China Reinsurance : ANNOUNCEMENT - THE MAIN INDICATORS OF SOLVENCY FOR THE FIRST QUARTER OF 2021

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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:

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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).

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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.

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