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China Re Hong Kong launches business operations in full

source: 浏览次数: Release time: December 20, 2019Views:

After the successful acquisition of the British Bridge Agency at the end of 2018, China Re Group passed the good news at the end of the year. On December 16, 2019, China Reinsurance (Hong Kong) Co., Ltd. (hereinafter referred to as: China Re Hong Kong) was officially licensed by the Hong Kong Insurance Regulatory Authority. ; On December 19th, a business start-up and strategic cooperation signing ceremony was held. Yuan Linjiang, Chairman of China Re Group, President, and Chun Lei attended the ceremony, together with more than 20 insurance companies and senior leaders from financial institutions from Hong Kong and the Mainland to witness China Re This is an important moment for the Group's global development and China Re's Hong Kong business operation.

China Re Hong Kong is the first wholly-owned reinsurance company established by China Re in Hong Kong. It aims to deeply integrate the “Belt and Road” initiative and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. Under the correct leadership of higher-level units and under the firm guidance of China Re's "globalization" strategy, China Re Hong Kong became the first domestic insurance company approved to be established in Hong Kong after the listing of the China Banking Regulatory Commission. This year, the junior high school regroup reopened the application process of hongkong re-hong kong, completed all domestic and overseas approval procedures and preparations in just eight months, and successfully opened at the end of the year. In addition, China Re Hong Kong received Standard & Poor's "A" rating and AM Best (Bayesian) "A-" rating on December 16th and 17th, respectively, showing the market its solid capital strength.

Yuan Linjiang, Chairman of China Re Group, expressed his earnest hope to China Re Hong Kong during the business launching ceremony, "China Re Hong Kong must play the functions of reinsurance risk protection, technical cooperation and financial accommodation to provide international competition for Chinese insurance institutions to" go global ". The unique service of China Re will also provide China's experience and China Re's wisdom to insurance institutions in Hong Kong and other countries and regions! "

Strive Forward and Firmly Promote Globalization Strategy

Go out and the world is here. As the only reinsurance group in mainland China, China Re is firmly committed to the development path of “globalization”, continuously enhancing the ability and attractiveness of China's reinsurance industry to provide technical services to the outside world, and becoming a major linker in the international reinsurance market.

China Re Group started its globalization earlier than most Chinese-funded insurance companies. Before the "Twelfth Five-Year Plan" period, the business map had spread all over the world. In 2011, it took the lead in entering the Lloyd's market in the UK, and established China Re Syndicate 2088, creating a precedent for domestic insurance companies to join Lloyd's, a global insurance “elite club” and special risk business hub market with a history of more than 300 years; in 2013, Hosted the 23rd Asian-African Insurance and Reinsurance Federation (FAIR) Conference to promote further exchanges and cooperation between Chinese insurers and the international insurance industry; in 2015, it successfully listed on the Hong Kong Stock Exchange and wrote on the road of China Re's global development A thick stroke.

During the "Thirteenth Five-Year Plan" period, the globalization of China Re Group entered a "leap period." Under the guidance of the "one core, three breakthroughs, five spans" strategy: in 2016, the Singapore branch was established; in 2018, the British Bridge Insurance Group was wholly-owned and became the largest overseas M & A project of a state-owned insurance company. Up to now, China Re Group has set up overseas institutions in 9 countries and regions including the United Kingdom, Ireland, Denmark, the United Arab Emirates, Australia, and Singapore. It is the most widely distributed Chinese insurance company with overseas institutions. On August 26, 2019, the establishment of China Re Hong Kong was approved by the China Banking and Insurance Regulatory Commission, and on December 16 China Re Hong Kong was awarded a license issued by the Hong Kong Banking and Insurance Regulatory Bureau, adding a new dimension to the global strategic layout. As of the end of the third quarter of 2019, China Re's overseas premium income accounted for more than 13% of the group's total premium income, and the size of overseas investment assets accounted for 18% of the group's investable assets, and its globalization ranked first among Chinese insurance companies. It also rose to the seventh position in the global reinsurance industry and ranked first in Asia.

As the third largest international financial center in the world, Hong Kong is located at the key node of the “Belt and Road”. It is one of the four major cities in the Guangdong-Hong Kong-Macao Greater Bay Area. Status, with a developed life insurance market, is a strategic place for the globalization of major financial companies. The China Re Hong Kong project was first launched in July 2016. Due to market and regulatory factors and other factors, it has only been approved to resume applications early this year. China Re's global strategic thinking has not changed, and it has always maintained a strong and firm strategic determination. Efficiently coordinate the resources of all parties, overcome one difficulty after another, and finally open a new chapter for China Re's Hong Kong business operations. This has spelled a key picture for China Re's implementation of the "One Three Five" strategy, and it is also the life insurance reinsurance sector "Globalization".

