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China Re Group announces 2019 interim results

source: 浏览次数: Release time: August 30, 2019Views:

China Re Group (stock code: 1508.HK) disclosed the 2019 interim results on the Stock Exchange and the company's external official website on the evening of August 28, and held the 2019 interim results conference in Beijing on August 29, creatively Through on-site, telephone conference and live video, the performance conference will cover nearly 500 investors and analysts. As a leader in China's reinsurance industry, China Re has accelerated the implementation of the "One Three Five" strategy, rapid growth in premium income, continuous optimization of business structure, significant improvement in operating efficiency, continued sound management of risks, and continued consolidation of high-quality development.

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According to the results announcement, China Re Group's operating performance in the first half of 2019 remained stable: First, the business maintained rapid growth, with total premium income of 84.772 billion yuan (currency unit is RMB / yuan, the same below), a year-on-year increase of 27.8%, and the premium growth rate was significant. Better than the industry average. Among them: the total premium income of property reinsurance business was 23.033 billion yuan, a year-on-year increase of 51.5%; the reinsurance income of personal reinsurance business was 38.427 billion yuan, a year-on-year increase of 27.4%; the original premium income of direct property insurance was 24.163 billion yuan, a year-on-year increase of 10.8%. Second, the business structure continued to be optimized. Domestic non-auto insurance business of property reinsurance increased by 23.1% year-on-year, domestic temporary reinsurance business increased by 64.7% year-on-year, overseas business and bridge agency business increased by 237.5% year-on-year; personal reinsurance domestic protection business increased by 48.6% year-on-year; property Direct insurance non-auto insurance business increased by 35.4% year-on-year. Third, operating efficiency has improved significantly. The net profit attributable to shareholders of the parent company was 3.320 billion yuan, an increase of 42.4% year-on-year. The Group's annualized ROE in the first half of the year was 8.20%, an increase of 1.99 percentage points year-on-year. Fourth, the risk management continued to be sound. The company continued to maintain a Bayesian rating of “A (Excellent)” and a S & P global rating of “A”; the comprehensive solvency adequacy ratios of all operating entities in the insurance sector remained above 200%.

In the first half of 2019, China Re Group accelerated the implementation of the "One Three Five" strategy, and the platform, technology, and globalization of the "three modernization" development highlights: First, build various industry platforms and jointly build an open ecosystem. In August 2019, the company ’s first domestic “re-type” earthquake catastrophe model with independent intellectual property rights officially entered the commercial application phase, significantly improving China ’s ability to quantify earthquake catastrophe risk management capabilities; building the first in China to realize risk awareness 2. “Re-linking” platform of Business Unicom; creating “Re-Medical” online platform, launching “Chinese People and Traditional Chinese Medicine” exclusive medical insurance products; developing the first domestic political violence insurance product to provide comprehensive protection for “going global” enterprises; Establish an overseas service network platform to provide territorial insurance services to 135 countries and regions. The second is to accelerate China Re's digital transformation and empower the development of the industry. Launched the first whole industry chain insurance product based on blockchain technology, and built a nuclear community business management "nuclear-star" platform, which significantly reduced costs and increased efficiency; China Land Insurance successfully launched its core business system, "Compass Cloud", which greatly improved Quality and efficiency of customer service; promotion of construction engineering quality potential defect insurance (IDI) information platform, premium income growth rate of more than 90%. The third is to accelerate the global network layout and realize the globalization and dispersion of risks. After the completion of M & A in the first half of 2019, China Re's property and reinsurance sector's international business premium share increased by 20.2 percentage points; the introduction of bridge's advanced underwriting technology in areas such as political risk and cyber security insurance, expanding its underwriting capacity and helping business development We will complement each other in areas such as optimizing risk portfolios, and effectively leverage domestic and overseas synergies. At the same time, we will continue to improve the layout of overseas institutions and actively promote the establishment of China Re Life Insurance Hong Kong and China Re Property Insurance Malaysia Branch.

China Re Group insists on promoting development with innovation and achieving breakthroughs and innovations in multiple business areas. In terms of property reinsurance, China Re Property & Casualty Insurance Co., Ltd. continued to make efforts in emerging business areas, realizing the first set of insurances, emerging construction insurance, quality defect insurance, catastrophe insurance, engineering performance guarantee insurance, tariff guarantee insurance and other emerging insurance sub-insurance income of 778 million. Yuan, an increase of 91.3% year-on-year, occupying an absolute dominant position in emerging business areas. In terms of personal reinsurance, China Re Life Insurance pioneered the “Million Medical + Special Drug Protection Medicine” model, with cumulative reinsurance income exceeding 200 million yuan; took the lead in empirical analysis of the industry's critical illness definition and incidence rate table revision project, and processed data covering approximately 300 million insurance policies and 5 million claims cases, leading the iterative update of the industry's critical illness products. In terms of direct insurance for property insurance, China's land insurance business model made breakthroughs. The integration of network and electricity realized 400 million yuan in premiums, a year-on-year growth rate of 254%. It continued to deepen cooperation with BATJ and other Internet head platforms, and online channel premiums increased 338% year-on-year. The world's first core business system of "cloud architecture + microservices" model, "Doudou Cloud", has become the first real "product factory" in China. The new product development and launch time has been shortened from one month to three days. Platform channels The system docking time was shortened from 3 months to 1-3 days.

In the second half of 2019, China Re will continue to implement the spirit of the Nineteenth National Congress of the CPC and the Central Economic Work Conference, with the guidance of high-quality development ideas, grasping the three strategic pivots of "platformization, science and technology, and globalization" and insisting on "stability "Growth, adjust structure, increase efficiency" business ideas, promote China Re to transform to high-quality development, achieve a steady increase in overall value, and create more value for customers and shareholders. (Contributed by the Group Office)

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