AM Best [4] has confirmed the A (Excellent) financial strength rating (FSR) and "a+" (Excellent) long-term issuer credit rating (long-term ICR) of China Re and its subsidiaries. The outlook is stable.
The agency's decision is based on the Chinese reinsurer's strong balance sheet, sound enterprise risk management, commercial profile and adequate operating performance. For the record, China Re [5] has ended the 2022 financial year with a turnover of 169.76 billion CNY (24.5 billion USD).
The reinsurer's turnover for the first half of 2023 stood at 48.465 billion CNY (6.68 billion USD), up by 16.39% compared with the 41.639 billion CNY (6.21 billion USD) recorded in the first half of 2022. Over the same period, the net result jumped by 465% to 2.067 billion CNY (285.17 million USD).