Under the effective leadership of China Re Group’s Party Committee and Board of Directors, China Re P&C actively responded to the call of national policies and implemented China Re Group's "One-Three-Five" Strategy in 2019. In line with the Group’s strategy of "Platform-oriented, Technology-driven and Globalization-focused" development, we followed the operating guidance of “Growth Sustainability, Portfolio Optimization, and Profitability Enhancement” to achieve high-quality business development, strengthen the driving force of technology and accelerate innovative transformation. Our business operation and management continued to improve with better results.
During the past year, we maintained our leading position in the domestic market. In addition to solid growth in our traditional lines of business which we are strong at, we strove to optimize our business portfolio and explore new drivers for business growth. Innovative lines of business such as IDI, prototype equipment and A&H insurance began to manifest great growth potential.
Our globalization strategy also gained new momentum. With the integration of Chaucer Insurance Group as the theme, we improved the top-level management and control model of our international operations, accelerated our overseas expansion and strengthened management of various international business platforms.
Our ability to serve the national strategies and insurance industry development was steadily enhanced. In implementing our platform-oriented development strategy, we upgraded two platforms, i.e. the catastrophe management platform and the "Belt and Road" platform, and launched our proprietary "China Earthquake Catastrophe Model 2.0" which has been put into commercial use.
We made great progress in the application of science and technology. Centering on the "Insurance + Technology" strategy, we accelerated digital transformation and developed the dual platforms of "Data + Business”. We stepped up the application of blockchain technology and developed the world's first nuclear insurance pool? alliance chain named " Nuc·Star " which has been applied in the insurance-reinsurance blockchain transaction platform.
We have contributed to pandemic control with our reinsurance capabilities. Since the beginning of 2020, Covid-19 has spread globally and the world economy has been under tremendous downward pressure. The Central Committee of the Communist Party of China and the State Council have attached great importance to the pandemic control and implemented precise measures. At present, China’s domestic situation has largely stabilized and production resumption is progressing well. We have taken strict measures to prevent the pandemic spread. We have also assisted production resumption by providing reinsurance coverage for over 20 million volunteers across the country for their anti-pandemic work and to thousands of enterprises for their production resumption.
2020 is the last year for China’s 13th?Five-Year Plan and the building of a moderately prosperous society in an all-round way. We will strengthen our strategic planning, work out a scientific “14th?Five-Year Plan”, accelerate the integration and application of technology in insurance, and enhance innovation as a new driver of the Company’s development. Looking into the future, we will join efforts and strive to make fresh progress in the Company’s high-quality business development with confidence, collaboration and dedication.