Overview

Established on December 15, 2003, China Property & Casualty Reinsurance Company Limited (hereafter China Re P&C or the Company) is a wholly-owned subsidiary of China Reinsurance (Group) Corporation (China Re), specializing in property and casualty reinsurance business. The Company has a registered capital of RMB 11.48 billion with headquarter in Beijing, China and branch offices in Shanghai, Shenzhen, and Labuan of Malaysia. Entrusted by China Re, the Company operates all of the Group’s international P&C reinsurance business, and manages overseas entities including Chaucer Holding Ltd. (Chaucer) and China Re Singapore Branch. In August 2018, the Company co-founded China Re Catastrophe Risk Management Co., Ltd., with a 70% majority stake.

pursuing to become a world-class property reinsurance company with unique Chinese characteristics, outstanding professional advantages, lean management, and prominent market position.

Company Strategy

China Re P&C actively fulfils its role as a national reinsurer, embodying the new development concept and integrating into the country’s new development landscape. We will focus on the five essential tasks of Chinese financial industries set forth by the Central Financial Commission, such as Science and Technology Finance, Green Finance, Inclusive Finance, Pension Finance and Digital Finance, serving national strategic initiatives and the needs of the real economy, thereby becoming an indispensable part of the national governance and risk management systems. With an unwavering commitment to high-quality development, the Company prioritizes the provision of comprehensive risk management solutions and leverages innovative transformation as its driving forces, devoting to create a distinctive reinsurance ecosystem. We have reinforced our dominant position in the domestic property reinsurance market and created new arena of integrated domestic and international development. With strengthened risk control mechanism, China Re P&C is becoming a leading force in spearheading industry innovation and service transition and upgrading.

Company Development

In 2023, under the leadership of the Group company, China Re P&C deeply immersed itself in the study and application of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the essence of the 19th National Congress of the Communist Party of China. The Company took full measures to execute the blueprint of the Group’s “Three-Steps New Journey” strategy to build a world-class comprehensive reinsurance group. Adhering to the keynote of "Steady Progress with Value Enhancement," the Company firmly held the overarching operational mandates of “Growing in Size, Profitable Underwriting, Sound Investment”. With a profound commitment to serving national strategic initiatives and driving innovation-led progress, the Company sustained holistic performance enhancement and steadily elevated management efficacy, pushing the company's high-quality development to a new level. We have maintained business partnerships with over 80 domestic P&C insurers, covering 97.7% of China’s P&C sector, and acted as the leading reinsurer for over 40% of all treaties we participated. The Company’s domestic Gross Written Premium (GWP) increased to RMB 44.01 billion in 2023 from RMB 2.812 in 2004 with a compound annual growth rate (CAGR) of 15.58%. Total assets of the Company have grown from RMB 2.672 billion in 2004 to RMB130.31 billion in 2024 with CAGR of 22.7%. We provided our client with diverse reinsurance products such as Property, short-term Health and Accident, Agricultural, Catastrophe, and Specialty, along with comprehensive risk management services. As the leading player in China’s reinsurance market, our dominant position has been further reinforced. Our international business grew in pace following steady progress in our global layout. Through effective interaction and building cooperative synergies between domestic and international sectors, we endeavoured to foster a new arena of shared resources, synergistic business practices, complementary and mutual support. China Re P&C now stands as an active participant in the global reinsurance market.

Social Responsibilities

In 2023, under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the principles of the new development philosophy, China Re P&C, as China’s national reinsurer, actively served national strategic initiatives, promoted industry development, and assumed social responsibilities. To ensure food security, China Re P&C supported primary pilot programs for full-cost and revenue insurance for soybeans, and continued to expand farmland and agricultural business coverage of the full-cost and revenue insurance for rice, wheat and corn. The Company pioneered the establishment of the country's first specific rural-revitalization reinsurance treaty as the treaty leader, providing a cumulative RMB 600 billion reinsurance protection to agricultural and rural insurance projects, a 16% increase over last year. In safeguarding people’s livelihoods, the Company increased coverage for catastrophe risk to enhance the national governance system. We actively participated in and facilitated the implementation of catastrophe insurance programs in Provinces such as Guizhou, Hubei, Yunnan, and Shanxi, and provided catastrophe reinsurance support in a total of 18 provinces. China Re P&C also strengthened financial services for small and medium-sized enterprises (SMEs), providing risk coverage exceeding RMB 10 billion for 6,844 SMEs across various industries including textiles, electronics, chemicals, machinery, and food. In support of green development, China Re P&C continued to provide stable reinsurance support for clean energy projects and enterprises in sectors like nuclear, wind, solar, and hydroelectric power, across various insurance products including engineering, property, liability, credit, and marine. These efforts contributed significantly to the advancement of green finance. The Company actively implemented China Re's "Implementation Rules for Supporting Rural Revitalization in Xunhua County, Qinghai Province, 2021-2025," and provided RMB one million in poverty alleviation funds for Xunhua County, under the guidance of CIC and China Re. The Company conducted poverty alleviation initiatives such as insurance, industry and education supports, with a focus on supporting impoverished areas in Qinghai, Inner Mongolia, Yunnan, and Xinjiang, and sponsored RMB 509,900 RMB in consumption poverty alleviation funds.