On 31 August, China Re held its 2026 Interim Results Press Conference. President Zhu Xiaoyun led the management team in presenting the Group's operating results for the first half of 2026, progress in strategy implementation and future development initiatives, and engaged in extensive interaction with investors, analysts and media representatives.

  Profitability Continued to Strengthen

  In the first half of 2026, China Re upheld its business philosophy of "expanding business scale, increasing underwriting efficiency and making prudent investment". The group focused on strengthening the functional role of reinsurance, advancing reform, transformation and innovation, and enhancing its resilience, with continued progress in high-quality development. The Group recorded consolidated insurance revenue of RMB52,449 million, representing a year-on-year increase of 2.7%. Driven by both underwriting and investment, net profit attributable to shareholders of the parent company amounted to RMB7,187 million, up 15.1% year-on-year. Annualised return on equity (ROE) was 12.77%, an increase of 1.02 percentage points year-on-year. Total assets amounted to RMB531,100 million, up 0.6% from the previous year-end, and total equity reached RMB122,568 million, up 2.7%. All operating entities maintained adequate comprehensive solvency. The Group continued to hold an "A" rating from S&P Global Ratings and an "A (Excellent)" rating from A.M. Best, both with stable outlooks. Underwriting performance continued to improve. In the first half of 2026, the Group's consolidated insurance service performance amounted to RMB3,910 million, up 47.8% year-on-year. Insurance service performance reached RMB2,291 million for P&C reinsurance, up 26.9%; RMB458 million for life and health reinsurance, up 426.4%; and RMB1,111 million for primary P&C insurance, up 61.7%. Investment returns remained stable. In the first half of 2026, the Group recorded total investment income of RMB9,398 million and a total investment yield of 2.29%. The comprehensive investment yield on the TPL secondary equity investment was 11.81%, outperforming the market benchmark by 792 basis points.

  Further Enhancing the Quality and Efficiency of Serving National Strategies

  Focusing on its core responsibilities and business, China Re integrated its operations and development into the overall situation of national strategic development, identified new business scenarios and growth drivers, and promoted business development through innovation. First, China Re worked on the Five Priorities for the Financial Sector. It provided reinsurance protection for emerging business lines such as insurance for low-altitude drone logistics and robotics. Through the China Nuclear Insurance Pool, it provided risk protection for all nuclear power units in China, covering nuclear-related assets of more than RMB1.1 trillion. It also advanced the development of industry standards for commercial long-term care insurance and a care insurance platform, and introduced innovative reinsurance solutions for policy-oriented long-term care insurance. Second, China Re supported the development of the catastrophe insurance protection system. It was deeply involved in policy-oriented catastrophe insurance programs across 22 provinces and municipalities, added the comprehensive catastrophe insurance program in Gansu Province to its portfolio and served as its lead reinsurer. It also assisted 10 leading insurers in completing climate risk stress tests. Third, China Re supported the new dual-circulation development pattern. Through the China Belt and Road Reinsurance Pool, it provided protection for overseas assets worth RMB52,300 million, with premium income increasing by 183% year-on-year. It developed "Zai • Hang", China's first digital and intelligent risk control platform for marine insurance, using AI and big data to enable multi-dimensional risks assessment. Chaucer pioneered precision underwriting driven by real-time vessel operating data in the Lloyd's market. Fourth, China Re supported reinsurance market development. It was deeply involved in the China Association of Actuaries' project to compile net cost tables for commercial medical insurance. China Re P&C maintained its leading position in both on-exchange trading and settlement volumes at the Shanghai International Reinsurance Center.

  Advancing China Re to a New Stage of High-Quality Development

  Facing new circumstances and changes, China Re will continue to uphold its business philosophy of "expanding business scale, increasing underwriting efficiency  and making prudent investment", strive to meet its annual targets, secure a strong start to the 15th Five-Year Plan period, and take high-quality development to a new level.

  China Re will focus on improving the quality and efficiency of its services to national strategies. Drawing on its core responsibilities and business in reinsurance, it will make solid progress in the Five Priorities for the Financial Sector, support the development of the national catastrophe insurance protection system and contribute to the  new dual-circulation development pattern. It will accelerate the transformation and development of reinsurance, fully leveraging its functions in risk diversification and the role in driving innovation to continuously enhance its capacity to create value. It will accelerate the high-quality development of primary insurance by building differentiated competitive strengths, refining resource allocation and strengthening overall cost control to improve the quality and efficiency of operations. It will accelerate innovation in insurance technology, using data and AI to strengthen its core business and improve its cybersecurity, data security and supply chain security systems. It will accelerate the development of institutional investment capabilities, fulfil its role as patient capital, improve its multi-asset, multi-strategy allocation framework and steadily enhance overall profitability. It will strengthen comprehensive risk management, continuously improving its risk management framework to provide a solid safeguard for high-quality development.