Respectful investors, distinguished analysts, friends from the media, good afternoon. Welcome to China Re (Group)'s 2024 interim result announcement. I am the moderator for today's session. I am the Vice President and Board Secretary of China Re. First and foremost, let me introduce you the distinguished guests who are joining us today. They are Mr. Zhuang Qianzhi, the President of China Re; Mr. Tian Meipan, Assistant President and the Chief Actuary of China Re, President of China Re Life; Mr. Wang Zhongyao, President of China Re P&C; Mr. Li Xiaomin, President of China Continent Insurance; and also Mr. Li Wei, President of China Re Assets. For this time's result announcement, it is going to be divided into two parts. The first part, we are going to invite the management to introduce you the internal results, and Mr. Zhuang is going to introduce you a general overview of the performance.
Mr. Wang Zhongyao, Mr. Tian Meipan, and also Mr. Li Xiaomin, and also Mr. Li Wei is going to give you their different sectors and their performances. The second part is going to be the Q&A sessions. The management is going to answer your questions and give you an open floor. This time's result announcement is only open up for the questions online. Please press star button one. We are going to give the floor to Mr. Zhuang Qianzhi.
Respectful investors, distinguished guests, friends from the media, good morning, and also good afternoon. Welcome to attend the 2024 interim result announcement. In the first half of the year 2024, facing the unprecedented economic situations and also the daunting development task, China Re is working to develop a world-class reinsurance group and also trying to pursue the steady and fast growth, and value comes first. We are trying to working on the undertaking performances while pursuing the high-quality development. Now I'm going to give you a results overview from the strategic development as well as the comprehensive performance. First, the comprehensive performance has seen an overall investment from the major indicators. In the first half of the year 2024, we have a consolidated insurance revenue of the group of RMB 51.78 billion, growing by 6.8%.
The consolidated gross written premiums of the groups is RMB 100.412 billion. The net profit attributable to the equity shares of the parent company is RMB 5.727 billion. Annualized ROE is 11.85%, that is 7.39 percentage points growth. Total assets is RMB 474 billion. That is 3.2% growth. Total equity, RMB 107 billion. That is 5.2% growth compared with last year. We are also continuing to pursuing the overall profitability structure. The undertaking profit has seen a record high, along with a significant increase in the investment income. In the first half of the year 2022, the group's consolidated underwriting profits continued to improve from a record high last year. The underwriting profit is seeing a 30% growth year- on- year. For the different business segments, it achieves underwriting profit, among which domestic P&Cs and overseas P&Cs is seeing a 99.49% and 89.09%.
The L&H reinsurance protection type business is registered at 96.6%. That is 0.75 percentage points downward. While the premium P&C insurance is seeing a 99.86%. That is 1 percentage point downward. We are also working on a steady, fast investment strategies. We have seen a rapid growth in terms of investment income. In the first half of the year 2024, the total investment income is registered at RMB 9.647 billion. That is 172.6%. The annualized total investment yield is growing by 1.11 percentage points. Benefited by the markets, we have registered the profitabilities, while the net profit attributable to the equity shareholders of the parent company is growing by 184.6%. The analyzed ROE is growing by 7.36 percentage points to 11.85%. We have always continued to improve our risk management policies and risk appetite systems.
In the first half of the year 2024, the solvency is adequate. While China Re's P&C is 249%, China Re Life is 212%. China Continent Insurance is 280%. The group consolidated number is 184%. We have remained S&P global rating financial strengths of A and stable outlook of AM Best Financial Strengths rating of A and stable outlook. There is no additional significant risk event during the first half of the year, and the overall risk of the group was controllable. We are continuing to improve our risk management policies. Second, we are always serving our national policy rules. China Re has always been focusing on the leading roles in the fields within the five-year priorities for the high-quality development of the financial industry. We are also serving the national key insurance as well as providing the high-quality development of our nation.
In the first half of the year 2024, China Re is also serving the key areas of the national strategies and providing RMB 140 trillion facilitating the healthcare insurance systems and other small and medium-sized enterprises. First, we play a leading role in the fields within the five priorities for high-quality development of the financial industry. In the field of finance and technological finance, we raised the first demonstration clause for the third-party liability insurance for the unmanned aerial vehicles in China. In the green financial sectors, we participated in the establishment of the China Green Ship Insurance Pool . The numbers of nuclear power units China Nuclear Insurance Pool has underwriting hit the second in the world.
