The Chinese and English versions of the “China Reinsurance (Group) Corporation 2019 Annual Report” (hereinafter the “2019 Annual Report”) were released on the official website of the Hong Kong Stock Exchange and China Re Group after the market closed in the afternoon of April 24, 2020, and paper copies were distributed to the H-shareholders at the same time.
In accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and with reference to the practices of the industry, the following changes have been made in the 2019 Annual Report:
Firstly, disclosure on the results of the integration of Chaucer and its specialized advantages, the development of emerging domestic P&C reinsurance businesses, the initiatives for converting reinsurance business into primary insurance business, the effectiveness of innovation in the primary P&C insurance business and other matters have been added and thus the information disclosed is more adequate.
Secondly, reasons for the growth in gross written premiums, total investment yield and net profit, changes in the combined ratio of the domestic P&C reinsurance business as well as reasons for the short-term decline in the combined ratio of the protective-type business and for the net profit changes in various business segments have been illustrated in response to investor concerns.
Thirdly, a form of diversity in directors has been added to present the content in a better visualized manner.
Fourthly, the biographies of directors and supervisors have been simplified and thus the content is more concise.
The COVID-19 pandemic has brought great challenges to the preparation of this annual report. Under the overall organisation of the Office of the Board of Directors, the annual report preparation working group responded quickly and timely adjusted the annual report preparation plan, making every effort to coordinate and resolve the difficulties caused by the pandemic. On the basis of complying with the general requirements for pandemic prevention and control, a series of emergencies and risks such as the inability to carry out joint proofreading at the printer’s office, the difficulty of obtaining bank inquiry results by the intermediaries, and the late finalisation of financial statements were effectively resolved by way of “onsite + online” review approach. As a result, the finalisation, printing, distribution and release of the annual report were completed in time.
With strong supports from relevant departments, subsidiaries and intermediaries of the group company, this annual report was prepared starting at the end of 2019 and took about four months to complete, which is in line with the requirements of the Hong Kong Stock Exchange on the annual report disclosures of listed companies, presenting the operating results, operational performance and important matters of China Re Group for the year 2019 to shareholders and the capital market in a true, accurate, complete and timely manner.