China Re reports RMB 6.2bn net profit in 9M’24 led by strong P&C performance
- June 25, 2025
- Posted by: Beth Musselwhite
- Category: Insurance
China Reinsurance Group (China Re) has generated a net profit of RMB 6,192 million (USD 871m) for the first nine months of 2024, driven by a strong result of RMB 1,272 million (USD 178m) in its P&C business which produced a combined ratio of 98.65%.
China Re attributed its group-wide net profit from January to September 2024 to its adherence to the business philosophy of “expanding business scale, increasing underwriting profits and making prudent investment”.
The company noted that it “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.”
Moreover, the Group reported insurance income hit RMB 146,068 million (USD 20bn).
Away from the consolidated Group results, for the company China Reinsurance (Group) Corporation, insurance income was RMB 9,539 million (USD 1.3bn) and net profit was RMB 2,411 million (USD 337m).
For the company, the combined ratio stood at 98.18%, with a combined expense ratio of 16.28% and a combined loss ratio of 81.90%.
Breaking down its results by segment, China Re P&C posted a net profit of RMB 1,272 million (USD 178m). Its insurance income amounted to RMB 36,525 million (USD 5.1bn), with an investment yield of 2.16%.
China Re P&C reported a combined expense ratio of 34.46% and a combined loss ratio of 64.19%, making the overall combined ratio 98.65%.
For China Re Life, net profit totaled RMB 980 million (USD 137m), with an insurance income of RMB 56,163 million (USD 7.9bn) and an investment yield of 2.78%.
The Life segment recorded a combined expense ratio of 27.56% and a combined loss ratio of 70.61%, bringing the overall combined ratio to 98.17%.
Additionally, China Continent Insurance, a national P&C insurance company owned by China Re, generated a net profit of RMB 438 million (USD 61m).
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