China’s insurance market in 2019 was featured by transformational reform and deepening adjustment as the macro economy and insurance industry accelerated their transition to the mode of high-quality development. In line with China Re Group’s strategy of “Platform-oriented, Technology-driven and Globalization-focused”development, we actively fulfilled our responsibilities as China’s national reinsurer.
The Company realized total written premiums of RMB 31.44 billion through enterprising efforts and innovations. We maintained our leading position in the domestic market with steady growth and made major breakthroughs in the international business expansion. We continued to optimize our business portfolio and enhanced our profitability.
In the past year, we focused on high-quality development and made remarkable progress in some strategic moves including improvement of capabilities to serve national strategies as well as insurance industry development, enhancement of the top-level management and control model of our international operations, efficient integration of Chaucer Insurance Group and further transformation of our business model. We continuously focused on business innovation and digital transformation. As a result, innovation has become a new driver for our business growth and a booster of our competitive advantage and sustainable development. The commercial use of our proprietary earthquake catastrophe model meant a great leap in the Company’s high-tech application.
China Re P&C will strive to make new achievements by exerting unremitting efforts in 2020. The Company will follow the operating guidance of “Growth Sustainability, Portfolio Optimization and Profitability Enhancement.” On the one hand, the Company will actively participate in the national development undertakings, continue to build China’s reinsurance eco-system, upgrade the innovation of products and services as well as the management and operation models. On the other hand, we will accelerate our digital transformation and continue to expand our international footprint, enhance our risk management capabilities and build a pool of reinsurance professionals with global vision. With all these efforts, we believe the Company’s high-quality development will be promoted to a higher level.