For the inclusive finance, we provided a series of the inclusive insurance products such as comprehensive protection for the flexible employment scenarios, exclusive liability insurance for small and micro-enterprises. In terms of the elder caring finances, we innovated new products such as disability incomes, loss insurance, and elderly accident insurance to promote the upgrade of the health risk protections. For the digital finance sectors, we developed the region's new energy vehicle insurance pricing and risk control models, upgraded retail comprehensive agricultural insurance technological platforms. Second, we have supported national strategies for addressing climate change.
We established a working mechanism for addressing the climate change, and we studied and formulated an action plan and roadmap to address the climate change. We innovate new models of the meteorology plus insurance, jointly with the China Meteorological Administration, to address climate change and explore new functions of insurance in diversifying and transferring meteorological disaster risk. We undertake pressure testing for the psychological risk in addressing climate change encountered by the central banks and explore the path to control the climate change. Thirdly, we supported the creations of the catastrophe insurance protection system and reinsurance market development. We have independently developed catastrophic vehicle models for earthquakes, typhoons, and floods in China. Most of these indicators are better than a similar product worldwide. We have deeply involved in 19 pilot projects for catastrophe insurance across the country, acting as the chief reinsurer in more than 80% of the project.
We also supported the first comprehensive catastrophic insurance that covers all disaster types and has wide coverage and longer durations and serves as the chief reinsurer. The Shanghai Reinsurance Operation Center of China Continent Insurance officially commenced operation and insured its our first insurance policy. We are fully support the Shanghai Reinsurance Operation Center. Thirdly, the core competitiveness continue to consolidate. We are working on the business mechanism for innovation, optimizing the rules of positioning of the strategic customer department to enhance the collaborative innovation capacities in serving customers. We are performing an important innovation business operates review method to improve the management capacities in dealing with the insurance risk. We reiterated and operate the catastrophic portfolio risk management platforms and extending the management of pricing capacities of a catastrophic risk from the reinsurance business to the primary insurance business.
We plan to cover both development business and overseas business overall. We are also develop a three-year plan for the digitalizations of the reinsurance sectors in China. We accelerated the constructions of the key product in the data, mid, end, and business platforms to improve the decision-making capacity supported by the data. Fourthly, we are also advancing our global strategies. We are fully leverage the rules of the Overseas Development and Management Committee to strengthen comprehensive supervision and management of the significant matters in overseas institutions. We improve the management systems of the overseas institutions, enhance the overseas risk monitoring, and continuously optimizing the control systems of the overseas institutions. We convened a strategic seminar for overseas institutions, increased training and exchanges of the personnel between domestic and overseas institutions, and strengthen the synergies between domestic and overseas business.
In the first half of this year, 2024, we have constructed improvements in overseas business qualities. The proportions of the gross written premiums for overseas business of the group is registered at 80.4%, while the performance of the [P&C] has been doubled. Now I'm going to give to the different sector management to give you the introductions to the business. Now, I'm going to give the floor to Mr. Wang Zhongyao, who's going to give you a brief introduction to our China Re P&C.
Dear investors, dear friends from the media, good afternoon. I'm going to introduce you the performance of the P&C sectors. The domestic P&C reinsurance has registered a rapid growth in revenues, remaining stable in underwriting results. The insurance revenue is also seeing a rapid growth. In the first half of this year, the insurance revenue is registered at RMB 12.477 billion. That is increase of 24.9%. The reinsurance premiums is registered at RMB 29.192 billion and affected by the accounting methods. The treaty reinsurance business is registered at RMB 20.09 billion, while the facultative reinsurance business is registered to 1.099%, and it is a very stable performance. The compound ratio is at around 99.47%. The major sector has developed quite rapidly. The total revenues about the premiums of the major lines in the motor sectors is registered at RMB 6.075 billion, that is a 0.1% increase.
The commercial properties is seeing a total revenue of RMB 4.39 billion. That is an increase of 50.7%. The liabilities is seeing a registered growth of about RMB 3.8 billion. That is 19% growth. We are also working on the strategic pillar industries in China, and we are also promoting the emerging business lines from a comprehensive perspective. We are working on the technologies, digitalizations, and also the platforms. The reinsurance premiums for the emerging lines is seeing a growth of RMB 1.709 billion, among which the catastrophic insurance and the construction sector is seeing a very rapid growth. Let me introduce you the overseas P&C reinsurance. In the first half of the year 2024, we are going to seize the opportunities for the business cycles to drive rapid growth in revenues. We are grabbing the new opportunities for the insurance revenues.
