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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 SOLVENCY INDICATORS FOR
THE THIRD QUARTER OF 2019
This announcement is made by China Reinsurance (Group) Corporation (the "Company", together with its subsidiaries, the "Group") in accordance with 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 (No. 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, namely 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 third quarter of 2019 (the "Summaries of the Third- quarter Solvency Report") on the official websites of the abovementioned companies and the website of the Insurance Association of China before 30 October 2019. In order to facilitate a better understanding of the shareholders and investors of the Company on the financial position of the Company in the third quarter of 2019, 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
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solvency indicators set out in the Summaries of the Third-quarter Solvency Report and the main financial data of the Group on a consolidated basis:
Table 1 Unit: in RMB millions, except for percentages
Entity | The Company | ||||||||||||
(at the | China | ||||||||||||
Company's | Continent | ||||||||||||
Indicator | level) | China Re P&C | China Re Life | Insurance | |||||||||
As at 30 September 2019 | |||||||||||||
Core capital | 68,679 | 20,266 | 23,257 | 25,265 | |||||||||
Available capital | 68,679 | 24,265 | 28,254 | 25,265 | |||||||||
Minimum capital | 11,447 | 10,718 | 13,452 | 6,532 | |||||||||
Core solvency adequacy ratio | 600% | 189% | 173% | 387% | |||||||||
Aggregated solvency | |||||||||||||
adequacy ratio | 600% | 226% | 210% | 387% | |||||||||
Net assets | 58,262 | 20,299 | 15,764 | 26,272 | |||||||||
Table 2 Unit: in RMB millions | |||||||||||||
Entity | The | ||||||||||||
The Group | Company | ||||||||||||
(on a | (at the | China | |||||||||||
consolidated | Company's | China Re | China Re | Continent | |||||||||
Indicator | basis) | level) | P&C | Life | Insurance | ||||||||
From January to September 2019 | |||||||||||||
Insurance income | 112,841 | 1,077 | 24,551 | 44,282 | 36,398 | ||||||||
Net profit | 4,503 | 2,025 | 957 | 960 | 1,043 | ||||||||
Notes:
- The definitions and calculation methods of the abovementioned main solvency indicators of the Company (at the Company's level), China Re P&C, China Re Life and China Continent Insurance are the same as those set out in the Solvency Regulatory Rules (No. 1-17) for Insurance Companies (Bao Jian Fa [2015] No. 22).
- As the insurance income and net profit of the Group on a consolidated basis from January to September 2018 were RMB100,775 million and RMB3,181 million, respectively, the insurance income and net profit of the Group on a consolidated basis from January to September 2019 increased by 12.0% and 41.6% respectively on a year-on-year basis.
- The abovementioned data set out in tables 1 and 2 has not been audited or reviewed by the auditor of the Company.
- For enquiries for the full texts of the Summaries of the Third-quarter 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 solvency indicators and financial data of the Group, the Company and its subsidiaries, namely China Re P&C, China Re Life and China Continent Insurance, have not been 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, 30 October 2019
As at the date of this announcement, the executive directors of the Company are Mr. Yuan Linjiang, Mr. He Chunlei and Mr. Ren Xiaobing, the non-executive directors of the Company are Ms. Lu Xiuli, Mr. Wen Ning and Ms. Wang Xiaoya, 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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China Reinsurance (Group) Corporation published this content on 30 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2019 09:16:03 UTC