Hannover Rück SE Shanghai Branch. Solvency Report Summary 2018 Q1
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1 Hannover Rück SE Shanghai Branch Solvency Report Summary 2018 Q1
2 Solvency Report Summary 2018 Q1 1. Basic information 1.1. Name of Company Hannover Rück SE Shanghai Branch 1.2. Registered Address: Suite , Building 1, Lujiazui Century Financial Plaza, 729 South Yanggao Road, Shanghai, P.R.China General Manager: Lye Fook Kong ( 译名 : 黎福光 ) 1.4. Scope of business and area of operations: Life Reinsurance, includes Reinsurance business within the territory of China; Retrocession business within the territory of China; International reinsurance business. Nonlife Reinsurance, includes Reinsurance business within the territory of China; Retrocession business within the territory of China; International reinsurance business Ownership structure and shareholders List of Top 10 major shareholders at the end of current quarter Order Name of shareholders Actual Investment (in CNY 10,000) Stake (%) Share Class Share Status 1 Hannover Rück SE 130, % Foreign shares Normal Page 1/7
3 1.6. Subsidiaries, joint ventures and affiliates We have no subsidiaries, joint ventures and affiliates in this quarter Basic Information about senior management Name Age Education Title Term start date Qualification approval document number Lye Fook Kong ( 译名 : 黎福光 ) 江瀚 JIANG Johnson 王岩 WANG Yan 44 盛毅 SHENG Sunny 40 Bachelor of Insurance Business Bachelor of Economics Doctor of Economics and Social Sciences Master of Business Administration GM Director of Investment July 31, 2015 June 06, 2015 DGM May 31, 2008 Chief Actuary July 28, 2008 January 4, 2018 DGM Mar 5, 2014 DGM Feb 20, 2017 CFO Sep 21, 2009 CRO Apr 1, 刘晓岚 LIU Helen 37 LLM CCO Aug 28, 2015 CIRC approval [2015] No CIRC International [2008] No.421 CIRC P&C [2008] No. 960 CIRC P&C [2009] No. 684 CIRC P&C [2010] No. 868 CIRC P&C [2011] No CIRC P&C [2012] No. 898 CIRC approval [2014] No.195 CIRC approval [2017]No. 130 CIRC Accounting [2009] No.952 CIRC approval [2015]No. 879 Tenure and part-time status in the related party and other units 项宇 XIANG Master of Chief January 5, CIRC approval 41 Karry Economics Actuary 2018 [2017]No Note: On January 5 th, 2018, the Branch submitted report to CIRC (Hannover Re [2018] No.6) to appoint Mr. Karry Xiang as Chief Actuary of the Branch, meanwhile removing Mr. Johnson Jiang from the position of Chief Actuary Contact person for solvency information disclosure Name: 盛毅 SHENG Sunny Tel: Mobile: Fax: sunny.sheng@hannover-re.com Page 2/7
4 2. Main indicators 2.1. Solvency ratio indicators (CNY; %) Name of indicator Current quarter Last quarter Core solvency surplus 1,251,188,425 1,184,369,455 Core solvency adequacy ratio 225% 215% Comprehensive solvency surplus 1,251,188,425 1,184,369,455 Comprehensive solvency adequacy ratio 225% 215% 2.2. The latest comprehensive risk rating According to the requirements from CIRC Notice of Data Preparation for the Solvency ǁ Risk Comprehensive Rating for 2017Q4 (Cai Kuai Bu Han [2018] No.16), we completed the reporting for 2017Q4 Risk Comprehensive Rating. We received the notice in April 2018 which announced that we were classified as A-level in the Risk Comprehensive Rating (Classified Regulation) for 2017Q Business Indicators (CNY) Name of indicator Current quarter Last quarter Insurance business income 1,921,501,001 1,309,820,421 Net profit -1,526,251-13,245,811 Net assets 1,495,433,845 1,452,807, Actual capital (CNY) Name of indicator Current quarter Last quarter Admissible assets 25,625,860,782 27,273,258,741 Admissible liabilities 23,372,334,675 25,061,739,690 Actual capital 2,253,526,107 2,211,519,051 Including: Core tier 1 capital 2,253,526,107 2,211,519,051 Core tier 2 capital - - Supplementary tier 1 capital - - Supplementary tier 2 capital - - Page 3/7
