China Reinsurance (Group) Corporation (CHINA RE) released the unaudited first-quarter 2026 financials of its wholly owned subsidiary, China Life Reinsurance Co., Ltd. (China Re Life), as required following the earlier issuance of RMB5.00 billion in capital-supplementary bonds.

Financial position as at 31 March 2026 • Total assets reached RMB246.04 billion, underpinned by a sizeable investment book that includes RMB60.83 billion in trading financial assets, RMB59.23 billion in other debt investments and RMB24.62 billion in debt investments. • Cash and short-term time deposits were RMB3.80 billion; time deposits added a further RMB14.09 billion. • Reinsurance contract assets amounted to RMB40.83 billion, while long-term equity investments stood at RMB16.33 billion. • Total liabilities were RMB223.07 billion. Key items comprised RMB150.08 billion in insurance contract liabilities, RMB41.04 billion in financial liabilities held for trading and RMB18.76 billion in securities sold under agreements to repurchase. • Owners’ equity closed the quarter at RMB22.97 billion.

Profit and loss for the three months to 31 March 2026 • Operating income was RMB2.48 billion, driven mainly by insurance revenue of RMB2.16 billion and investment-related income of RMB1.67 billion. • Operating expenses totalled RMB2.94 billion, of which insurance service expenses accounted for RMB1.88 billion and finance expenses on insurance contracts for RMB0.79 billion. • The mismatch between income and expenses resulted in an operating loss of RMB459.07 million and a pre-tax loss of RMB459.84 million. After a tax credit of RMB208.51 million, the net loss stood at RMB251.33 million. • A positive swing in other comprehensive income of RMB456.57 million lifted total comprehensive income to RMB205.24 million for the period.

Regulatory disclosure Consistent with bond covenant requirements, China Re Life will publish its detailed solvency report on the China Money and Shanghai Clearing House websites. Key solvency indicators for the first quarter of 2026 will also be made available on the HKEX and CHINA RE corporate websites. Shareholders and investors are advised to interpret the unaudited figures with caution.