China Re Group seeks progress, high-quality growth

The 2022 work meeting of China Re was held in Beijing on Tuesday, sharing the general thoughts behind the group's work in 2022.

They include adhering to the general working principle of "seeking progress while maintaining stability and enhancing value", further improving the quality and efficiency in serving national strategies, firmly guarding the bottom line of having no major risks and advancing the implementation of the company's "One-Four-Five" strategy, and high-quality development.

The meeting summarized and reviewed the group's operation and development in 2021, and arranged and deployed key tasks for 2022.

Yuan Linjiang, Party secretary and chairman of China Re, gave a speech on the "One-Four-Five" strategic guidance for the company's high-quality development. He Chunlei, deputy Party secretary, vice-chairman and president of the company, addressed the meeting with the operation work report titled "Striving for Continuous Promotion of High-quality Development of China Re Group with Innovation". Xiong Lianhua, deputy Party secretary, and chairman of the board of supervisors of China Re, chaired the meeting.

It was pointed out at the meeting that in 2021, the company fully served national strategies, and scientifically prepared a five-year plan starting in 2021, with a new high in premium scale, remarkable results in key tasks, and effective risk prevention and control.

China Re moved up from the seventh position to the sixth in the global reinsurance ranking, and for the first time, ranked among the Fortune Global 500 and the Top 500 Global Most Valuable Brands, making a good start for the high-quality development of the 14th Five-Year Plan (2021-25).

Serving national strategies

China Re in 2021 provided assistance to the disaster management and dual-carbon strategy, launched the first catastrophe bond,set a precedent for catastrophe risk securitization in Hong Kong and supported nuclear power enterprises to reduce carbon emissions by 302 million metric tons.

As for assisting the Belt and Road Initiative, the Belt and Road reinsurance pool provided special risk protection for 19 of China's overseas projects, participated in the China-Laos Railway project and provided 39 billion yuan ($6.16 billion)reinsurance protection for nearly 300 China's overseas projects.

China Re helped to facilitate the Healthy China strategy with full support in more than 50 projects covering over 50 million people and risk protection for critical illness insurance and long-term care insurance for more than 46 million people accumulatively.

Moreover, the company assisted in the rural revitalization strategy by providing risk protection for 2.54 million people in 28 provinces through poverty eradication insurance.

It also undertook policy-supported agriculture insurance business to expand reinsurance business of commercial agricultural insurance and provided risk protection of 110 billion yuan.

Plans to advance strategies

The 14th Five-Year Plan was scientifically formulated to fully inherit the reasonable core of the "One-Three-Five" strategy and to innovatively refine and devise the "One-Four-Five" strategy.

China Re conducted a systematic refinement of its corporate culture as a supplement to building a new corporate culture comprising elements such as corporate mission, vision and core values; and coordinated the preparation of various sub-plans to promote the orderly implementation of 19 revolutionary and innovative "lantern" projects.

Fruitful results

China Re entered into strategic agreements with 11 institutions including the Tianjin municipal government and expanded its cooperation circle to nearly 100 partners.

More than 1,400 engineering projects were undertaken by the IDI business platform with a cumulative sum insured of nearly 500 billion yuan.

China Re spearheaded the compilation of the industry's first accident insurance table and China's Insurance Industry Social Responsibility Report 2020 to exert greater influence on the industry; and released the China Earthquake Catastrophe Model 3.5 and China Typhoon Catastrophe Model 2.0.

The operating results of Chaucer continued to improve, and the operation and management of overseas operations steadily advanced.

Headquarters construction

The company's strong leadership set the direction to establish the China Re Research Institute and the new innovation incubation center to give better play to the group's role of leadership.

Strong management and control penetrated through the company's management system by consolidating the construction of the four beams and eight pillars of its risk management system and firmly building the second and third lines of defence for risk management.

Strong services collaborated to upgrade the information management system, strengthen pandemic prevention and control, and other comprehensive protection services so as to create a good atmosphere of striving for excellence.

The year 2022 is the year of the 20th National Congress of the Communist Party of China and also a critical year for the implementation of the "One-Four-Five" strategic deployment.

China Re's 2022 work meeting emphasized that the "One-Four-Five" strategy fully demonstrates the company's undertaking of its responsibility to uphold the national team's reinsurance role and take part in the deployment for the national 14th Five-Year Plan.

In light of the new situation and new changes, the group will accelerate the implementation of the "One-Four-Five" strategy, and adhere to the "Four Highlights" principle: highlight the general tone of "seeking progress while maintaining stability and enhancing value"; highlight the advantages of reinsurance features making every effort to serve the national strategy; highlight the four strategic pillars to accelerate high-quality development; and highlight the strong headquarters construction to fully ensure high-quality development.

It was pointed out at the meeting that, in the new development stage, China Re, as the main force of the national reinsurance team, must adhere to the "two overall situations"; fully, accurately and comprehensively implement the new development concept; actively help to build a new development pattern; and make every effort to build a first-class international comprehensive reinsurance group to continuously promote high-quality development.

Focusing on the work plan for 2022, the meeting emphasized the following work requirements:

First, high-quality Party building will lead high-quality development. China Re will continue to pay attention to the implementation of strategies, operation management, strengthened risk management and control, and test the effectiveness of Party building with the results of reform and development.

Second, serving national strategies will highlight high-quality development. China Re will continuously improve the quality and efficiency in serving national strategies, fully demonstrate the characteristics of the main business of reinsurance and its comprehensive development advantages, focus on serving the national strategic key areas, improve the working mechanism for serving national strategies, enhance the support and guarantee for serving the national strategy, and achieve stability with growth in strengthening its services for national strategy.

Third, product innovation will drive high-quality development. China Re will continue to enhance product innovation, establish and improve the product innovation research support system and product innovation incubation mechanism, create new competitive advantages, consolidate its position in the industry through strengthening innovation and technology empowerment, and achieve steady improvement in efficiency during the process of strengthening value creation.

Fourth, risk management and control will consolidate the bottom line of high-quality development. China Re will practice the concept of comprehensive risk management, improve the risk prevention and control system, build a full-coverage and penetrating risk control compliance network, promote the refined management of risk prevention and control, improve the effectiveness of risk management, build a new situation of group management and control, and safeguard the bottom line of safety during the process of strengthening risk prevention and control.

Fifth, talent pool and corporate culture will ensure high-quality development. China Re will focus on the top-level design of talent work, improve the talent training mechanism, strive to discover, cultivate and select outstanding young cadres, and launch the Year of Corporate Culture Construction activity, so as to widely publicize corporate culture, promote cultural attribute, and guide all employees to form a sense of cultural consciousness.

Members of the Party committee, board of directors, board of supervisors and President's Office of the group's companies, representatives of regulatory authorities and shareholders, and heads and members of management team of subsidiaries in Beijing, as well as personnel of the group's companies at the level of senior deputy manager and above attended the meeting in person.

Members of management team of the headquarters, provincial and central sub-branches of China Continent Insurance, members of management team of other subsidiaries outside Beijing, and representatives of overseas business institutions attended the meeting through video conferencing.