5 4. Minimum capital (CNY) No. Name of indicator Current quarter Last quarter 1. Minimum capital 1,002,337,682 1,027,149, Minimum capital for quantitative risk 1,023,420,137 1,048,753, Minimum capital for Nonlife insurance risk 601,180, ,105, Minimum capital for Life insurance risk 266,357, ,815, Minimum capital for Market risk 162,279, ,229, Minimum capital for Credit risk 474,466, ,348, Correlation 480,863, ,744, Loss absorbency of specific insurance contracts Minimum capital for control risk -21,082,455-21,604, Supplementary capital The latest two comprehensive risk ratings (classified regulation) The Risk Comprehensive Rating (Classified Regulation) for 2017Q3: A-level. The Risk Comprehensive Rating (Classified Regulation) for 2017Q4: A-level. 6. Risk management requirement and assessment 6.1. The latest SARMRA assessment result Items Score SARMRA result Including: Risk management foundation and environment Risk management targets and tools 7.40 Insurance risk management 8.46 Market risk management 8.51 Credit risk management 8.16 Operational risk management 8.28 Strategy risk management 8.51 Page 4/7
6 Reputation risk management 8.87 Liquidity risk management Risk management execution framework Hannover Re Shanghai Branch is subject to the Hannover Re Group s risk strategy and risk management framework. Our current corporate strategy encompasses ten guiding principles that safeguard the realization of our vision Creating value through reinsurance across the various divisions. The following principles of the corporate strategy constitute the key strategic points of departure for our Hannover Re Group-wide risk management: We manage risks actively. We maintain an adequate level of capitalization. We are committed to sustainability, integrity and compliance. The risk strategy is derived from our corporate strategy. It forms the core element in our handling of opportunities and risks. The risk strategy specifies more closely the goals of risk management and documents our understanding of risk. We have also defined overriding principles within our risk strategy: We adhere to the risk appetite set by the Executive Board. We integrate risk management into value-based management. We promote an open risk culture and the transparency of our risk management system. We fulfil regulatory requirements. We fulfil the requirements of rating agencies. We act in light of materiality and proportionality considerations. We make balanced use of both quantitative and qualitative methods. We ensure the independence of the risk management function. The risk strategy is similarly specified with an increasing degree of detail on the various levels of the Branch. The risk strategy, risk register and central system of limits and thresholds as integral components of our Risk and Capital Management Guideline are reviewed at least once a year. In this way we ensure that our risk management system is kept up-to-date. We manage our total enterprise risk such that we can expect to generate positive Group net income with a probability of 90% p. a. and the likelihood of the complete loss of our economic capital and shareholders equity does not exceed 0.03% p. a. These indicators are monitored using our internal capital model and the Executive Board is informed quarterly about adherence to these key parameters as part of regular reporting. The necessary equity resources are determined according to the requirements of our economic capital model, regulatory parameters, the expectations of rating agencies with respect to our target rating and the expectations of our clients. Above and beyond that, we maintain a capital cushion in order to be able to act on new business opportunities at any time. The internal target capitalization of the Hannover Re Group is therefore significantly higher than the minimum confidence level of 99.5% required under the European Solvency II regime. The Hannover Re Group is subject to European Solvency II requirements. In addition, Hannover Re Shanghai Branch is regulated according to the China Risk-oriented Solvency System. Page 5/7
7 6.3. Measures to improve risk management and progress To improve our comprehensive risk management capability in accordance to the relevant requirements set out in The insurance company solvency regulation no.11: solvency risk management requirements and assessment, we made the following progress in the risk management area: CIRC implemented the on-site review to Shanghai Branch in Aug 2016, according to CIRC Notice of 2016 SARMRA reviewing result (Cai Kuai Bu Han [2017] No.328), our SARMRA score for 2016 is According to CIRC Notice of 2017 SARMRA review (Bao Jian Cai Kuai [2017] No.156), Shanghai Branch is not included in the 2017 SARMRA review scope. Thus, the