The overseas business sector is registered at RMB 10.942 billion. That is an increase of 10.2%. The reinsurance premiums is registered at RMB 16.331 billion, that is an increase of 17.3%. The [P&C] business is registered at RMB 30.52 billion. That is increase of 21.1%. The other business sectors are also seeing a RMB 2.8 billion. In the first half of this year, the total overseas business is seeing a growth of 0.64 percentage points to 89.09%. The total sector of business is seeing a growth of 4.56 percentage points. That is an increase of 87.22%. The other overseas business is seeing a 8.21 percentage point growth into 96% point. We are going to give floor to Mr. Tian Meipan, Chief Actuary of the China Re (Group) to give you the introductions.
Dear investors, dear analysts, I'm going to introduce you the L&H sectors. The first half of the year 2024, seeing us to proactively promoting the business transformations and maintaining a reasonable underwriting schedules. The insurance revenue is seeing a RMB 5.86 billion, while the reinsurance premiums is seeing a RMB 58.86 billion. The reinsurance premiums by the lines of the business is seeing a very typical growth. Facing the unprecedented new situations in domestic and abroad, we are promoting the transitions of our business sectors, and we are also working on the China Re and the age. The domestic protection type of the business is also growing quite rapidly.
The strategic development in the domestic protection type of the business means that we are going to innovate into the different business sectors. In order to work together with the premium type of this business, and we are also grabbing the real opportunities for the domestic sectors. We also better manage the asset liability, focusing on the cost controls. The domestic saving type business is registered at RMB 10.39 billion, and we are also working on the business opportunities where we are seeing the domestic financial reinsurance business registered at RMB 9.1 billion. The overseas business revenue premium is registered at RMB 2.1 billion.
At the same time, we are optimizing the protection-type business structures with the continuous improvement in the underwriting results. In the first half of the year 2024, we are seeing a reinsurance premiums mix up with the protection-type business, where the protection type of the medical insurance and the RIT business is seeing a 5.3% growth. We have different key areas, seized opportunities from key customers, and the main product promoted product iterations and innovations via innovations. We are also continuing to promote the industrial integrations and innovations and carry out innovation payment operations around internet, out-patient insurance, special medicines, chronic disease management, and other fields, realizing normalized underwritings of the profitable business. The underwriting result of the protection type of the business is declined from 98.2% from the year 2022 to 96.6% in the year 2024.
While the underwriting profit is growing from RMB 22.1 billion- RMB 3.6 billion. This is a brief introduction toward the L&H sectors. Now we are going to give the floor to Mr. Li Xiaomin to give us a brief introduction toward the performance of the China Continent Insurance.
Dear investors, dear analysts. I'm going to take over from here to introduce you the steady growth of the revenues and turnaround from the losses to profit in underwriting results. In the first half of the year 2024, the total insurance revenue we registered is RMB 23.1 billion. That is the increase of 2.6%. The primary premiums is at RMB 28.09 billion. That is the increase of 1.2%. The motor line is registered at RMB 12.86 billion, an increase of 3%, and the non-motor line is 13.22%, that is - 0.3%. We are also seeing a combined ratios has been declined from 103% - 99.86%. We are also transforming the economic performance. In terms of this motor line rate of the insurance, the quality improvement of the motor line is registered at 96.6%. We have always seek to the target, and we are always trying to optimizing the results.
We are also actively renew the results. In the household vehicles, the total renewed rate of the household vehicles, 96.5%. The proportions of the premiums of household vehicles is 62.6%. We are also seeing the numbers of the household vehicles underwritten by 2.3%. The stable development of the non-motor lines, where we are seeing the primary premiums of the agricultural insurance registered at RMB 1.3 billion, RMB 1,333 million. That is an increase of 30.1%. The primary premiums of the surety insurance is at RMB 1,334 million. That is a decrease of 41%. This above mentioned is the business performance of this P&C insurance. Now we are going to give the floor to Mr. Li Wei to give us a brief introduction toward the asset management side.
Dear investors, dear analysts. I'm going to introduce you the asset management side of the China Re Asset. In the recent few years, the external environment is very turbulent. The global economy is seeing a higher risk for inflation, while the geopolitical complex is posing more threats to our overseas environment. We are also working on the high-quality development while we are lacking the investment. In the first half of the year, A-share market and H- share market is demonstrating a structural resilience. There are constant growth of the investment asset and the prudent asset allocations. Facing this complicated situations, we have decided that the investment should be based on the stabilities, and we should also grab the opportunity from the market, optimizing our investment portfolios, as well as grab the real investment opportunities.
By the end of June 30th, the total investment asset of the group is registered at RMB 361.10 billion. That is a 4.5% growth. While we have keep a very steady investment, we are also better allocated assets. Working on the fixed assets income is registered at 86.5%. Equity and investment fund is accounting for 60.4%. In terms of the fixed income investment, the domestic investment is occupying for the dominated and long-term investment, and we are also keeping a very reasonable leverage ratios and trying to optimizing the position structures. We are also working on the investment and the fund investment mix. For the overseas investment, we are also trying to grab the rare opportunities and working on the medium and the long-term investment.
