From Feb 2 to 3, the 2023 work meeting of China Re Group was held in Beijing. Members of the Ministry of Finance, the CBIRC and CIC attended the meeting to give guidance. He Chunlei, the Secretary of the Party Committee and Chairman of the Group, made a speech entitled “Ramping up and Striving to Fully Embark on a New Journey of High-quality Development of China Re Group”, and Zhuang Qianzhi, the Deputy Secretary of the Party Committee and Vice Chairman of the Group, delivered a report on operation and management.
The meeting pointed out that, in the face of severe and complex internal and external situations, China Re Group adhered to the guidance of Party building, maintained strategic focus, solidly advanced inspection and rectification, fully served the national strategy, deeply promoted business transformation, and comprehensively strengthened risk prevention and control, overcoming many difficulties and challenges. New results and achievements were made and displayed in high-quality development.
Firstly, the Group thoroughly studied and implemented the spirit of the 20th National Congress of the Communist Party of China, implemented the requirements of Party building in the new era from a high starting point, completed the rectification of problems found in the central inspection with high quality, advanced the comprehensive and strict governance of the Party to a high standard, and continued to pursue targeted assistance, thus leading high-quality development with high-quality Party building.
Secondly, the Group coordinated the promotion of development and security, and calmly responded to the combined effects of adverse factors such as the resurgence of the pandemic and frequent catastrophes. Adhering to the risk bottom line, it achieved steady growth in premium scale, a more stable market position, significant improvements in underwriting benefits and the continuous optimization of profit structure, thereby realizing the expected business objectives.
Thirdly, the Group served the national strategies to demonstrate its responsibility by launching guiding opinions such as the Action Plan for the Development of Green Insurance, formulating key measures to help stabilize the economy, focusing on the characteristic advantages of its main business, and continuously expanding the breadth and depth of professional services. The Group made every effort to help stabilize the economy, improve people’s livelihood and well-being, and support national construction.
Fourthly, the Group made great efforts to promote digital transformation, and achieved substantial progress in the construction of the dual-middle-office platform of business and data. China’s flood catastrophe model 1.0 was launched, achieving domestic independence and controllability in this field. Efficiently completing the system development of the new standard for insurance contracts, the Group accelerated the implementation of the digital China Re 2.0 strategy.
Fifthly, the Group continued to deepen refined management, constantly improved its corporate governance, accelerated product innovation, continued to deepen operation management and control, improved capital efficiency, and strengthened international management, so that its level of group-oriented, penetrative and refined management continued to improve.
Sixthly, the Group continued to strengthen the team building of cadres and talents by issuing the Three-year Action Plan for Talent Cultivation and Cadre Echelon Construction and implementing the “Five Ones” project in depth, with a view to promoting the selection of cadres with high standards, and providing a strong organizational guarantee for high-quality development.
The meeting emphasized that China Re Group should resolutely implement the spirit of the 20th National Congress of the Communist Party of China as well as the decisions and deployment of the Central Economic Work Conference, focus on the political and people based nature of financial work, accelerate the implementation of the innovation-driven development strategy, firmly hold the security bottom line, fully serve Chinese style modernization, and strive to embark on a new journey of high-quality development.
The overall goal of the new journey was proposed in the meeting: to lead the flag of the national team of reinsurance, and to accelerate the construction of the four-strategic pivots, namely product innovation, platform-driven, technology empowerment and global linkage, so as to achieve the fundamental improvement of core competitiveness, and to promote China Re Group to become a world-class comprehensive reinsurance group with distinct Chinese characteristics, a prominent strategic role, well-defined professional advantages and an outstanding market position by 2035.
The new journey will be a “three-step” plan: to “ramp up” in the first two years, during which the Group shall promote the quality and efficiency improvement of operation and management, laying a “stable” foundation while accumulating the momentum for “progress”; to achieve “breakthroughs in development” in the following three years, during which the Group shall realize breakthroughs and transformation in performance, innovation, layout and management and control, accelerating the “progress” on the basis of “stability”; by 2035, the Group shall “catch up and surpass”, ranking at the forefront of the international reinsurance industry. Becoming a world-class comprehensive reinsurance group, China Re Group shall reach an industry-leading level in terms of global business layout, refined operation and management, technological support capabilities, professional talent team and global brand influence.
The overall work requirements of China Re Group in 2023 was clarified in the meeting: fully, accurately and comprehensively implement the new development concept, actively assist in building a new development pattern, firmly grasp the top priority of high-quality development, adhere to the general principle of “seeking progress while maintaining stability, enhancing value”, continue to deepen the application of the results of the rectification of problems found in the central inspection, coordinate development and security, and promote the Group’s business development to a new level, embarking on the new journey of the “three-step” strategy from a high starting point.
The meeting demandeda focus on seven aspects in 2023: first, to comprehensively strengthen the Party’s leadership; second, to comprehensively improve the level of serving national strategies; third, to comprehensively advance high-quality development; fourth, to comprehensively promote digital transformation; fifth, to comprehensively expand the development layout; sixth, to comprehensively enhance the construction of the cadre talent team; seventh, to comprehensively build up working style construction and cultural guidance.
Focusing on the operation and management work in 2023, the meeting required that all members of the Group should stand on the current situation while looking towards the future, “shooting three arrows at once” in terms of quality and efficiency improvement, refined management and innovative development. By “ramping up” for 1-2 years, the Group shall lay a solid foundation for development, steadily improve performance, and make a good start for the “three-step” plan. The meeting emphasized that it is necessary to adhere to the operational policy of “stabilizing growth, adjusting structure, controlling risk, and increasing profitability” to better coordinate development and security, and achieve steady growth in premium income and underwriting profit, to make a significant improvement in management level and the continuous enhancement of core competitiveness, taking the first steps during the “ramp up period”. The meeting proposed the business objectives for 2023, and put forward specific requirements for key tasks such as focusing on the promotion of product innovation, building up strategic guidance and business coordination, accelerating digital transformation, strengthening international coordination and management, and further promoting refined operation management.