China Life Reinsurance Company Ltd. (“the Company”) is the only specialized life reinsurance company in China approved by the State Council and China Insurance Regulatory Commission (CIRC) and founded in December 2003. The Company has a registered capital of RMB6.720 billion and it is a wholly-controlled main business subsidiary of China Reinsurance (Group) Corporation (“China Re Group”) . With its headquarters in Beijing, it has a branch in Shanghai and Shenzhen respectively.
The Company adheres to the principal of “integrity and prudence”, focuses on the creation of shareholders’ value, targets at market and clients’ needs and dedicates itself to building a sustainable, time-honored company.
The scope of business of the Company covers a wide range of insurance types, including life insurance, health insurance, accident insurance, and annuity insurance.
In 2017, under the regulatory guideline of strict regulation, risk prevention, refocusing on protection function and serving the real economy, the domestic life insurance market has entered into a new stage of transformation and development, and there was a continued downturn in sales of RMB-denominated policies in Hong Kong life insurance market. China Re Life took initiative to adjust the market and product strategy promptly and seek opportunities, achieving total written premiums of RMB45,204 million, net profit of RMB1,568 million, total assets of RMB91,204 million and solvency adequacy ratio of 233.56%.
The Company has in-depth knowledge of and has gained extensive experience in the PRC life reinsurance market. It diversified risks for its customers via specialized technology services, and gradually established a cooperation mechanism of “sharing risks and profits and realising win-win situations through long-term cooperation” with customers. Currently, the Company has established good cooperation with almost all of the life insurers in China. Our overall written premiums rank No. 1 in the domestic market, with our core businesses maintaining leading position and gaining good market reputation.
The Company implemented long-term diversified strategies, and actively expanded domestic and overseas markets. We grasped the implications of the new regulatory policies regarding life insurance products, promptly followed up with the updated regulatory requirements, increased our efforts in the promotion of “Data+” and “Technology+” strategy, and continuously strengthened data analysis. We enhanced products development and cooperation, conducted detailed analysis on customers’ demand, formulated customized solutions, and met customers’ demand for comprehensive reinsurance service. Meanwhile, the Company attached great importance to enhancing exchanges with industry peers of international life insurance and life reinsurance companies, and paid close attention to the development trend and business innovation of international life insurance and life reinsurance markets, carried out in-depth analysis on customer and product strategies, and deepened overseas business cooperation and communication.