In terms of this domestic investment in the investment funds, we are trying to master the opportunities of a high yield since the beginning of the year and increase the investment in the long-term bonds. We strengthen the liquidity management and maintain appropriate leverage to maintain stable returns. We continue to optimize these credit structures of the position. We are also using the method to combine the funds together with the direct investment in order to fulfill the potentials. Our analyzed total investment yield is 4.6%, that's an increase of 1.1 percentage point. The analyzed net investment yield is 3.9%. The long-term investment is very stable. The equity investment has underperformed the market. Domestic stock comprehensive investment yield exceeded the CSI 300 benchmark by 1,600 basis points.
The overseas stock comprehensive investment yield exceeded the Hang Seng Index benchmark by 800 basis points. The above mentioned is a result of the asset management side. Now I'm going to give the floor to Mr. Zhuang Qianzhi to give you the outlook about the future investment.
Now I'm going to introduce you the future outlook. From the general performance, we have the above mentioned judgment. First, we are going to deepen the reform as the main theme of the microeconomic policies. We are going to deepen the reforms and working on the comprehensive development. Second, the domestic insurance market is at a critical stage of the transformations and upgradings. The insurance industry has a promising future, but in the transitional stage, if the result cannot be servicing the industries, it's also going to be a double-edged sword. Third, the landscape of the international insurance market continues to be evolving. Geopolitical conflict means all of us should keep our eyes about these results.
Facing these new situations and new changes, China Re is going to be continuing to work on the general tone of seeking progress while ensuring stability, enhancing values, and the business philosophy of expanding business skills, increasing the underwriting profit, and making prudent investment. China Re will make every effort to realize the annual business objectives and promote the group's high-quality development. First, we are going to achieve the annual business objectives comprehensively. We are trying to figure out the potential possibilities for the national investment. We are also going to optimizing our business structures, promoting the effective growth of the business. We are also going to achieve the year results.
Second, we are going to enhancing the qualities and the efficiencies in serving the national strategy comprehensively. We are going to promote the constructions of the reinsurance market and working on Shanghai and Yangtze River Delta to achieve the actual results. We are also going to support the constructions of the Shanghai as an international cooperation center for the reinsurance sectors. We are also going to facilitating the market development of all the models, focusing on the five development pillars, building the product with the Chinese own characteristics. Thirdly, we are going to focusing on the strategic guidance and reform and innovation comprehensively. We are going to build a world-class reinsurance group, optimizing this product innovation as well as the global layout, promoting the economic transitions topologies.
We are also going to play a very important role in the investment returns of the reinsurance sectors, working on the high-quality development of the groups and the strategic development of the industries with better positions. Fourthly, we are going to improve the risk control and compliance level comprehensively, optimizing our fully covered, all chains operations. We are also working on the management situations of these sectors, promoting the risk control and management control systems and build a firm foundation for the future risks. The above mentioned is the 2024 interim result announcement. Thank you for the investors' long-term support and friends from the media's long-term concern for the growth and progresses of the China Re (Group). Now we are going to give the floor back to our moderator, Madam Zhu Xiaoyun.
We have wrapped up the introductions of the first half of this year. Now we are going to open up the floor for the questions. For each one of the analysts or the investors, please control the question within the number of two, and before the questions, please identify your affiliated institution. Thank you. Now we are going to give the floor to the first investor. The first question is coming from Mr. [Tan Luo] to the Bank of China International .
Thank you so much for giving me this opportunity. I have two questions. The first one is overall improvement of the performance in the first half of this year. What is the reasons behind it? What is your outlook about the one year's performance under the new accounting rules? The second question is, how will the company deal with the disaster catastrophe laid by the global climate change?
Thank you so much for your question. The first question is going to be answered by me. The second question is going to be answered by Mr. Wang Zhongyao from China Re P&C. Actually, in the first half of the year 2024, China Re's performance is quite good. The reason, I think we have the following part. The first one is that in the past two to three years, China Re has changed our operational business to office-based. We think that the development and investment should have its own skills, and we should also increase the underwriting premiums. The investment should be steady first. These are the principles for all of us. The development should have its skills, underwriting should face profitabilities while the investment should be very stable.
