In 2024, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and deeply implementing the spirit of the 20th National Congress of CPC and the Third Plenary Session of the 20th Central Committee of CPC, China Re P&C adhered to the key tone of "Steady Progress with Value Enhancement", responded calmly to external risks and challenges, forged ahead despite all difficulties. The company achieved annual gross premium income of RMB 45.85 billion, marking a new phase of high-quality development. During this year, we reinforced our primary responsibilities and core businesses, making significant contribution in serving national strategies. As reinsurer with the largest share, we provided stable reinsurance support for the operation of domestically developed large passenger aircraft. As sole reinsurer, we underwrote the first specialized reinsurance treaty for "specialized, refined, characteristic, and innovative" small and medium-sized enterprises (SMEs) in China. As the largest-share reinsurer, we promoted the implementation of the Inherent Defects Insurance (IDI) for high-standard farmland in 17 provinces. We also served as the leading reinsurer for the first comprehensive catastrophe insurance project with full-peril coverage, wide territorial spread and long-term cycle – the Comprehensive Catastrophe Insurance Program for Urban and Rural Residents of Hebei Province.

  During this year, we enhanced innovation-driven development, driving strong growth momentum for the company. Orientated towards value creation, we implemented an integrated business model of "reinsurance + technology + services + ecosystem". We established innovation labs and insurance research centers in collaboration with client companies, proactively fostering and constructing an insurance ecosystem. Focusing on key areas like climate change, green development, and new forms of productive forces, we vigorously promoted product innovation and subsequent commercial transformation. We developed and launched snowstorm index insurance and extreme temperature index insurance products in multiple regions. We released and put into practice China’s first third-party liability insurance model clauses for unmanned aerial vehicles. Our mobile robot insurance and standardized insurance for low-speed autonomous vehicles won awards from both government and industry associations in Shenzhen.

  During this year, we concentrated and thoroughly explored in risk management, continuously improving risk mitigation services. We released the first "Remote Risk Observation and Assessment System for Overseas Projects", providing strong risk mitigation support for enterprises "going global". We compiled the first Risk Mitigation Service Report in the nuclear power sector, actively introducing international technical expertise to provide risk inspection services for domestic nuclear power plants. We continued to expand the scope of "typhoon risk mitigation services for offshore wind power", successfully assisting serviced projects in withstanding typhoons "Gemi" and "Yagi".

  During this year, we accelerated digital-intelligent transformation, with increasingly prominent effects of technology empowerment. The "Re-Yun" platform for agricultural insurance provided product innovation and risk assessment services to over a dozen clients. Its achievements were released at the 2024 China International Fair for Trade in Services and won two industry awards: Excellent Case of Digital Insurance Services and Innovative Application Case of Fin-Tech. The "Re-Tu" platform for new energy vehicle insurance was launched, achieving industry-leading levels in pricing accuracy and response efficiency. The "Re-An" platform for cyber insurance was officially launched, empowered through integrating cybersecurity assessment, pricing, reinsurance, and rescue services to provide strong technical support for the development of cyber insurance. 2025 is a crucial year for implementing the spirit of the Third Plenary Session of the 20th Central Committee of CPC and the final year of the company’s "14th Five-Year Plan". We will pin down the strategic goal of becoming a "world-class" reinsurer, forging ahead with determination, upholding integrity while innovating, and striving to open a new chapter in the company’s high-quality development！

  Mr. WANG Zhongyao General Manager