China’s largest reinsurance company, China Re, has disclosed it achieved a net profit of RMB 2.067 million in H1 of 2023, up substantially from RMB 365,972 in the same period last year.
China Re’s gross written premiums during H1 amounted to RMB 102.617 million, representing a year-on-year increase of 16.6%. Meanwhile, the firm’s total operating income grew to RMB 54.501 million, driven by exchange gains and improved insurance revenue.
China Re’s total insurance revenue in H1 stood at RMB 48.466 million, representing a year-on-year increase of 16.4%.
The firm’s P&C reinsurance contributed RMB 21.830 million to the total income, while primary P&C insurance contributed RMB 23.411 million.
Both of these were improvements compared to last year’s figures.
Life and health reinsurance contributed RMB 9.815 million to the total H1 income, also an improvement over the previous year.
China Re’s core solvency adequacy ratio at the half year was 155%, down slightly from last year’s 157%. For the P&C reinsurance segment, the combined ratio for H1 stood at 99.65%.
Expanding on the P&C reinsurance result, China Re said, “In the first half of 2023, we concentrated on solidifying our leading position in the domestic reinsurance market, while also aiding in the creation of platforms for domestic commercial insurance business and national policy-oriented business.
“We reinforced the innovation-driven model and the application of technology, expediting the execution of strategic initiatives.
“Our focus extended to enhancing our customer service system, bolstering the capabilities of our underwriting team, and advancing our technical proficiencies.
“We experienced rapid growth in emerging business sectors, notably short-term health insurance, construction inherent defects insurance (IDI), construction surety bond insurance, Chinese interest abroad projects insurance, cyber securities insurance, and safety production liability insurance. This progression led to a continual refinement of our business structure.”