Actually, this principle have a huge difference with the previous concept where we have emphasizing on the investment and do not take a very heavy look on the underwriting profit. I think that there is a huge difference between these sectors, these philosophies. Second, according to these principles, China Re. In the first half of this year, we are working on the both ends of the underwriting together with the investment based on the new accounting principles. The business sector's relevant profitability is increased by RMB 2.2 billion in the insurance sector, while the investment sector is increased by RMB 4.9 billion. I'll say that this is a very good performance. Third party is from the management perspective. From China Re (Group), no matter our groups or the histories, no matter domestic or international speaking.
In the past few years, we are working on the tailor-made management and generating a very good result. From the result announcement, you could also see that from the first half of this year, the underwriting profitability is registered a very rapid growth. At the same time, for the different platforms, the underwriting profitability, no matter domestic and abroad, overseas, and through all kinds of platforms, we have all achieved the past increase in terms of the revenues. This is a very difficult performance. This is very closely related to the philosophies that we adhere to. Reinsurance as the insurance of the insurance. We would work on the skilled industry. This is the performance of the first half of this year. For the second half of this year, the outlook of the future profitability, I'd like to emphasize in two points.
The first one is that actually for always profitability, we have achieved very high levels in terms of the profits, but I believe that in the second half of this year, we might see more difficulties. Extreme weather, climate disasters might be posing the challenges to our revenues. Second, from the investment perspectives, it is also going to affect our performance. In terms of investment, it is also going to be screened by the domestic and overseas investment market. We are also using all kinds of measures to promote it, the profitability sectors. First, we are working on to changing the structure mix and also the product mix, working on the strategic development of the product and improving the profitability in these sectors. Second, we are also optimizing the assets.
We are trying to strengthen the strategic asset allocations while working on the domestic and overseas investment, trying to avoid from the fluctuations of the overseas investment and improving our abilities to deal with these fluctuations of the market, grab the investment return opportunities. The other party that we are working on the asset and liability management, coordinating the clients, using the double platform as an advantage, trying to fine-tune the asset and liabilities. Looking to the next year, we are going to devote ourselves to fulfill the targets of the national strategies, and we are also going to working on the investment and the innovations, improving the risk controls and compliance works, creating a very good investment returns. I'm going to direct the second question to my colleague.
Thank you so much for your kind questions. Actually, in the year 2024, according to some of the authoritative institutions, the global natural disasters is creating for over $60 billion . That is a combination of the natural disasters in the past 10 years. The natural disaster is posing a lot of challenges to this sector. This is also related to the industries. For example, in Maryland, in the United States, in March this year, there were some of the car crashes which is causing the changes in the market. But with such a huge catastrophes being benefited by the terms of the market, we believe the underwriting company is playing a very important role. The primary insurance is absorbing more and more claims from the market. But insurance companies, we have increased the pricing mechanisms. This is also going to be very helpful to deal with the risk.
We have also done a very good job in terms of the risk controls. Speaking about the market performance in the first half of this year, definitely there are some of the catastrophic risks. But in China, and with the performance of the first half of this year, it could be demonstrated and from the globally lens, I would say that the risk catastrophe pool is in a controllable level. To deal with the global climate change, our reinsurance companies are working with the primary insurance companies. We are working on the climate change and changing the risk it brought, and trying to echo with the green financing sectors, and satisfying our clients' demand in the green and lower carbon sectors. At the same time, we are also trying to make a segmented market in terms of the catastrophe risk management.
We are also going to consider the trends of the climate change and doing a risk management system. We are also going to arrange the underwriting capacities through the technical management. We are also strengthening the risk management and also our risk control patterns.
Thank you so much, Mr. Zhuang. Thank you so much, Mr. [Wang]. We are going to welcome the next question. It is Mr. Tang from Cinda Securities. Please.
Thank you so much for giving me this opportunity. I am analyst [Tang Liangliang] from Cinda Securities. Congratulations for achieving such a high result. I have two questions. The first question is the increase of the fluctuations in term, its influence toward the dividend policies. The second part is about what is your outlook in the premiums. The first question is, under the new accounting systems, the profit in the company is seeing a fluctuation. As the president has mentioned that we are registered over 2 billion increase in the revenues. Is this kind of increase continuous or not? The second part is that in terms of the international reinsurance market, what is your outlook towards the premiums? For the overseas investment, since we have procured Chaucer. Chaucer has registered a very good performance.
What is going to be the future outlook about the management? These are the two questions from our side.
Thank you so much for your question. For the dividend policy, the fluctuation policies, I am going to ask Mr. Meip an to answer the question. For the overseas investment, with the acquisitions of the Chaucer, I am going to ask Zhongyao to answer your question. Meip an, please.
