China Reinsurance (Group) (1508) Q4 2024 earnings summary

Executive summary

• Consolidated premium income reached RMB 101.3 billion, up 1.9% year-on-year, with consolidated revenue at RMB 113 billion, up 1.6%.

• Net profit attributable to the parent company surged 86.8% year-on-year to RMB 10.55 billion, setting a new record high.

• ROE improved by 4.52 percentage points to 10.74%, and EPS rose 19% to RMB 0.05.

• All business segments were profitable, with domestic performance exceeding 99.8%.

• Accelerated digital transformation, launching new platforms and upgrading catastrophe models, data governance, and risk management systems.

Financial highlights

• Consolidated premium income: RMB 101.3 billion (+1.9% YoY); consolidated revenue: RMB 113 billion (+1.6% YoY).

• Net profit attributable to parent: RMB 10.55 billion (+86.8% YoY).

• ROE: 10.74% (+4.52pp YoY); EPS: RMB 0.05 (+19% YoY).

• Total investment income: RMB 19.3 billion (+86.9% YoY); investment yield: 4.83% (+2.06pp YoY).

• Total assets rose 10.6% to RMB 508,347 million; total equity increased 10.3% to RMB 112,665 million.

Outlook and guidance

• The company expects continued stable and positive performance in 2025, with a focus on high-quality development and core competitiveness.

• Strategic priorities include digital transformation, climate risk management, and international expansion, aiming to be among the global top five by 2035.

• Dividend distribution policy remains aggressive, targeting at least 30% of parent company profit, with flexibility based on performance.

• Focus areas for 2025 include strengthening reinsurance functions, promoting high-quality development, enhancing core capabilities, and building robust risk control and compliance.

• Sees historic opportunities from Chinese-style modernization and policy support, with plans to expand business scale, increase underwriting profits, and pursue prudent investment.