In 2014, focusing on long-term capital return, the Company vigorously pushed forward system and mechanism reform and renovation, secured the market-dominant position of its core business, intensified efforts and increased inputs in developing strategic businesses and grasped strategic market opportunity to advance the business in a balanced manner. Business scope of the Company covers life insurance, health insurance, accident insurance, annuity insurance and others. It offers contract reinsurance and facultative reinsurance to help clients transfer and mitigate risks in proportional or non-proportional reinsurance arrangement. It consolidated its leading role in China’s life reinsurance market, and achieved stable growth in cross-border RMB settlement business. Its business cooperation has covered the regions and countries such as Hong Kong, Macau and Singapore, and its influence in overseas market continued to escalate. As at the end of 2014, the Company entered contracts with over 90 domestic and overseas companies, and the number of in-force contracts and accessory contracts exceeded 1,400.
In 2014, the Company realized RMB20,957 million of reinsurance premium income, including RMB5,860 million from short-term insurance business, representing a year-on-year increase of 21.05%; combined cost ratio increased by 0.77 percentage points year-on-year; long-term insurance business premium income was RMB15,097 million, up 12.50%; A/E performance of mortality and morbidity and AHI was good, but the surrender rate significantly increased from that of 2013 due to the termination of some short-term financial reinsurance contracts.