In 2023, under the leadership of the Group Company, China Re P&C studied in depth and implemented the Xi Jinping Thought on Socialism with Chinese Characteristics for the New Era and the spirit of the 20th Party Congress, adhering to the key tone of " Steady Progress with Value Enhancement" and firmly holding the Group’s overall operational requirements of "Growing in Size, Profitable Underwriting, Sound Investment". The Company provided in-depth service to the national strategies, enhanced innovation-driven development, achieved comprehensive improvement in business performance, and steadily elevated management quality and efficiency, propelling the company to a new level of high-quality development.

This year, focusing on our primary responsibilities and core business, we made significant contribution in serving the national strategic initiatives. In supporting the construction of a powerful agricultural nation, we signed China’s first rural revitalization special reinsurance agreement as the leading reinsurer, achieving comprehensive coverage of high-standard farmland exclusive insurance in 16 provinces, and provided over 600 billion yuan in risk protection for the agriculture, rural areas, and farmers sector throughout the year. In serving green development, we underwrote the national key project of fourth-generation fast breeder reactor, and provided over 100 billion yuan in risk protection for more than 3000 wind and photovoltaic projects. In promoting and empowering self-reliance in technology, we signed the first special reinsurance agreement on comprehensive insurance for "specialized, refined, and innovative" SMEs in China, serving enterprises across 15 provinces and cities, with coverage encompassing R&D losses, intellectual property, and employer liability, etc. This year, we strengthened collaborative synergy, significantly enhancing the quality and efficiency of international business. In 2023, the company fully capitalized on the hard market cycle in reinsurance, continuously strengthened technical exchanges between domestic and international platforms, and enhanced collaborative development. International premium income (including Chaucer) reached a new high. Through application of the CREST platform, we enhanced business plan supervision and risk portfolio quantitative pricing across platforms; we also established an client evaluation index system for our international sector, further improving client and distribution management capabilities. This year, we consolidated foundation for our development, with increasingly robust risk management capabilities. We fully optimized core business processes and internal control measures, upgraded the internal control management system, strengthened overseas compliance management, and intensified the management of key aspects such as risk appetite and risk disposition, safeguarding the stable operation of overseas institutions. We successfully issued RMB 4billion in capital replenishment bonds to maintain the company's solvency ratio above 200%, ensuring a more stable company operation. 2024 marks the beginning of a new journey as China Re P&C persist its 20-year glorious history. We will continue to promote the entrepreneurial spirit of striving for excellence and progress, anchor the goal of building a "world-class" enterprise, remain true to our mission while seeking new achievements, and diligently strive to write a new chapter in the company's high-quality development!

Mr. WANG Zhongyao General Manager