On 31 August, A.M. Best, a globally renowned rating agency focusing on the insurance industry, issued its Market Report on Global Reinsurance Outlook. According to the report, in terms of both gross premiums and net premiums of reinsurance in 2020, China Re Group ranked the sixth largest reinsurance group in the world. In other words, the ranking of China Re Group moved up from the seventh to the sixth, further elevating its position in the global reinsurance market and international influence.
Since its first appearance in the A.M. Best’s ranking of the global reinsurance groups in 2010, China Re Group has continuously moved up along the ranking by virtue of its outstanding operating results. In 2018, China Re Group surpassed Reinsurance Group of America (RGA) when it advanced from the eighth to the seventh position. In 2020, China Re Group’s reinsurance gross written premiums and net written premiums reached US$16,665 million and US$15,453 million, respectively, representing double-digit year-on-year growth, surpassing Lloyd’s to secure the sixth place in the world.
China Re has received A.M. Best’s “A” rating for 11 consecutive years. The excellent rating reflects China Re Group’s “very strong” balance sheet strength, good operating performance and appropriate enterprise risk management level, as well as China Re Group’s unique position as the only state-owned reinsurance group in China.