China Re Projects Significant Profit Growth for 2024
China Re, the state-owned reinsurance giant, has confidently forecasted an impressive increase in its net profit for the year 2024, estimating growth between 80% and 100% compared to the prior year. This anticipated surge is attributed to enhanced performance in both underwriting and investment activities.
For the year 2023, China Re reported a net profit of RMB5,652 million (approximately USD 780 million). Looking ahead, the reinsurer’s net profit for 2024 is projected to reach as high as RMB11,304 million (around USD 1.56 billion) or a more conservative estimate of RMB10,173 million (about USD 1.4 billion), reflecting substantial annual growth.
Regardless of the final outcome, this growth trajectory is noteworthy for China Re. The company attributes this success to its steadfast business philosophy of “expanding business scale, increasing underwriting profits, and making prudent investment.” By maintaining a balanced focus on underwriting and investment, China Re has seen continuous improvement in underwriting performance alongside year-on-year investment income growth.
In addition to these projections, China Re has reported a promising start to 2025, with premium income for January reaching RMB6,628 million (approximately USD 914 million). This represents a robust 10% increase compared to January 2024, during which premium income was RMB6,007 million (around USD 829 million).
