On January 21 and 22, China Reinsurance held its 2025 working conference in Beijing. The event was attended by representatives from the Ministry of Finance, the National Financial Regulatory Administration, and the China Investment Corporation for guidance. He Chunlei, Secretary of the Party Committee and Chairman of the Group, delivered a speech titled "Deepening Reform on All Fronts, Embracing Responsibilities, and Striving for a New Stage in Building a World-Class China Reinsurance." Zhuang Qianzhi, Deputy Secretary of the Party Committee, Vice Chairman, and President of the Group, presented a speech focusing on operations and management. The meeting was presided over by Zhu Hailin, Deputy Secretary of the Party Committee and Chairman of the Board of Supervisors of the Group.

  As discussed in the meeting, in 2024, China Reinsurance will continue to thoroughly study and implement the principles from the 20th CPC National Congress, as well as the Second and Third Plenary Sessions of the 20th Central Committee, the Central Economic Working Conference, the Central Financial Working Conference, and the Fourth Plenary Session of the 20th Central Commission for Discipline Inspection. By strengthening the Party's leadership and adhering to its mission of serving national strategies, China Reinsurance aims to accelerate reform and development, enhance the quality and efficiency of its operations, and achieve positive outcomes in significant projects.

  Ensuring a solid political foundation for high-quality development. China Reinsurance has strengthened its ideological preparation by incorporating innovative theories, specifically through the study of Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era. This approach has guided the formulation of the implementation plan for reforms within China Reinsurance. Additionally, China Reinsurance has integrated the principles of deepening reform into both Party building and business growth. The Company has expanded its efforts in studying and educating about Party discipline, strictly adhering to the requirements for inspection, auditing, and rectification. This focus helps foster sound development while pursuing high-quality Party building.

  Highlighting a vital role in supporting national strategy. By embracing its responsibility as the national reinsurance provider, China Reinsurance has leveraged its core strengths in reinsurance to enhance five key areas of finance. Furthermore, the Company introduced the first insurance demonstration clause for the low-altitude economy in China, aimed at fostering new production capacity. The underwriting capacity of the China Nuclear Insurance Pool is the largest in the world, providing coverage for over 100 million people through collaboration with various levels of government to implement 153 policy-oriented health insurance projects. In pursuit of developing the national catastrophic insurance system, China Reinsurance launched the China's Flood Catastrophe Model 2.0, created a catastrophe risk map, and pioneered a comprehensive, policy-based catastrophic insurance solution that has been successfully implemented in Hebei and Hubei provinces. To facilitate the growth of the reinsurance market, China Reinsurance has actively engaged in establishing Shanghai's international reinsurance trading platform and contributed to the development of business regulations, making it one of the first professional reinsurance institutions to be involved. Additionally, China Reinsurance has published reports on the country's reinsurance industry for three consecutive years, participating in the creation of an industry life table and guiding the comprehensive development of the reinsurance market.

  Enhanced efficiency achieved in refined management operations. China Reinsurance has strengthened its overall operations management by conducting regular inspections and focusing on key areas to drive business performance. Collaborative efficiency has also improved with the establishment of the Yangtze River Delta Urban Agglomeration Meteorological Insurance Joint Innovation Engineering Center. Furthermore, the Company has deepened its international oversight by hosting its first strategic seminar for overseas branches, enhancing its global management capabilities.

  Adopting a more robust and effective approach in terms of risk management. By consistently strengthening its risk prevention and control measures, China Reinsurance has created a solid foundation for comprehensive risk management. The three-year plan for risk control and compliance has been completed on schedule, resulting in continuous improvements in risk prevention capabilities in key areas. As a result, overall risk remains stable and manageable. The Company's credit ratings have also demonstrated reliability, with the A.M. Best rating and S&P rating consistently above A for 15 and 11 consecutive years, respectively, ensuring that it maintains a strong position against major risks.

  As highlighted in the meeting, China Reinsurance has fully implemented the decisions and arrangements made by the Central Committee of the Communist Party of China. The Company has worked diligently to achieve its world-class strategic goals and follow the "three-step" strategic plan. These efforts have resulted in significant progress, moving from a phase of "ramping up" to a new stage of "development breakthroughs," as China Reinsurance continues to write a new chapter in its growth as a world-class corporation.

  - Implementing the Party Building "Leadership Project" to serve the national strategy in a comprehensive and ongoing manner, and to effectively showcase the new achievements of the national reinsurance force.

  - Improving business quality and efficiency by continuously fostering core competitiveness and fully demonstrating the positive outcomes of reform and development.

  - Focusing on digital transformation to steadily enhance global operational capabilities and develop new drivers for sustainable growth.

  - Strengthening risk prevention and control while fostering talent development, laying a solid foundation for China Reinsurance to ensure stable and sustainable growth.

  During the meeting, a comprehensive analysis of the new situation and requirements for the Group's development was conducted during the meeting. It was emphasized that the next four to five years will be a crucial period for China Reinsurance to achieve high-quality development. The Group will maintain its focus on the value of insurance and actively serve as the primary provider of reinsurance services across all sectors. The importance of reinsurance was highlighted, with the aim of becoming a leader in the reinsurance market's development. Additionally, there will be an acceleration of transformation and upgrading of development models, positioning the Group as a pioneer in comprehensive innovation and integration. The Group will also proactively identify, respond to, and guide changes, aiming to become an advancer in the transformation of its business model.

