2023 marked the inaugural year for the comprehensive implementation of the spirit of the Party's 20th National Congress. It was also the year when China Re (hereafter referred to as the Group) followed the spirit of the Central Financial Work Conference, advancing towards the strategic goal of becoming a "World-Class Comprehensive Reinsurance Group" and embarking on the new journey of a "three-step" strategy. This year, China Re P&C actively practiced the Group’s "WorldClass" strategy, and on the occasion of its twentieth anniversary, the company successfully delivered a high-quality performance, laying a solid foundation for the Group to achieve its goals during the phase of strategic build-up.

Over the past year, we have fully harnessed the functional role of reinsurance, further highlighting its purpose and value. China Re P&C has effectively incorporated its mission of serving national strategies into corporate operations and development, strengthening competence in core areas. The company has prioritized service to sectors critical to national interests, such as rural revitalization, green development, technological self-reliance, social governance, and the "Belt and Road" initiative. Additionally, it has actively ventured into emerging fields like stabilizing foreign trade and investment, enhancing social security, and supporting small and medium-sized enterprises. This strategic focus has bolstered the implementation of significant national strategies and the development of the real economy, demonstrating the pivotal role of reinsurance as both an economic "shock absorber" and a social "stabilizer," underscoring the commitment to responsibility of national reinsurer. Over the past year, we have focused on enhancing operational efficiency, resulting in increasingly significant achievements in high-quality development. China Re P&C has resolutely implemented the operational mandates of “Growing in Size, Profitable Underwriting, Sound Investment" and has put into action the strategic arrangements of the "three-step" journey during the phase of strategic build-up, leading to record-breaking business performance. The company has achieved a "sixth consecutive increase" in domestic market share and steady growth in the overall scale of international business. Underwriting profits reached an all-time high, and overall operational efficiency continued to improve. The company has maintained AM Best’s “A” rating for 14 consecutive years and S&P’s “A” or higher rating for ten consecutive years. Following the implementation of the new phase of the second generation solvency regulations, the company ranked at the forefront of the industry in both the first round of insurance company solvency risk management requirements and assessments and in onsite evaluations of corporate governance. Over the past year, we have deeply engaged in digital transformation, enhancing our innovative development momentum. We diligently practiced the "Digital China Re 2.0" strategy, further refining our top-level design and advancement mechanisms. We launched the "Zai-Yun" agricultural insurance technology platform, iteratively upgraded a series of catastrophic models, and developed the "Zai-Tu" new energy vehicle risk control & pricing model, continually empowering industry development efficiency. We have established a comprehensive innovation system, strategically pushing ahead innovation across products, channels, and management. In collaboration with client companies, we established innovation labs, introducing a series of industry-first and pioneering products. Revenue from emerging classes of insurance has maintained rapid growth for years, further highlighting the impact of our innovation-driven empowerment. 2024 marks the 75th anniversary of the founding of the People's Republic of China, a crucial year for the deep implementation of the "14th Five-Year" Plan, and the culminating year for China Re to achieve the phase goals of building a world-class group during the "strategic build-up" period. We will put our mission into action and pursue our dreams with solid work, actively contributing to the construction of a financially powerful nation. With new achievements and breakthroughs in high-quality development, we are poised to make significant strides towards becoming a worldclass enterprise.