On 23 January, Chine Re Group held 2017 Work Conference in Beijing, at which innovative development and results for 2016 were comprehensively reviewed. We conducted in-depth analyses on the opportunities and challenges faced by the Group, highly focused on the deployment of strategies goals henceforth and our core themes for 2017, and gave a clear direction in achieving the “One-Three-Five” strategic objectives.
It is explicitly stated in the speech of Yuan Linjiang, the Chairman of China Re Group, that China Re Group is the main pipeline and mainstay of the reinsurance industry in China. The Group places high emphasis on its responsibility of SOE, the industry requirements and the time-honored missions with broad picture in mind, adhering to the core principle of “consolidating its leading position in the domestic market and strengthening its core competitiveness to promote the industry growth” and remaining steadfast to our national reinsurance commitments. It also consistently implements the decisions and plans of the Central Committee of Chinese Communist Party, actively pursues the national strategies and consolidates our leading position in the domestic reinsurance market. According to the “New Ten Guidelines” in the insurance industry and the requirements of the “Thirteenth Five-Year” plan, the Group will lead the innovation, transformation and upgrade of the PRC’s insurance market, and gradually expand the influence of China Re Group on the international reinsurance sector.
2016 was a year for China Re Group to make a practical and solid achievement in exploration and innovation in the right direction. With the concerted efforts of all our staff, the Group established the direction of the “One-Three-Five” strategy, achieving outstanding operating results and impressive performance in reform and development. Firstly, the Group achieved steady growth in its overall operations, with a significant year-on-year increase of underwriting profitability, more stable assets allocation and continuously optimized resources allocation. Secondly, the Group made tremendous achievements in business innovation, with outstanding results in areas such as innovative nuclear insurance, the first network security insurance product in China, life financial reinsurance business and small-amount consumer financing insurance. Thirdly, the Group achieved breakthrough in various key projects. Phase I of the “One-Three-Five” strategy project was completed successfully. A branch was opened smoothly in Singapore. The “VAT in lieu of business tax” project of the reinsurance industry and the China Re Life data analysis service project were implemented. The projects of “yxcat.com” and “electronic market” of China Continent Insurance made progress. The Jingneng Clean Energy Equity Investment and the China Re-Bairong World Trade Center Real Estate Debt Investment also achieved progress. Fourthly, the infrastructure management capability was improved, with continuous optimization of the organization structure of the group companies, constant improvement in the management system, gradual enrichment of the management team, effective implementation of risk management and significant enhancement of integrated support.
Yuan Linjiang clearly pointed out the overall requirements of the works for 2017 in his speech. That is to firmly promote the implementation of the “One-Three-Five” strategy, committing to business development on one hand and party building on other hand, with a view to expanding business scale, controlling risks stringently, enhancing capability, guiding corporate culture, boosting morale, highlighting core principle, demonstrating corporate value and working together to drive a new chapter for the reform and development of the Group.
Meanwhile, in view of the overall strategic situation of the Group and the profound understanding of the historical mission, Yuan Linjiang introduced the core missions of the Group in five aspects. Firstly, we will align with our commitment. The Group fully understands its important mission of being a national reinsurance team. It will firmly achieve the “One-Three-Five” strategy objectives, enlarge its principal business of reinsurance, and realize the synergistic development of the reinsurance, primary insurance, assets management and financial sectors. Secondly, we will focus on making breakthrough. The Group will gear up its pace to support the national strategies, achieve synergy in the deployment of major operation platform, proactively promote the strategy of nurturing major clients, facilitate internal cooperation, further reinforce the domestic and overseas interaction, made greater breakthrough in the synergy of assets and liabilities, and accelerate the promotion of business development. Thirdly, the Group will stimulate vitality by proactively promoting the study of mixed ownership reform, optimizing the organization management system and decision-making authorization system, improving talent training system, building a team of loyal talents, improving assessment system, refining innovation system and continuously optimizing various systems and mechanisms. Fourthly, the Group will preserve our strength and consolidate our foundation by continuously enhancing risk control capability, strategic and capital management ability, technological support, capability to promote brand culture and capability to provide integrated service support. Fifthly, the Group will strictly follow the instructions of CPC. We will strengthen party building and supervision, focus on strict governance of CPC, and fully perform the core leading and political functions of the CPC organization. We will prepare for the 19th National Congress of the Communist Party of China, earnestly implement national policies, further reinforce the leadership of CPC and organization construction, constantly strengthen the construction of a clear and honest Party, vigorously promote the work of poverty alleviation, and continuously enhance the functions of mass organizations.
He Chunlei, Vice President of China Re Group, presented the operating results for the year during the conference. He stated that, in the current economic environment, the insurance industry is facing valuable opportunities, with the existence of structural opportunities and the strong dynamics arising from the market reform and innovation. To fully achieve the “One-Three-Five” strategy objectives of the Group, he requested the Group to focus on three major missions of “integrating resources, building platform, enhancing technology”, with the three breakthroughs of “innovation, coordination, synergy” as the starting point of operation management, aiming to facilitate the sustainable business development of the Company and explore a new pattern of business growth for the Group. Meanwhile, Mr. He raised specific requirements for the Group’s overall operating objectives in 2017 and nine key works, namely, reinforcing three principal business platforms, exploring growth opportunities of life insurance, fully promoting the transformation of primary insurance model, improving investment return, increasing efforts on customers-oriented strategy, building a catastrophe insurance platform, facilitating the digitalization development, optimizing the incentive and restraint mechanism, and enhancing the coordination capability.
The Group granted awards to the outstanding project teams and CPC members to recognize their contributions to the Group’s key projects and business innovation in 2016 at the conference.
The conference was chaired by Zhang Hong, the proposed Chairperson of the Board of Supervisors of China Re Group, and the Party Committee of the group company, the Board, the Board of Supervisors, members of the President Office, representative of shareholders, heads of each subsidiaries, personnel of the group company at senior deputy manager level or above, persons in charge of overseas subsidiaries, and veteran cadres of the Group attended the conference. Other employees attended the video conference.
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