Overview

Established on December 15, 2003, China Property & Casualty Reinsurance Company Limited (referred to as "China Re P&C", the Company) is a wholly-owned subsidiary of China Reinsurance (Group) Corporation ("China Re",the Group) specializing in property and casualty reinsurance business. The Company has a registered capital of RMB 11.48225 billion with headquarter in Beijing, China, branch offices in Shanghai, Shenzhen, China and Labuan, Malaysia, and a reinsurance operation centre registered in Lin Gang of Shanghai. 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 the China Re Singapore Branch. In August 2018, the Company co-founded China Re Catastrophe Risk Management Co., Ltd., with a 70% majority stake.

Company Strategy

China Re P&C actively fulfils its role as a national reinsurer, embodying the new development concept and integrating into the new development landscape. We will focus on accomplishing "five major tasks", serving national strategies and the needs of the real economy, thereby becoming an indispensable part of the national governance and risk management system. 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 P&C reinsurance market and create new stage 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 2024, under the leadership of the Group, 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 20th National Congress of the CPC and the Third Plenary Session of the 20th Central Committee of the CPC. The Company took full measures to execute the blueprint of the Group’s three-phased 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 quality and efficiency, 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 38.750 billion in 2024 from RMB 2.812 billion in 2004 with a compound annual growth rate (CAGR) of 14.02%. Total assets of the Company have grown from RMB 2.672 billion in 2004 to RMB 143.578 billion in 2024 with CAGR of 22.04% 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 rapidly following steady progress in our global market layout. Through effective interaction and building cooperative synergies between domestic and international sectors, we endeavoured to foster a new phase 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 2024, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, China Re P&C, as national reinsurer, actively served national development , people’s livelihood and social governance, and assumed social responsibilities. •Service for Rural Revitalization: Achieved reinsurance coverage for high-standard farmland IDI business in 17 provinces; signed the country's first exclusive reinsurance treaty for modern marine ranches; provided coverage for the "Blue Granary" in Fujian, Guangxi, etc. •Service for Social Governance: Expanded catastrophe coverage, playing as leading reinsurer for the Comprehensive Catastrophe Insurance Program for Urban and Rural residents of Hebei Province, the country’s first long-term comprehensive catastrophe insurance program covering all perils with wider territorial spread. The Company’s catastrophe reinsurance pilot has now spread over 21 provinces in total. •Service for People's Livelihood Assurance: Supported the promotion of "Huimin Insurance", piloted the secondary development of Huimin products, launched five inclusive products, and provided inclusive health insurance coverage of over RMB 5.8 trillion. •Service for the Development of SMEs: Launched the country's first exclusive and comprehensive insurance tailored for specialized, refined, distinctive and innovative SMEs, in cooperation with primary insurance companies. •Service for Green Development: Provided annual reinsurance coverage for more than 4,000 wind power and photovoltaic projects. The insured territories covered all domestic offshore wind power construction waters. The Company actively implemented China Re's "Implementation Rules for Supporting Rural Revitalization in Xunhua County, Qinghai Province, 2021-2025", and provided RMB 1 million for Xunhua County, under the guidance of CIC and China Re. The Company conducted insurance, industry and education supports, with a focus on supporting areas in Qinghai, Inner Mongolia, Yunnan, and Xinjiang, and supported RMB 504,600 in consumption.