2024 marked the closing year of the strategic build-up phase of China Re Group's “three step” strategic plan. Adhering to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, China Re P&C upheld the key tone of "Steady Progress with Value Enhancement", enhanced innovation-driven development, and achieved favorable operating results, making outstanding contributions to the high-quality development of the Group.

  Over the past year, we focused on serving the broader national interest, with our functional role becoming more prominent and highlighted. China Re P&C actively demonstrated the political and people-centered nature of financial work in addressing the "Five Major Tasks". We launched a series of pioneering products and services in sectors including catastrophe insurance, agricultural insurance and green insurance. We actively promoted and participated in the formulation of reinsurance transactional rules, became one of the first batch of professional reinsurance companies to set up operation in Lin Gang of Shanghai, and facilitated the standardization and professionalization of domestic reinsurance market.

  Over the past year, we advanced model transformation, further optimizing our development quality. China Re P&C reinforced ecosystem construction, vigorously fostered new and emerging businesses sector, focused on risk mitigation services in key areas, and enhanced innovative cooperation with insurance companies, research institutions, and technology firms. The momentum for new development continued to strengthen. Capitalizing on the favorable hardening cycle of the international market, we took proactive measures to adjust and optimize business structure, sustaining rapid growth of our international book, which accounted for over 40% of total premium income. The operational model of the company attained a much higher level of maturity, with synergistic and complementary development at home and abroad and mutual reinforcement between traditional and innovative businesses. Over the past year, we further enhanced global expansion with prominent synergy effect. China Re P&C proactively immersed itself in the world market, participating in major reinsurance conferences and forums, and emerging as one of the most dynamic Chinese-funded reinsurers in the global reinsurance arena. We vigorously promoted collaborative innovation and business integration between international and domestic segments, leveraging the layout of overseas offices, technology and expertise gained from overseas markets to support the development of domestic market. We conducted research on emerging exposures such as climate change and geopolitical risks, actively participated in global risk governance, and provided "China Re's solutions", becoming an crucial part of the global risk governance system.

  The questions of the era have already been laid out, and the answer to reform are yet to be composed. China Re P&C will pin down the goal of becoming a "world-class" reinsurer, pursue new breakthroughs through innovation, and drive development through reform, making new contributions to building a financially powerful nation and the construction of the Chinese path to modernization!