China Re, the state-owned reinsurance giant of China, has projected an impressive 80% to 100% increase in its net profit for the full year 2024 compared to the previous year. This anticipated growth is attributed to enhanced underwriting practices and improved investment performance.
In 2023, China Re reported a net profit of RMB5,652 million (approximately USD 780 million). Based on the 2024 estimates, the company’s net profit could range from RMB10,173 million (approximately USD 1.4 billion) to RMB11,304 million (around USD 1.56 billion), if the higher end of the projection is achieved. This represents a remarkable year-on-year growth in profitability for China Re.
China Re attributes this positive outlook to its business philosophy focusing on expanding business scale, increasing underwriting profits, and making prudent investments. The company has balanced its efforts between underwriting and investment, leading to continuous improvement in underwriting performance and a year-on-year increase in investment income.
Moreover, the reinsurer has reported a robust start to 2025, with premium income for January reaching RMB6,628 million (approximately USD 914 million). This marks an approximate 10% increase from the RMB6,007 million (around USD 829 million) recorded in January 2024.
