Chairman ZHAN Hong
Historic reform in China’s insurance market sums up the year 2014. With the issuance of the “Ten New Insurance Regulations”, the market is well positioned to integrate itself into a broader national, social, and economic development plan that ensures the well-being of the Chinese people. Under these favorable conditions, China Property and Casualty Reinsurance Company (China Re P&C), a national reinsurer, is set to enjoy another banner year of growth.
Despite the challenges facing China’s economy and insurance industry, China Re P&C reaped RMB 29.30 billion in premium income and RMB 1.43 billion in after-tax profit through a strengthening of its core business structure, management model, and innovative solutions practice. China Re P&C’s other breakthroughs include significant improvements to its quantitative processes and customer service.
Under the “new normal” of China’s moderating economy and the “Ten New Insurance Regulations”, China Re P&C will actively adapt to market changes and the competitive insurance environment by transforming the way it does business. Moreover, China Re P&C will continue its key role within the industry through its leadership in developing a national Catastrophe Prevention System, a Multilevel Catastrophe Risk-Diversification Mechanism, as well as in its support of domestic agricultural insurance and the overseas operations of Chinese companies.
China Re P&C maintained 11 years of solid growth since its foundation and became a leading force in China’s reinsurance market. But we also understand that despite the rapid changes reshaping China and its insurance markets, we must never stop to ensure the company’s continued development into the future. We therefore take this opportunity to express our genuine gratitude to the regulatory authorities for their continuous guidance and assistance.
And we sincerely hope to earn your support, as always, for our future development.