Shouzhengxin actively participates in national strategy

Facing the mission given to the insurance industry in the new era, China Re Group shares the destiny with the country, breathes with the times, and actively connects with the national strategy. China Re Group adheres to innovation-driven, leading the creation of the China Nuclear Insurance Community and the China Agricultural Insurance Reinsurance Community, developing China's first rescue insurance policy, and taking the lead in conducting basic research such as life tables and critical illness tables, and promoting the “Belt and Road” insurance community Demonstration work, release of China's first earthquake catastrophe model with independent intellectual property rights. By the end of 2018, China Re Group had established a “Belt and Road” cooperation relationship with 31 overseas insurance institutions, which could provide local services for China's overseas interest businesses in 135 countries and regions around the world. The continuous efforts of China Re Group have already made their own contributions to national strategies such as “Making Power”, “Belt and Road”, disaster relief, and “Healthy China”.

At present, the country's economic development has entered a new era of high-speed development and high-quality development, forming a new pattern of comprehensive two-way opening. Major regional strategic integration development measures represented by the construction of the Guangdong-Hong Kong-Macao Greater Bay Area have become important economic growth poles. China Re is actively participating in it, expanding new layouts in model innovation, product innovation, digital innovation and other areas, further strengthening Hong Kong's position as a global offshore RMB business hub, international asset management center and risk management center functions. As early as 2010, China Re Life Insurance, a subsidiary of China Re, once created a full-scale RMB cross-border reinsurance business model in Hong Kong. For the first time, RMB cross-border reinsurance settlement was achieved, filling a gap in the RMB-free products in the Hong Kong insurance market. The company has established reinsurance business cooperation with nearly 20 companies in Hong Kong, accumulating a scale insurance premium income of about 60 billion yuan, accelerating the process of RMB internationalization.

In the face of development opportunities and challenges, President of China Re Group, Chairman of China Re Life Insurance and Chun Lei pointed out, "Hong Kong has the internationalization and institutional advantages of financial services. China Re Hong Kong must actively pay attention to fintech innovation and make good use of international product recommendations and experience. The role of communication, focusing on the main business, pragmatic innovation, through professional technical services to diversify risks and maintain a solid foundation for the insurance industry in Hong Kong and throughout Asia, and contribute to the stability and prosperity of the Hong Kong insurance market. "

A new chapter of "Re" spectrum to join hands to win the future

The establishment of China Re Hong Kong has received the support of the Hong Kong Insurance Regulatory Bureau, and has also attracted the attention of colleagues from all walks of life such as China Investment Corporation, the Ministry of Finance, the Development and Reform Commission, the SAFE and its client partners, rating companies, custodian banks, and Chinese-funded institutions in Hong Kong. And support.

After the establishment of China Re Hong Kong, it will inherit the good cooperation foundation formed by China Re Life Insurance and Hong Kong customers in the past 10 years, effectively overcome the shortcomings of offshore services, and better cultivate the Hong Kong market. "Proficient in professionalism and service industry" ingenuity, providing client companies with professional reinsurance services such as data analysis, product research and development, risk assessment, underwriting and compensation, capital management and brand training, and strive to give back to partners who have worked together for many years .

At the business start-up and strategic cooperation signing ceremony, China Re Hong Kong signed the first batch of business contracts with China Life Insurance (Overseas) Co., Ltd., China Taiping Life Insurance (Hong Kong) Co., Ltd. and BOC Group Life Insurance Co., Ltd. Signing a strategic cooperation memorandum with a view to achieving higher-level and deeper areas of strategic cooperation and business development, and creating a new win-win situation. In his speech, Wang Xin, director and chief executive officer of China Taiping Life Insurance (Hong Kong) Co., Ltd. emphasized that after learning of the approval of China Re Hong Kong, China Taiping Life initiated business contacts for the first time to support China Re's global strategy . It is hoped that the two sides will play the responsibility of the insurance central enterprises, care about the well-being of Hong Kong people, serve Hong Kong's economic construction, and work together for the stability and prosperity of Hong Kong. Jiang Tao, vice president of China Life Insurance (Overseas) Co., Ltd., said that China Re Group and China Life have the same root They have the same origin and have known each other for many years. With the same “China Life Dream” and “China Re-Dream”, they are also the leading brands in the national insurance industry at home and abroad. China Life Overseas believes that China Re Hong Kong is a worthy partner, and looks forward to the two parties working together to create value and serve the national strategy in the future.

Spring returned, fresh starts for everything. China Re Group is accelerating the pace of globalization, is playing a leading role in more and more international markets and innovation fields, and is making steady progress towards the international first-class comprehensive reinsurance group.

China Re Hong Kong, Junye Zhaoxing; China Re Group, the future is expected.


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