On 25 January, the 2022 work meeting of China Re Group was held in Beijing. The meeting clarified the general thought of the work of China Re Group in 2022: follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, practise the spirit of the 19th National Congress of the Communist Party of China, the past plenary sessions of the 19th Central Committee of the Communist Party, and the Central Economic Working Conference as well as the Party Building and Operation Work Conference of CIC, implement the requirements of superior units and regulatory authorities, adhere to the general working principle of “seeking progress while maintaining stability and enhancing value”, lead the reform and development with high-quality Party building, and regard supporting the stability of the macro-economy as the primary political responsibility, so as to further improve the quality and efficiency of serving the national strategy, firmly guard the bottom line of having no major risks, strive to promote the implementation of the “One-Four-Five” strategy and the high-quality development of China Re Group as well as to welcome the successful convention of the 20th National Congress of the Communist Party of China with outstanding performance.
The meeting conveyed the spirit of the 2022 Party Building and Operation Work Conference of CIC, summarised and reviewed the operation and development results of 2021, and arranged and deployed key tasks of 2022. Yuan Linjiang, Secretary of the Party Committee and Chairman of China Re Group, gave a speech on the topic of “One-Four-Five” Strategic Guidance for High-quality Development of China Re Group to Seek Progress while Maintaining Stability and Enhancing Value. He Chunlei, Deputy Secretary of the Party Committee, Vice Chairman and President of China Re Group, gave a speech on the operation work report titled “Striving for Continuous Promotion of High-quality Development of China Re Group with Innovation”. Xiong Lianhua, Deputy Secretary of the Party Committee and Chairman of the Board of Supervisors of China Re Group, chaired the meeting.
It was pointed out at the meeting that in 2021, China Re Group comprehensively strengthened the leadership of the Party, fully served the national strategy, and scientifically prepared the five-year plan, with a new high in premium scale, remarkable results in key tasks, and effective risk prevention and control. China Re Group moved up from the seventh position to the sixth in the global reinsurance ranking, and for the first time, ranked among the Fortune Global 500 and the Top 500 Global Most Valuable Brands, making a good start for the high-quality development of the “14th Five-Year” Plan.
Firstly, the quality of Party building was significantly improved. A high-quality study and education pattern of the Party history of “the Integration of the Party and Labour Groups, and the Synchronisation of Learning, Training, Promoting and Practising” was built. China Re Group fully cooperated in the completion of inspection tasks and continued to stabilise the refreshing and righteous political ecology, constantly improved the “First Topic” system of the Party Committee and systematically learnt and communicated the major decisions and deployments of the Party Central Committee, meticulously organised the “Celebration for the seven 100 Projects of the 100th Anniversary of Founding of the Communist Party of China” with nearly a thousand practical things accomplished in the “Contributing to the General Public with Practical Actions”. The cadre team building was solid alongside with growing signs of rejuvenation of the talent pool.
Secondly, remarkable results in serving the national strategy were achieved. China Re Group provided assistance to the disaster management and dual-carbon strategy, launched the first catastrophe bond and set a precedent for catastrophe risk securitisation in Hong Kong and supported nuclear power enterprises to reduce carbon emissions by 302 million tons. As for assisting the “Belt and Road” construction, the “Belt and Road” reinsurance pool provided special risk protection for 19 China’s overseas projects, participated in the China-Laos Railway project and provided RMB39 billion reinsurance protection for nearly 300 China’s overseas projects. China Re Group helped facilitate the “Healthy China” strategy with full support in more than 50 “Hui Min Bao” projects covering over 50 million people and risk protection for critical illness insurance and long-term care insurance for more than 46 million people accumulatively. Moreover, China Re Group assisted in the rural revitalisation strategy by providing risk protection for 2.54 million people in 28 provinces through poverty eradication insurance. It also undertook policy-supported agriculture insurance business to expand reinsurance business of commercial agricultural insurance and provided risk protection of RMB110 billion.
Thirdly, developing strategies were systematically and scientifically planned. The “14th Five-Year” Plan was scientifically formulated to fully inherit the reasonable core of the “One-Three-Five” strategy and to innovatively refine and devise the “One-Four-Five” strategy. China Re Group conducted a systematic refinement of its corporate culture as a supplement to build a new corporate culture comprising elements such as corporate mission, vision and core values; and coordinated the preparation of various sub-plans to promote the orderly implementation of 19 revolutionary and innovative “lantern” projects.
