china reinsurance (hong kong) company limited (“china re hk”), was incorporated in december 2019, which is a professional life and health reinsurance company under china re group and provides comprehensive risk coverage and customised reinsurance solutions in asian and global markets.
its parent company, china life reinsurance company ltd. (“china re life”), is a wholly-owned operating subsidiary of china re group and the sole company focusing on operating life reinsurance business within the prc, which provides reinsurance coverage for hundreds of millions of life and health insurance policies each year. china re life ranks 1st in terms of domestic market share and ranks 7th in the world, and it has been given “a” rating by standard & poor’s and a.m. best for its financial strengths for eight consecutive years. china re life pioneered in cross-border rmb business in 2010, realised cross-border reinsurance settlement with rmb for the first time, which filled the gap in hong kong insurance market for rmb products and made important contribution accelerate the process of rmb internationalization. to date the amount of cross-border rmb reinsurance settlement has exceeded rmb40 billion.
china re hk is the first domestic insurance company approved by china banking and insurance regulatory commission (cbirc) to be established in hong kong. china re hk will make good use of the risk coverage, technical services and financial facilities functions of life reinsurance, actively serve china’s “belt and road initiative”, development of the guangdong-hong kong-macao greater bay area and rmb internationalization strategy, and contribute to the stability, prosperity and development of the life insurance industry in hong kong and mainland china.