Thank you so much for your questions. With the new accounting system, the major reason is because with the new IFRS 4 replaced the IFRS 9 accounting system, they have allocated some of the previous assets into the current profitability. So under IFRS 4 accounting systems, some of these asset fluctuations is going to be reflected in the final balance sheet. But for the life insurance companies, they have relatively less fluctuations in the IFRS 17 accounting standard. If you put it into the IFRS 4 accounting system, there is going to be a huge fluctuation. Generally speaking, for the whole industry, no matter for the reinsurance company, the profitability is demonstrating a huge fluctuations. We have mentioned about the revenues that we get from the investment as RMB 4.9 billion. Actually, one proportion of it is coming from the equity market and equity fluctuations.
This is actually a reflection toward the performance in the capital market. If there's huge changes in the capital market in the future, definitely it could be reflected in our performance and in our accounting system. Mr. Zhuang has mentioned the business remained very stable. For the dividend policies, I'd say that in the overall speaking, our target is to be the stabilities of the dividend systems. There's going to be two factors. First one is that we should stabilize the profitabilities. The stable profitability is the route for the stable dividend. We are going to work on the two factors. First, we are going to improve the underwriting profitabilities. Underwriting profitabilities is going to be affected by the interest in the markets. If there's going to be more and more profitabilities, it is going to be more stable.
Second, we are also going to work on the underwriting profitabilities in the capital market. For example, we are going to increase the stable asset as well as the higher equity higher dividend assets. This is also going to lower down the risk. This is what could we do from the market side and from the liability part. Another part is about the stability in the dividend policies. Since it goes to the market, our dividend policy is that we are going to return the dividend, keep the dividends one time a year, where the dividend is going to be no less than 30% compared with the net profit of that year. More into the future, with more and more accounting systems, we are going to better design the dividend policies.
On one part, we are going to guarantee the stable operations of our business, and we are going to demonstrate a steady increase of the dividends to our investors. Thank you so much for your question.
Thank you so much for your question. For the international markets premiums, which cycle are we in? I'd like to introduce you from the supply and the demand of the investment. In the year 2024, the insurance market is generally very stable, among which alternative assets is very active. But the major restoration is within the current market. Through this year's operations, we are seeing an increase of the investment. I would say that the general market does not see a lot of new entities and new capitals. This is different compared with the previous historic cycles. From the demand side, global climate change is posing more and more threats, especially in the first half of this year. Their global natural disaster is surpassing the average numbers in the past 10 years. This is also being created by the geopolitical events.
In June this year, there are so many cyber attacks and also the natural disasters, which is creating more harms to the industries. So we should remain at a very stable growth, the steady fast envelope, both from the supply side and the demand side. Within this year, we are going to calculate the major factors affecting the market. I would say that we are still at the downward side of the cycles. For the questions that are about Chaucer, I would say that in the first half of this year, Chaucer is maintaining a very good momentum. In April this year, we have appointed new CEO in Chaucer, and also with a new CFO and a CRO. With this steady transitions of the Chaucer's management, we are seeing and demonstrating more professionalism in their undertaking business. This is also supporting the good performance of Chaucer.
As the parent company of Chaucer, China Re is going to support the long-term development of Chaucer, and it is also going to be one part of our international system. We are going to plotting the next five years' growth for Chaucer. With the new management teams in Chaucer, we are thinking about the future five-year plans. With the historic record of Chaucer, the deep and narrow focus of Chaucer, and also the innovative policies from Chaucer, and also their expansions of their client has achieved a very good result. I believe with the new leaderships of the high executive teams, we are going to deal with the new market demand. This is the advantageous strategies that we have registered. Thank you.
Thank you so much, Mr. Meip an and also Mr. Zhongya o. Now we are going to open the floors for the next questions. The next question is Mr. Liu Jingyuan from Securities Times.
Thank you so much. I'm with the Securities Times, Liu Jingyuan. The first one is about the solvency. This year is a transitional period for the C-ROSS reform second phase. What is going to be the change after the second phase of the reform? The second question is to the investors. Investment factors, could you please elaborate? What is the key factors for the good investment return policies in the lower interest rate average? What is going to be the asset allocation strategies?
I'm going to answer the first question, and Mr. Li Wei is going to answer the second question. After the implementations of the C-ROSS second phase, the majority of the insurance companies has a declines in the solvency ratios. China Re (Group) and the China Re subsidiary is also seeing a downward trend. According to our calculation, this downward trend is within a controllable stage. After this reform, it has a very limited impact to our business. The solvency ratio is one of the core business of any insurance company. We attach great importance to the solvency performance. Moving to the futures in the capital asset management, we have several different outlooks. First, we are going to be more intra-perspective insurance companies, and we are hoping to create more investment in this field in order to improve the capital consumptions.
