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    1508   CNE100002342

CHINA REINSURANCE (GROUP) CORPORATION

(1508)
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Delayed Hong Kong Stock Exchange  -  05/27 04:08:54 am EDT
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China Reinsurance : ANNOUNCEMENT - THE MAIN INDICATORS OF SOLVENCY FOR THE FIRST QUARTER OF 2021

04/27/2021 | 04:33am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the

contents of this announcement.

China Reinsurance (Group) Corporation

中國再保險(集團)股份有限公司

(A joint stock limited liability company incorporated in the People's Republic of China)

(Stock Code: 1508)

ANNOUNCEMENT

THE MAIN INDICATORS OF SOLVENCY FOR

THE FIRST QUARTER OF 2021

This announcement is made by China Reinsurance (Group) Corporation (the "Company", together with its subsidiaries, the "Group") in accordance with the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Pursuant to the requirements of the Solvency Regulatory Rules (Nos. 1-17) for Insurance Companies ( 保險公司償付能力監管規則(1-17號)》) (Bao Jian Fa [2015] No. 22), the Company

and its subsidiaries, China Property and Casualty Reinsurance Company Ltd. ("China Re P&C"), China Life Reinsurance Company Ltd. ("China Re Life") and China Continent Property and Casualty Insurance Company Ltd. ("China Continent Insurance"), will disclose their respective Summaries of Solvency Report for the First Quarter of 2021 (the "First Quarter Summaries of Solvency Report") at the official websites of the abovementioned companies and the website of the Insurance Association of China before 30 April 2021. In order to facilitate better understanding of the shareholders and investors of the Company on the financial position of the Company in the first quarter of 2021, the board of directors of the Company (the "Board") would like to draw the attention of the shareholders and investors of the Company to the following main indicators of solvency set out in the First Quarter Summaries of Solvency Report and the main financial data of the Group on a consolidated basis:

1

Table 1 Unit: in RMB millions, except for percentages

Indicators

The Company

China Continent

Entities

(at its own level)

China Re P&C

China Re Life

Insurance

As at 31 March 2021

Core capital

77,051

21,988

28,776

26,080

Available capital

77,051

29,987

33,773

26,080

Minimum capital

12,962

13,795

14,450

7,481

Core solvency adequacy ratio

594%

159%

199%

349%

Aggregated solvency

adequacy ratio

594%

217%

234%

349%

Net assets

60,091

22,032

20,307

27,106

Table 2 Unit: in RMB millions

Indicators

The Group

(on a consolidated

The Company

China Continent

Entities

basis)

(at its own level)

China Re P&C

China Re Life

Insurance

As of January 2021 - March 2021

Insurance income

35,261

8,082

8,335

10,625

12,082

Net profit

2,417

113

761

945

341

Notes:

  1. The definitions and calculation methods of the abovementioned main indicators of solvency of the Company (at its own level), China Re P&C, China Re Life and China Continent Insurance are the same as those set out in the Solvency Regulatory Rules (Nos. 1-17) for Insurance Companies (Bao Jian Fa [2015] No. 22).
  2. The insurance income and net loss of the Group on a consolidated basis from January to March 2020 were RMB45,921 million and RMB28 million, respectively. The insurance income and net profit of the Group on a consolidated basis from January to March 2021 were RMB35,261 million and RMB2,417 million, respectively. The year-on-year increase in net profit of the Group on a consolidated basis from January to March 2021 was mainly due to (i) the year-on-year increase in domestic and overseas investment income resulting from the optimisation of the position structure and timely realisation of gains by seizing the opportunities arising from the fluctuations in the equity market; and (ii) the year-on-year improvement of underwriting profit as affected by the adjustment of the international business structure and the rising rates.
  3. The abovementioned data set out in tables 1 and 2 were not audited or reviewed by the auditor of the Company.
  4. For enquiries for the full text of the First Quarter Summaries of Solvency Report, shareholders and potential investors of the Company may visit the official websites of the Company (http://www.chinare.com.cn), China Re P&C (http://www.cpcr.com.cn), China Re Life (http://www.chinalifere.cn) and China Continent Insurance (http://www.ccic-net.com.cn) or the website of the Insurance Association of China (http://www.iachina.cn).

2

The abovementioned main indicators of solvency and financial data of the Group, the Company and its subsidiaries, China Re P&C, China Re Life and China Continent Insurance, were not audited or reviewed by the auditor of the Company. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.

On behalf of the Board

China Reinsurance (Group) Corporation

Zhu Xiaoyun

Joint Company Secretary

Beijing, the PRC, 27 April 2021

As at the date of this announcement, the executive directors of the Company are Mr. Yuan Linjiang and Mr. He Chunlei, the non-executive directors of the Company are Ms. Lu Xiuli, Mr. Wen Ning, Ms. Wang Xiaoya and Mr. Liu Xiaopeng, and the independent non-executive directors of the Company are Mr. Hao Yansu, Mr. Li Sanxi, Ms. Mok Kam Sheung and Ms. Jiang Bo.

3

Disclaimer

China Reinsurance (Group) Corporation published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 08:32:07 UTC.


© Publicnow 2021
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Sales 2022 175 B 26 140 M 26 140 M
Net income 2022 6 874 M 1 026 M 1 026 M
Net cash 2022 25 581 M 3 818 M 3 818 M
P/E ratio 2022 3,62x
Yield 2022 8,38%
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EV / Sales 2022 -0,01x
EV / Sales 2023 -0,01x
Nbr of Employees 55 407
Free-Float 14,9%
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