leaders of various subsidiaries, senior staff of the company’s senior deputy managers, principals of overseas organizations, and representatives of retired group leaders. Other employees attended the conference through the video system.