On 29 March 2023, China Re Group held its 2022 Annual Results Press Conference. He Chunlei, Chairman of China Re Group, led the management to give a detailed briefing on the Company’s operating performance and strategic implementation results in 2022 as well as its future development direction. The press conference, which was held in the form of conference call and live streaming, has further enhanced the attention toward and the understanding of the Company in the capital market through in-depth communication and interaction with analysts, investors and domestic and foreign media.

　　In 2022, in the face of severe and complex situations at home and abroad, China Re Group maintained its strategic focus, actively served the national strategy, intensively promoted business transformation, and comprehensively strengthened risk prevention and control, thus achieving new high-quality development results.

　　Premium income grew steadily and business structure optimized continuously

　　In 2022, China Re Group’s premium income grew steadily. The Group’s consolidated gross written premiums amounted to RMB169,765 million, representing a year-on-year increase of 4.3%, securing the top position in terms of the domestic reinsurance market share. The Company’s business structure continued to optimize. Reinsurance premium income of domestic non-motor reinsurance business in the P&C reinsurance business was RMB33,640 million, representing a year-on-year increase of 24.9%. Gross written premiums of overseas business in the P&C reinsurance business were RMB19,621 million, representing a year-on-year increase of 16.6%. Reinsurance premium income of domestic protection-type reinsurance business in the life and health reinsurance business was RMB29,065 million, representing a year-on-year increase of 11.6%. Primary premium income of primary non-motor insurance business in the P&C insurance business was RMB22,256 million, representing a year-on-year increase of 7.4%.

　　Underwriting profits improved significantly and risk management remained sound

　　In 2022, China Re Group continued to optimize its profit structure, and underwriting profits was significantly improved. Despite suffering major losses from the Russian-Ukrainian conflict, Hurricane Ian, floods in Australia and other circumstances, China Re Group still achieved underwriting profits overall, which recorded a significant improvement year on year. Among them, the combined ratio of the P&C reinsurance business was 98.11%, representing a year-on-year decrease of 1.17 percentage points; the combined ratio of short-term protection-type reinsurance business in the life and health reinsurance business was 97.67%, representing a year-on-year decrease of 0.18 percentage point; and the combined ratio of the primary P&C insurance business was 103.06%, representing a year-on-year decrease of 3.50 percentage points. The Company’s risk management remained sound, and an “A” rating from S&P Global Ratings and an “A (Excellent)” rating from A.M. Best were maintained. The ratings outlook was stable, and the aggregated solvency of all operating entities in the insurance segment was adequate.

　　Responsibility and action for serving the national strategy shown and an increasingly prominent “head goose” effect produced

　　China Re Group has effectively integrated the Company’s business development into the State’s overall strategic development, continuously exploring new business scenarios and sources of growth, driving business development with innovation. In 2022, the sum insured by the Company for insurance in serving key areas of the national strategy amounted to RMB42.2 trillion, representing a year-on-year increase of 20.3%. China Re assisted in the Healthy China strategy and a coverage of 120 million people was achieved, representing a year-on-year increase of 18.9%. China Re served 1.483 million small, medium and micro enterprises, representing a year-on-year increase of over 200%. China Re P&C increased its support for national policy-based agricultural reinsurance, and the proportion of the undertakings has risen from 30% to 36%. China Re provided comprehensive insurance protection for nearly a trillion nuclear-related assets of all operating nuclear power units in China, facilitating the security of national energy. China Re Life actively served the Healthy China strategy and supported the capacity expansion and quality improvement of “Hui Min Bao” (惠民保), with an additional 67 million people covered. China Continent Insurance customized a series of scenario-based products such as “Nuan Xin Bao” (暖心保) to help 89,000 small, medium and micro enterprises cope with the impact of the COVID-19 pandemic. China Re Asset was deeply involved in the reform and innovation of public offering REITs, providing diversified financial support for the development of the real economy.

　　Research and development of catastrophe model spectrum conducted and the scientific and technological foundation being continuously solidified

　　In 2022, as China’s first insurance technology company focusing on catastrophe risk management, China Re Catastrophe Risk Management Company, a subsidiary of China Re Group, developed and launched the country’s first China flood model with independent intellectual property rights, and iteratively developed the China typhoon and earthquake models. Most of the indicators of the catastrophe models are better than similar foreign products, realizing independent and controllable localization, and the China Re brand three-catastrophe model spectrum for earthquake, typhoon and flood has been formed. At present, China’s earthquake and typhoon models have been applied in more than 30 insurance and government agencies. At the same time, the Company continued to solidify its scientific and technological foundation, and established a digital transformation committee to accelerate the implementation of the Digital China Re 2.0 strategy. An international catastrophe portfolio risk management platform was independently developed to accurately quantify catastrophe risks. The group of systems for the new insurance contract standards was launched as scheduled, which has covered all domestic and overseas operating institutions, leading to a continued improvement in globalized management and control capabilities. The online underwriting rate of core business segments exceeded 90%, and data quality and management accuracy were significantly improved.

　　Embarking on a new “three-step” journey for high-quality development

　　Facing new opportunities and challenges, China Re Group will spare no effort to embark on a new “three-step” journey for high-quality development, promoting the Company to become a world-class comprehensive reinsurance group with distinctive Chinese characteristics, prominent strategic roles, apparent professional advantages and outstanding market position by 2035. The “three-step” strategic arrangement is that, through the three stages of gaining momentum, breaking through development, and leapfrogging and surpassing, by 2035, China Re Group will rank at the forefront of the global international reinsurance industry, and its globalized business layout, refined operation and management, technological support capabilities, professional talent teams and worldwide brand influence will reach an industry-leading level, thus becoming a world-class comprehensive reinsurance group.

　　Holding on well at the current situation, 2023 is the beginning year of China Re Group’s new “three-step” journey for high-quality development. The Company will continue to adhere to the general principle of “advancement amidst stability and value enhancement” in making the first move in the “momentum gaining” period, comprehensively promoting high-quality development, improving the level of serving the national strategy in an all-round manner, fully advancing digital transformation, comprehensively expanding and developing layout, significantly improving the management level, and continuously strengthening core competitiveness, striving to continuously create stable investment returns for shareholders.