At the same time, we are also going to use the market performance together with the unperformance of the markets and also the monitoring situations. We are also going to issue some of these equity products in order to ensure the adequate in the market. At the same time, in the day-to-day operations, we are also going to optimizing our business structures. We are going to integrate our business together with the capital market in an organic manner. Generally speaking, we are going to attach the importance of the capital market and keep a dynamic look in the capital market, testing the performance. For any emergency situations, we are going to team up with our own policies.
If there are any deviations from the previous outlook, we are going to adopt some of these methods to deal with it. The second question is going to be given to Mr. Li Wei.
Thank you so much. The first half of the year, 2024, means that the net investment returns is 3.39%, while the total investment return is around 4.6%. We would see that this is a 1.1% growth against the macroeconomic environment. We would say that there are several different elements, three sectors. The first one that we are being working on the risk management. Second, we are going to working on the asset allocations. Thirdly, we are also working on the core policy development. For the long term, we have adopted a very steady, fast investment policies. Facing this long-term investment results, we have stayed to the principles where the asset and the liabilities should be matched up with each other, and we should also study, first allocate the assets and prioritize the risk provisions at our core, and also trying to overcome the difficulties in the asset allocation sectors.
We have also coordinated development domestic and abroad, and working on the medium and the long-term investment. In the asset allocation sectors, we are optimizing the positions, trying to deal with the fluctuations of the market, absorbing the experience from the histories at the same part of the cycle. We are seeing a double-digit growth in the total investment. Equity investment and investment from the capital market is also seeing a very rapid growth. The domestic and the international market is also demonstrating a downward trend. For some of the fixed asset investment, it is seeing an increase in terms of the market. For all the assets, with more and more returns, this is also laying a very important foundation for the investment. For the continuous returns in this sector, it should be related to the investment strategies with control policies and also the market environment.
After several rounds of the markets, the investment portfolio is demonstrating a very good innovative policy and resiliency. The long-term investment and the study ratios means that against these huge fluctuating markets, first and foremost, we should avoid the major risk. We should also control the risk with a diversified market in order to stabilize the investment portfolios in a very stable range. At the same time, we all know that in the lower interest rate period, deposit and also the bonds is seeing some of this downward trend. The study for stable investment, their returns is increasing. Since these are kind of fluctuation products, they are very sensitive to the product. So there is a difficulty in terms of the matching between the different product in the same portfolio. From the China Re Asset part, we should coordinate the development in these sectors.
There should also be a differentiated management in these sectors. China Re Asset has always been keep a very close eyes in monitoring the market, and put it at a very important pricing mechanism in order to optimizing the market portfolios. This is also a very important measure to deal with the low interest eras. To develop the new product from the asset side and also the liability side, we are going to attach it great important. Facing this lower interest rate period, we should also stick to the long-term investment and risk investment. We should also working on the stability side, as well as grabbing the opportunities. We should also promoting the overseas and domestic asset allocation system, and using the asset allocation systems to optimizing the structures. Trying to going through the cycles in the fluctuation times in order to better support the development of these reinsurance sectors.
In terms of the fixed investment, the total investment ratios is at 87%. In terms of the equity investment, equity allocations is around 16%. The assets and liabilities means that we have our own preferences. This is also going to be working on our asset management. This is also going to be related to the market changes. For the fixed asset incomes, we should grab the opportunities. We are also going to use the open equity market to stabilizing our position structures, prevent the potential risks, domestic and abroad. In terms of fixed asset income, investment, we should also working on the high efficient assets and grab the allocation window period and trying to allocate more assets in the high asset areas. In trying to grab these trading opportunities and focusing on the macroeconomic high quality development transitions of the industries.
We should also working on some of these alternative fixed income assets. The strategic market means that we should optimizing the situations and ease the downward trends of the economy's impacts towards our investment. In terms of this equity investment, we should always stick to the principles of patience as well as long-term development. We should allocate more and more long-term steady assets and trying to optimizing more structures and using the high dividend and steady equities as the major way to allocate the assets. Using the multiple pillar investment policies to diversify the investment portfolios. In terms of the alternative investment, we should grab the pace of the markets. Using the equity plus the capital markets, trying to seek out the opportunities in the market and select the best on top the best.
On the other side, in the recent few years, overseas markets is also one of the major areas where we should launch our global development. The global development is a very important area where we could diversify the risk. We should also working on the domestic and international asset allocations, multiple currencies, multiple asset investment. In the domestic and overseas asset allocations, we should grab these opportunities, and also especially the window period where the securities and the bonds in the overseas markets has registered a high return, improve the performance, and optimizing the returns in this portfolio investment.
