China Re says FY’24 net profit could be up 100% YoY

China Re, the country’s state-owned reinsurance company, has estimated that its net profit for the full year 2024 will increase be 80% to 100% when compared with the prior year, driven by an improved underwriting and investment performance.

For 2023, China Re’s net profit amounted to RMB5,652 million (~USD 780m).

So, the global reinsurer’s net profit for 2024 could be as much as RMB11,304 million (~USD 1.56bn) at the high end of the range, or RMB10,173 million (~USD 1.4bn) at the lower end, or somewhere in between.

Either way, it’s an impressive rate of year-on-year profit growth for the company.

“The estimated increase in results of the Group for the year 2024 was mainly because: we adhered to the business philosophy of “expanding business scale, increasing underwriting profits and making prudent investment”, and made balanced efforts in both ends of underwriting and investment, so that our underwriting performance continuously improved and investment income achieved year-on-year growth,” explains China Re.

The state-owned reinsurer has also reported a solid start to 2025, with premium income for the month of January of RMB6,628 million (~USD 914m).

In comparison, premium income for January 2024 amounted to RMB6,007 million (~USD 829m), so has increased by approximately 10% year-on-year.

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