Profits at China Re soar by 40.2% post IPO

China Reinsurance Group (China Re) has posted a 40.2 percent increase in its year-on-year net profit, reporting a net income of Rmb7.68 billion ($1.19 billion) in 2015.

The reinsurer also reported a 9.1 percent increase in its gross written premiums (GWP) for 2015, up to Rmb80.4 billion. This growth in the firm’s profits and GWP last year came despite the fact that it faced what it called complex market conditions.

Its GWP from property/casualty (P&C) reinsurance, life and health reinsurance and primary P&C insurance grew by 2.5 percent, 9 percent and 18.8 percent, respectively, year-on-year. Its net profit from the three key business segments increased by over 40 percent in 2015.

China Re’s weighted average return on equity (ROE) reached a record high of 13 percent also.

The company also completed an initial public offering (IPO) in 2015, further strengthening its capital. Its total equity grew by 29.9 percent to Rmb70.98 billion, compared with the beginning of the year.