China Re see’s high net profit in H1’24, reports successful issuance of new capital bonds

China Reinsurance (Group) Corporation (China Re), has released its financial results for the first half of 2024, which includes a net profit of RMB 5.921 million, up substantially from RMB 2.067 million in the same period last year.

At the same time, the organisation’s total operating income grew to RMB 60.686 million, compared to the RMB 54.501 million figure that was posted last year. This increase was driven by an improved insurance revenue and investment income.

Overall, China Re’s total insurance revenue for H1’24 stood at RMB 51.783 million, a notable increase compared to last year’s RMB 48.466 million.

Insurance revenue from China Re’s P&C reinsurance segment amounted to RMB 23.474 million, representing a year-on-year increase of 17.5% and accounting for 44.7% of insurance revenue for the firm.

Investment income from China Re’s P&C reinsurance segment increased by a staggering 698.8% from RMB 161 million in H1’23 to RMB 1.286 million in H1’24.

In addition, the firm’s life and health reinsurance segment contributed RMB 10.006 million towards the total H1 income, which was also an improvement from last year’s RMB 9.815 million.

For the P&C reinsurance segment, the combined ratio for the period stood at 99.64%, a slight improvement from last year’s 99.65%.

As well as this, China Re’s core solvency adequacy ratio at the half year was 161%.

Expanding on the P&C reinsurance service result, China Re said: “In the first half of 2024, we focused on consolidating the leading position in domestic reinsurance market, and continued to facilitate the establishment of platforms for domestic commercial insurance business and national policy-oriented business, strengthen the innovation-driven model and technological application, adhere to risk reduction services, and create new value while giving full play to our professional advantages.

“We continued to upgrade our customer service system, consistently strengthened the capability of our underwriting team, and enhanced our technical capabilities. We vigorously developed emerging businesses such as construction inherent defects insurance (IDI), safety production liability insurance, catastrophe insurance and cyber securities insurance, and thus our business structure continued to optimise.”

Furthermore, China Re has also announced the successful issuance of capital supplementary bonds for its subsidiaries, China Property and Casualty Reinsurance Company Ltd. and China Life Reinsurance Company Ltd., with total principal amounts of RMB 8 billion and RMB 5 billion, respectively.

Each of these bonds were publicly issued in the National Interbank Bond Market.

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