Fourthly, fruitful results were achieved through various measures. China Re Group entered into strategic agreements with 11 institutions including Tianjin Municipal Government and expand its cooperation circle to nearly 100 partners. Over 1,400 engineering projects were undertaken by the IDI business platform with a cumulative sum insured of nearly RMB500 billion. China Re Group spearheaded the compilation of the industry’s first accident insurance table and the China’s Insurance Industry Social Responsibility Report 2020 to exert greater influence on the industry; and released the China Earthquake Catastrophe Model 3.5 and China Typhoon Catastrophe Model 2.0. The operating results of Chaucer continued to improve, and the operation and management of overseas operations steadily advanced.
Fifthly, the strong construction of the headquarters built a solid foundation. “Strong leadership” set the direction to establish the China Re Research Institute and the new innovation incubation centre to give better play to the Group’s role of leadership. “Strong management and control” penetrated through the management system by consolidating the construction of the four beams and eight pillars of the risk management system and firmly building the second and third lines of defense for risk management. “Strong service” collaborated to upgrade the information management system, strengthen pandemic prevention and control, and other comprehensive protection services so as to create a good atmosphere of striving for excellence.
2022 is the year of the 20th National Congress of the Communist Party of China and also a critical year for the implementation of the “One-Four-Five” strategic deployment. The meeting emphasised that the “One-Four-Five” strategy fully demonstrates China Re Group’s undertaking of its responsibility to uphold the national team’s reinsurance role and take part in the deployment for the national “14th Five-Year” Plan. In light of the new situation and new changes, China Re Group will accelerate the implementation of the “One-Four-Five” strategy, and must adhere to the “Four Highlights” principle: highlight the general tone of “seeking progress while maintaining stability and enhancing value”; highlight the advantages of reinsurance features making every effort to serve the national strategy; highlight the four strategic pillars to accelerate high-quality development; and highlight the strong headquarters construction to fully ensure high-quality development.
It was pointed out at the meeting that, in the new development stage, China Re Group, as the main force of the national reinsurance team, must adhere to the “two overall situations”, fully, accurately and comprehensively implement the new development concept, actively help to build a new development pattern, and make every effort to build an international first-class comprehensive reinsurance group to continuously promote high-quality development. Focusing on the work plan for 2022, the meeting emphasised the five aspects of work requirements:
Firstly, high-quality Party building will lead high-quality development. China Re Group will continue to strengthen the ideological and political guidance, fully carry out the rectification and implementation work following the inspection by and feedback of problems from the central authorities, maintain a good political ecology, promote and deepen the implementation of the integration and promotion of Party building and business, pay attention to the implementation of strategies, operation management, strengthened risk management and control, and test the effectiveness of Party building with the results of reform and development.
Secondly, serving the national strategy will highlight high-quality development. China Re Group will continuously improve the quality and efficiency of serving the national strategy, fully demonstrate the characteristics of the main business of reinsurance and its comprehensive development advantages, focus on serving the national strategic key areas, improve the working mechanism for serving the national strategy, enhance the support and guarantee for serving the national strategy, and achieve stability with growth in strengthening its services for national strategy.
Thirdly, product innovation will drive high-quality development. China Re Group will continue to enhance product innovation, establish and improve the product innovation research support system and product innovation incubation mechanism, create new competitive advantages, consolidate its position in the industry through strengthening innovation and technology empowerment, and achieve steady improvement in efficiency during the process of strengthening value creation.
Fourthly, risk management and control will consolidate the bottom line of high-quality development. China Re Group will practise the concept of comprehensive risk management, improve the construction of risk prevention and control system, build a full-coverage and penetrating risk control compliance network, promote the refined management of risk prevention and control, improve the effectiveness of risk management, build a new situation of group management and control, and safeguard the bottom line of safety during the process of strengthening risk prevention and control.
Fifthly, talent pool and corporate culture will ensure high-quality development. China Re Group will focus on the top-level design of talent work, improve the talent training mechanism, strive to discover, cultivate and select outstanding young cadres, and launch the “Year of Corporate Culture Construction” activity, so as to widely publicise corporate culture, promote cultural attribute, and guide all employees to form a sense of cultural consciousness.
Members of the Party Committee, Board of Directors, Board of Supervisors and President’s Office of the Group’s companies, representatives of regulatory authorities and shareholders, heads and members of management team of subsidiaries in Beijing, as well as personnel of the Group’s companies at the level of Senior Deputy Manager and above attended the meeting in person. Members of management team of the headquarters, provincial and central sub-branches of China Continent Insurance, members of management team of other subsidiaries outside Beijing, and representatives of overseas business institutions attended the meeting through video conferencing.