From 22 to 23 February, the 2024 work meeting of China Re was held in Beijing. Representatives of the Ministry of Finance, the National Financial Regulatory Administration and CIC attended the meeting to give guidance. He Chunlei, the Secretary of the Party Committee and Chairman of the Group, made a speech entitled “Anchoring in world-class standards, fulfilling mission and responsibility - striving to write a new chapter of China Re for the journey of financial development with Chinese characteristics”, and Zhuang Qianzhi, the Deputy Secretary of the Party Committee, Vice Chairman and President of the Group, delivered a report on operation and management. The meeting was hosted by Zhu Hailin, the Deputy Secretary of the Party Committee and Chairman of the Board of Supervisors of the Group.

　　The meeting pointed out that, in 2023, China Re focused on the strategic goal of building a “world-class comprehensive reinsurance group” and the “three-step” strategic arrangements. Adhering to the leadership of party building, the Company reshaped its business philosophy, and accelerated reform and innovation, so that written premiums grew steadily, underwriting profits hit new highs, business resilience and development quality significantly increased, and overall risks were stable and controllable, taking solid steps in terms of world-class construction as well as the first step in a new journey of high-quality development steadily.

　　Giving further play to the political advantages of high-quality development. China Re had always adhered to the centralised and unified leadership of the Party Central Committee on financial work, solidly promoted the in-depth and practical theme education, comprehensively implemented the “pilot project” of party building, deeply promoted full and strict party governance, and continued to deepen targeted assistance work.

　　Fully improving the quality and efficiency of serving national strategies. China Re insisted on the political and people-oriented nature of financial work, focused on its main responsibilities and businesses, and gave full play to the roles of insurance and reinsurance as an economic shock absorber and a social stabiliser to serve key national strategies, development of real economy and people’s better livelihood. In 2023, the sum insured for risks in the key national strategic areas amounted to RMB67 trillion, representing a year-on-year increase of 11.3%. The Company assisted the Healthy China strategy to serve 0.21 billion people, representing a year-on-year increase of 78.5%, and served 3.72 million micro, small and medium-sized enterprises, representing a year-on-year increase of 150.8%, demonstrating the responsibilities of a central financial enterprise.

　　Accelerating digital transformation. China Re iteratively optimised the “Digital China Re” strategy, released the digital transformation topology map and roadmap, and completed the management upgrade of China Re Catastrophe and the establishment and operation of China Re DT, forming a new development pattern of “One Body with Two Wings”. The Company continued to deeply cultivate platform empowerment, iteratively developed a catastrophe model for earthquake, typhoon, and flood in China with independent intellectual property rights, and obtained 6 national patents, actively assisting in the construction of the national catastrophe insurance protection system.

　　Constantly improving the internationalised operation management and control capabilities. Accurately grasping the global macro-financial cycle and the international reinsurance market cycle, China Re coordinated the international and domestic markets, so that Chaucer achieved its best performance since acquisition, Singapore Branch achieved profitability, and the institution in Hong Kong continuously optimised its operation and management. Also, by conducting in-depth research on international deployment and continuing to strengthen exchanges and integration with international peers, the Group’s international influence was further enhanced.

　　Enhancing the efficiency of refined management. Continuing to improve corporate governance, China Re effectively strengthened strategic guidance, and formulated an action outline to build a world-class group and an action plan for subsidiaries. The Company deepened business coordination, highlighted the orientation of value creation and assessment rules, and improved synergy to accelerate the solid implementation of the “world-class” vision and goal.

　　More solid team foundation for high-quality development. China Re strengthened the construction of leadership teams at all levels, promoted the rejuvenation of cadre team, built an all-round and multi-field exchange system, promoted the exchange and training of outstanding talents in the system, increased training and cultivation efforts, and enhanced the cultural soft power of China Re.

　　More robust and effective risk management and control. China Re continued to strengthen risk prevention and control by focusing on strengthening the construction of risk management system, comprehensively upgrading the risk preference system, continuously strengthening risk prevention and control in key areas, deeply promoting the digitalisation of risk management, and actively playing the role of auditing to keep the bottom line of no systemic risk.

　　The meeting conducted an in-depth assessment of the new situation and new requirements facing the Group’s development, and pointed out that the next four to five years would be a critical historic period for China Re to deepen reform and development. To pursue the new journey of building a financial power, the Group, from top to bottom, must enhance its sense of urgency, strengthen its confidence in development, accelerate the construction of a world-class comprehensive reinsurance group, and firmly shoulder China Re’s mission and responsibilities in the great cause of building a financial power. The Company must deeply understand the four inherent logics of reform and development: first, deeply understand the inherent logic of the centralised and unified leadership of the Party Central Committee over financial work and the integrated implementation of the Group’s “pilot project” of party building; second, deeply understand the inherent logic of serving national strategies and the Group’s realisation of high-quality development; third, deeply understand the inherent logic of promoting the insurance industry’s functions as an economic shock absorber and a social stabiliser and the Group’s enhanced insurance and reinsurance functions; fourth, deeply understand the inherent logic of planning for the optimisation of large-scale state-owned financial institutions and the Group’s construction of a world-class enterprise.

