China Re, the country’s state-owned reinsurance company, reported a net profit of RMB 11,080,440 million (USD 1.53bn) for the year ended 31 December 2024, marking a roughly 91% increase from RMB 5,790,593 million (USD 797m) recorded the same period a year prior.
This increase aligns with China Re’s estimate released last month, which projected an 80% to 100% year over year increase in net profit, driven by improved underwriting and investment performance.
China Re also reported insurance revenue of RMB 101,363,282 million (USD 13.9bn) for 2024, up from RMB 99,755,335 million (USD 13.7bn) in 2023.
Interest income rose slightly to RMB 9,234,723 million (USD 1.3bn) from RMB 9,129,703 million (USD 1.26bn) the previous year.
Investment income totalled RMB 6,831,989 million (USD 941m), a notable difference from a loss of RMB 1,280,368 million (-USD 176m) in 2023.
The company recorded an exchange loss of RMB 341,763 million (-USD 46m) for the year, compared to an exchange gain of RMB 673,591 million (USD 93m) in 2023.
Other income amounted to RMB 1,044,685 million (USD 144m), down from RMB 1,116,610 million (USD 154m) year over year.
Overall, total income stood at RMB 118,132,916 million (USD 16.3bn), a rise from RMB 109,394,871 million (USD 15.1bn).
China Re’s insurance service expenses totalled RMB 94,751,279 million (USD 13.1bn), up from RMB 91,092,334 million (USD 12.5bn) .
Amounts recoverable from reinsurers rose significantly to RMB 8,945,012 million (USD 1.2bn) from RMB 5,868,447 million (USD 808m).
Total insurance service expenses and other costs amounted to RMB 106,313,104 million (USD 14.6bn) in 2024, compared to RMB 105,029,381 million (USD 14.5bn) in 2023.
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