China Financial Insurance (02328) announced that on December 29, 2023, the company signed a reinsurance framework agreement with Human Insurance Reinsurance. According to this agreement, the company agreed to distribute premiums and collect processing fees from Human Insurance Reinsurance, and Human Insurance Reinsurance agreed to distribute premiums and collect processing fees from the company.
As a property insurance company, the company reinsures part of the covered risk to reduce risk. Human Insurance Reinsurance was jointly initiated by the China People's Insurance Group and the company. It is the fourth Chinese-owned corporate reinsurance company established in China. The Company has concluded this agreement with Human Insurance Reinsurance to achieve the purpose of risk diversification and stable operation. In view of the above pricing policy, the Board of Directors (including the independent director) believes that transactions under this agreement are carried out in accordance with general commercial terms in the company's daily business, that the terms of this agreement and the recommended maximum age limit are fair and reasonable, and conform to the overall interests of the company and shareholders.