Industry News | China Banking and Insurance Regulatory Commission supports foreign reinsurance companies to set up institutions in China and actively promotes high-level opening of the insurance industry to the outside world

Founded in 1986 and headquartered in Madrid, Spain, Manfrot Reinsurance is a global professional reinsurance company, mainly engaged in life and non-life reinsurance business. Since the 1980s, Manfort has actively participated in China's reinsurance market, and has cooperated with many domestic insurance companies in reinsurance business. It has a good foundation for business development and cooperation. Maintain a positive outlook and strong confidence.

In recent years, China's reinsurance market has maintained a good momentum of development, and foreign reinsurance companies have become a solid force in China's reinsurance market. First, the scale of premiums and market share have both increased. In 2021, the reinsurance premium income of foreign reinsurance companies will reach 66.7 billion yuan, and the market share will reach 35%, maintaining a continuous growth trend. The second is the continuous improvement of profitability. Under the combined influence of the new crown epidemic and natural disasters, foreign reinsurance companies will realize a net profit of 1.4 billion yuan in 2021, a year-on-year increase of 23%, achieving a rise against the trend. The third is to further enhance the capital strength. In 2021, foreign-funded reinsurance companies will increase their registered capital by a total of 4.62 billion yuan, laying a solid foundation for further development of China's reinsurance market.

In the next step, the China Banking and Insurance Regulatory Commission will thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council on promoting the formation of a new pattern of comprehensive opening up, support foreign reinsurance institutions to actively participate in the construction of my country's reinsurance market, and continuously improve the degree of diversification, specialization and internationalization of China's reinsurance. Promote the realization of a higher level of opening to the outside world.