  The meeting highlighted that as we enter a new “development breakthrough period,” the Group system should adhere to the principle of innovation and further deepen reforms to achieve four key "perseverance" goals.

  - Consistently strengthening the overall leadership of the Party

  - Consistently serving the real economy and people's well-being

  - Consistently promoting world-class construction

  - Consistently deepening comprehensive reforms

  The Group system should be courageous and enterprising, and realize six “new breakthroughs”:

  - Making every effort to promote new breakthroughs in the role of reinsurance.

  - Making new breakthroughs in sustainable development

  - Making every effort to make new breakthroughs in the quality and efficiency of development

  - Making every effort to make new breakthroughs in core capacity building

  - Making every effort to make new breakthroughs in risk prevention and resolution.

  - Making every effort to promote the strategy of strengthening the Company with talents to achieve new breakthroughs

  China Reinsurance is committed to undertaking a "three-step" relay battle to become a leader in building a world-class insurance industry. The company is dedicated to pursuing high-quality development in the context of centralized financial enterprises.

  The meeting outlined China Reinsurance's overall work requirements for 2025. Key points include adhering to the guidance of Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, and fully implementing the directives from the 20th CPC National Congress, as well as the 2nd and 3rd Plenary Sessions of the 20th CPC Central Committee. The spirit of the Central Economic Work Conference, the Central Financial Work Conference, and the 4th Plenary Session of the 20th Central Commission for Discipline Inspection will also be followed closely. Furthermore, the Company is committed to implementing the new "Ten National Rules" of the insurance industry, aligning its operations with the requirements of higher-level units and regulatory bodies. It will uphold and strengthen the overall leadership of the Party, continue the rectification and improvement processes initiated by the Central Inspection, and conduct audits of responsibility. The primary focus will be on high-quality development, maintaining a general tone of "seeking progress while ensuring stability and enhancing value." The company plans to deepen reforms comprehensively, take on its role within the industry, and actively implement the framework for achieving world-class status. Efforts will concentrate on enhancing core functions and competitiveness, effectively managing and mitigating risks, ultimately striving for a new phase in establishing a world-class China Reinsurance.

  The meeting requested that the Group system should firmly reform confidence, convergence of reform synergy, and make every effort to promote the deepening of the reform of the implementation of the program on the ground to see the effect of the full completion of the annual tasks and objectives, and clear 2025 focus on six aspects of work.

  Strengthening the leadership of party building and enhancing the current approach to party building efforts. China Reinsurance will uphold and reinforce the Party's leadership, continue the central inspection process with a focus on accountability and rectification, and maintain our commitment to the "Year of Consolidation for Grassroots Party Building." Additionally, China Reinsurance will advance the comprehensive and strict governance of the Party.

  Enhancing functional roles and emphasizing the new responsibilities pertaining to national strategy. China Reinsurance will implement practical financial measures through the "Five Articles" initiative, provide comprehensive support for the development of a national catastrophe insurance protection system, and vigorously promote the growth of the insurance and reinsurance markets.

  Strengthening strategic leadership to foster new momentum for transformation and development. China Reinsurance will improve its corporate governance, enhance strategic planning, accelerate digital transformation, and steadily advance its globalization efforts.

  Prioritizing innovation and collaboration to seize new opportunities for high-quality development. China Reinsurance will focus on creating value, strengthen the capital liability management system, promote business synergies, and enhance its innovation management framework.

  Reinforcing sound operations and establishing a new defense line for risk control and compliance. China Reinsurance will enhance its comprehensive risk management system, deepen risk management and control in critical areas, and actively work towards the resolution and disposal of existing risks.

  Strengthening team development to showcase a new management and entrepreneurial style. China Reinsurance will promote an integrated approach to cadre development, reform and optimize talent development systems and mechanisms, conduct strict and practical supervision of cadres, and significantly enhance our cultural leadership and work ethic.

  The meeting pointed out that the Group's operation and management should more firmly establish the concept of market-oriented and customer service, and firmly take the road of connotative development, characteristic operation and fine management. In 2025, China Reinsurance should focus on the “six tasks”, change the operation concept with reforms, promote innovative development and management transformation, and complete the “14th Five-Year Plan” with high quality. The Group system should focus on promoting the reform of business mechanisms to continuously enhance its core functions and core competitiveness; focus on accelerating the digital transformation to continuously enhance the new kinetic energy for development; focus on realizing the development of efficiency to continuously enhance the strategic leadership and management coordination; focus on deepening the globalization development to continuously enhance the influence in the international market; focus on strengthening the prevention and control of risks to secure the bottom line of not incurring any major and systemic risks; focus on strengthening the service and protection to continuously enhance the level of refined management.

  At the meeting, party secretaries of subsidiaries conducted exchanges and discussions on how to implement the spirit of the meeting and move forward to a new stage of development, and the Group recognized the second “China Re’s Most Inspiring Employee”.

  Members of the Party Committee, Board of Directors, Supervisory Committee and President's Office of the Group, representatives of superior units and supervisory organizations, team members of subsidiaries, key persons in charge of branches/subsidiaries and departments, persons in charge of overseas business organizations, persons in charge of departments and offices of the Group, and representatives of veteran cadres participated in the meeting on-site. Other relevant personnel of the Group system participated in the meeting by video.