China Reinsurance (Group) (1508) investor relations material

Executive summary

• Insurance revenue rose 2.7% year-over-year to RMB52,449 million for H1 2026, with net profit attributable to shareholders up 15.1% to RMB7,187 million and total net profit up 15.1% to RMB7,596 million.

• Operating income increased 3.9% to RMB63,401 million, and annualized ROE improved by 1.02 percentage points to 12.77%.

• Profitability and underwriting results improved across core business lines.

• Solvency and international ratings remained stable, with A (Excellent) by A.M. Best and A by S&P Global Ratings.

Financial highlights

• Total assets reached RMB531,100 million, up 0.6% from year-end 2025; total equity rose 2.7% to RMB122,568 million.

• Earnings per share rose 15.1% to RMB0.17.

• Total investment income was RMB9,398 million, with a total investment yield of 2.29%; net investment income was RMB6,818 million, net investment yield 1.66%.

• Combined ratio improvements across segments, notably in overseas P&C and Chaucer businesses.

• Gearing ratio improved to 76.9% from 77.4% at end-2025.

Outlook and guidance

• Focus on high-quality development, expanding business scale, increasing underwriting profits, and prudent investment.

• Strategic priorities include serving national strategies, accelerating reinsurance and primary insurance transformation, and enhancing risk management.

• Asset management will emphasize prudent investment, multi-asset strategies, and supporting the real economy.