　　The overall work requirements of China Re in 2024 were clarified in the meeting: adhering to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implementing the spirit of the 20th National Congress of the Communist Party of China, the Central Economic Work Conference, and the Central Financial Work Conference, conscientiously implementing the work requirements of superior units and regulatory authorities, upholding and strengthening the Party’s overall leadership, consolidating and expanding the results of theme education, firmly grasping the primary task of high-quality development, seizing the critical historic period, adhering to the general tone of “seeking progress while ensuring stability, enhancing value”, deeply implementing the world-class action plan, giving full play to the functions and role of insurance and reinsurance, making efforts to improve core competitiveness, enhancing the effectiveness of serving national strategies, effectively preventing and resolving risks, and firmly following the path of financial development with Chinese characteristics.

　　The meeting required that the Company should persist in using the effectiveness of high-quality development to test the results of all work, and clarified the seven key areas of work in 2024:

　　Making every effort to promote party building to a new level, resolutely safeguarding the centralised and unified leadership of the Party Central Committee over financial work, deeply implementing the “pilot project” of party building, consecutively implementing the “grassroots party building improvement year”, pursuing the central inspection review rectification and audit rectification, focusing on strengthening the Party’s political construction, and continuously strengthening the construction of grassroots Party organisations.

　　Making every effort to promote new achievements of servicing national strategies, upholding the mission and responsibilities of the national reinsurance team, improving the system and mechanism to play their functions and role, actively participating in the construction of reinsurance market, deepening the servicing for “Belt and Road”, focusing on the main responsibilities and businesses and working on the “five target areas” well, concentrating on innovation and precision in key areas, and accelerating platform construction to promote strategic synergy.

　　Making every effort to take new steps in promoting high-quality development, continuing to deepen strategic guidance and capital management, improving the corporate governance operating mechanism, promoting the improvement of quality and efficiency of the Group’s governance and control, and effectively enhancing global management capabilities.

　　Making every effort to promote digital transformation to become a new engine, promoting the implementation of topology map and roadmap, focusing on advancing the construction of data mid-end and business platform, comprehensively launching the construction of enterprise-level data governance system, promoting innovation in the business model of “insurance + technology + service”, actively promoting the layout of ecosystem, strengthening risk reduction services, and striving to create a “second growth curve”.

　　Making every effort to achieve new results in preventing and resolving risks, consolidating the comprehensive risk management system, focusing on key areas to ensure risk prevention and control, continuously strengthening compliance operations, optimising and improving the “mass supervision” system, continuously resolving existing risks, resolutely curbing new risks, and laying a solid foundation for sustained and stable operations.

　　Making every effort to achieve new breakthroughs in the construction of a team of talented cadres, deeply implementing the three-year action plan for talent training and cadre echelon building, driving comprehensive improvement with precise breakthroughs, deeply advancing cadre echelon building, accelerating the selection and training of digital and international talents, and building and making full use of the talent team.

　　Making every effort to promote a new atmosphere of strictness, pushing forward the comprehensive and strict governance of the Party in depth, strictly and practically carrying out cadre supervision and management, continuing to build a “clean and honest China Re”, and vigorously creating a positive and enterprising cultural atmosphere.

　　The meeting pointed out that the Group’s business management should focus on strengthening the business philosophy of market orientation, promoting institutional innovation, and enhancing the Group’s governance and control. In 2024, it was necessary to unswervingly implement the business philosophy of “expanding business scale, increasing underwriting profits and making prudent investment”, focus on the six major tasks, accelerate reform and transformation, promote innovative development, enhance functions and role, and achieve good business performance:

　　1. Focus on deepening functional positioning, concentrating on the main responsibilities and businesses, and strengthening innovation leadership, marketing and synergy;

　　2. Focus on adhering to the leadership of science and technology, striving to give full play to the kinetic energy of “Two Wings”, and accelerating digital transformation;

　　3. Focus on strengthening efficiency improvement, enhancing capital management and business coordination, and ensuring achievement of business indicators;

　　4. Focus on improving global development capabilities, and continuously improving global business management mechanisms;

　　5. Focus on improving risk prevention and control system, and firmly holding the bottom line of no major risks;

　　6. Focus on improving the effectiveness of security, and continuously optimising the level of operational security.

　　The annual work meeting was the first meeting of China Re since the Spring Festival, and was a mobilisation and deployment meeting to set the tone and direction, sketching a new blueprint for the high-quality development of the Group and signaling the start for the Year of the Dragon. China Re will anchor the goal of “world-class” construction, firmly follow the path of financial development with Chinese characteristics, fully serve the construction of a financial power, and strive to write a new chapter in the high-quality development of China Re. After the meeting, the Group’s system fully launched the “Spring Farming Action”, in which leaders of the Group’s companies would lead a team to conduct research and supervision at the front line of business, thereby effectively promoting the implementation of various work tasks for results.

　　At the meeting, the Party Committee secretaries of each subsidiary made speeches on implementing the spirit of the meeting and carrying out the work in 2024. Members of the Party Committee, Board of Directors, Board of Supervisors and President’s Office of the Group’s companies, representatives of superior units and regulatory authorities, members of management teams of subsidiaries, the main responsible personnel of branches, subsidiaries and departments, the responsible personnel of overseas business institutions, the responsible personnel of departments and offices of the Group’s companies, and representatives of veteran cadres attended the meeting in person. Other relevant personnel of the system attended the meeting through video conferencing.