Branch will continue using the 2016 SARMRA score to calculate the minimum capital for control risk. During this quarter, risk management team conducted review for the risk management procedures and risk management policies for year Since the departmental structure has been adjusted in Shanghai Branch early this year, we updated the procedures and policies accordingly. This ensures us to be well prepared for the SARMRA assessment starting next quarter. This quarter, a risk management training was conducted for all of the staff in the Branch. The exercise aims to enhance staff's understanding of the C-ROSS framework. Key focus of the training was the Branch's solvency & capital position and review for 2017 SARMRA assessment. This training was intentionally done to demonstrate to the staff how their work can affect the solvency position of the Branch and to reinforce their awareness in risk management matters. In addition we also shared with the staff the latest financial insurance regulatory environment and important financial policies recently announced to enhance the risk awareness for our staff. Besides, according to the review and comments for the implementation of 2017 strategy and planning on the senior management meeting, the risk management team has started the assessment for the implementation of 2017 strategy and planning. The assessment report will be submitted to regulator by the end of April. Our Branch's risk management team will continue to monitor the progress of all risk management improvement measures; provide timely information and follow up actions; ensure the soundness of the risk management system; support the effective implementation of risk management works in both the business areas and company governance; strengthen the Branch's awareness of risks it faced and its risk management capabilities especially in the area of solvency risk management. 7. Liquidity risk 7.1. Liquidity risk regulatory items(cny; %) Items This quarter Net cash flows 11,780,688 Consolidated liquidity ratio Within 3 months 104% Within 1 year 105% Above 1 year 117% Liquidity coverage ratio Page 6/7
8 Stress Scenario % Stress Scenario % Liquidity coverage ratio on separate accounts of investment-linked insurance business Not applicable 7.2. Liquidity risk analysis and coping measures Changes on liquidity risk regulatory items In this reporting period, the net cash inflow is around CNY 12 million (total net inflow of CNY 12 million this year). Amongst which, net cash inflow from operating activities is about CNY 302 million and net cash outflow from investment activities is about CNY 290 million. For the consolidated liquidity ratio, the total asset is larger than total liability. The consolidated liquidity ratio within each period continues to be at a reasonable level, showing that our consolidated liquidity is safe and sound. The Branch s investment assets are of high quality. Under the stress scenarios 1 and 2, the coverage ratios are 1525% and 1778%, respectively, indicating that the Branch s liquidity coverage is more than adequate Analysis on the difference between reporting periods, coping measures and target of improvement In this reporting period, net cash outflow from investment activities is around CNY 290 million, which is mainly due to reinsurance premium received during this quarter being invested in bonds. Cash item (current deposit) in the statement of cash flow is about the same as last quarter, maintaining at an appropriate level. Consolidated liquidity ratio and liquidity coverage ratio continues to be at a reasonable level for this reporting quarter. 8. Regulatory measures taken by regulatory authorities against the company 8.1. Regulatory measures taken by the CIRC against the company No regulatory measures were taken by the CIRC against the company in the reporting period Rectification measures adopted by the company and information about implementation Not applicable. Hannover Rück SE P.O. Box , Hannover, Germany Supervisory Board Herbert K. Haas/Chairman Executive Board Ulrich Wallin/Chairman, Sven Althoff, Claude Chèvre, Jürgen Gräber, Dr. Klaus Miller, Dr. Michael Pickel, Roland Vogel Registered Office Hannover, Commercial Register Hannover, HRB 6778 Page 7/7
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