I think Mr. Li has a very comprehensive answer to the question. I would like to say something about the investment logic. Against the global economic background, the domestic capital market is demonstrating a huge risk from the alternative investment market. This is the first. Second, what is the core part for the investment? It is about the concept, the strategies. Just as in China Re's concept, there are three keywords. The first one is that the investment should be stable. For the reinsurance, especially it is working on the short-term capital pools. In the investment logistic, we have always emphasizing that long-term investment. We have always emphasizing the definite investment returns. We should also focusing on the global market.
At the same time, Mr. Li has also emphasizing that while we are allocating the two categories of these returns, the fixed asset investment is registered at a 7% growth. This is a result of our stable investment returns. It is the same, and here we are emphasizing the steady first investment, the pricing mechanism. At the same time, since we have an international team. Actually, the underwriting premiums is registered at 8.4% growth. This is also going to be very important to balance our investment and risk.
Thank you so much, Mr. Zhuang and Mr. Li Wei, for your kind answers. For the interest of the time, we are opening up the floor for the final question. Now the question is from CITIC, [Lee Ron].
Thank you so much for giving me this opportunity. I am from CITIC, [Lee Ron]. I have two questions. The first one is about the outlook about the surety project. What is your outlook about the surety project? Second question is to China Continent Insurance. In the first half of this year, China Continent Insurance is demonstrating the underwriting profits. Could you share with us the outlook throughout the year?
Two questions. The first one is about the midterm investment. We are going to give the floor to Mr. Tian Meipan. The second question is going to be answered by the President of China Continent Insurance.
For the occurrence of this disease, the heavy disease. Obviously these heavy and weird diseases are worsened between the year 20 - 40. For the occurrence ratios of these heavy disease, there are two sectors. One is thyroid cancer. The second one is mild lung cancer. This is also a very severe situation. For this worsening of these sectors, it comes from the result of better screening methods. Mild lung cancer. High occurrence ratio is because of the better screening method. The using of the better spiral CT screening methods can detect the mild lung cancers and the lung cancers at the early stage. The screens and also the physical examinations can help us to detect it.
There are the mild oncological diseases also on the rise. Generally speaking, in the short period of times as we are moving into the future, the momentum is not going to be reversed. Unless there are some of the changes in terms of these medical behaviors and medical guidelines. For the surety product development, I think there are several different aspects. First, we should fully using the data from the life-related product as our core competitiveness. We are also going to use our data advantages. To put it specifically, in the surety product, first we are going to use our data to do a better pricing mechanisms, making the product more competitive. Second, we are going to making the risk prediction more precise. For example, for the severe diseases occurrence rate and also for the segmented market, we are going to work together with the medical institutions.
We are also going to making a better underwriting policies. For the product development, to put it specifically, the life insurance comes from the development policies of the investment companies. Actually, the product we provide is about the innovations of other product. New product means the new risk. New risk cannot be recognized by the customers since they have not encountered it yet. For example, the special medicine insurance and the outpatient department related insurance. These are the new risks which might be difficult to recognize. Also for the high and medium end of the medical insurances, we need the technologies, we need the data, we need risk controls. We could create the demand through the product lines.
Second, from the market perspective, we are hoping to introduce the new ecological systems, working together with the disease sectors and the insurance sectors to lower down the risk and improve the competitiveness. Generally speaking, as we are moving into the future, the innovation is going to be our core competitiveness. By developing a better product, we could drive up the business. We are also hoping that through the data's new method, we could build new competitive advantages. The above mentioned is about the risk patterns in our business.
Mr. Lee, thank you so much for your question. China Continent Insurance, as an insurer, its underwriting capacity is reflecting our company's core competitiveness in the information management. It is related to three parts. The first one is about the guidelines about the investment. We have specified the product line. Second, it's about the changes of the business structures. We have used a list-based management method. We have always working on the insurance sectors. Thirdly, we have also deepened the innovations by using the scientific method to figure out all the filtered sectors, optimizing the operational ratios, and lowering down the phase. Up until the end of last year, the overall underwriting profitability is seeing a downward trend. We are confident, and we have the capacities to reach the yearly target for the underwriting premiums.
Thank you so much, Mr. Meipan and Mr. Xiaomin, for your kind introduction. For the interest of time, we are going to wrap up the Q&A sessions. China Re, since we went to the market in the year 2015, we get the support and concerns from the investors, analysts, and the friends from the medias. On behalf of the management, I like to extend my warm gratifications to all the investors. We have always attached great importance to the exchanges and communications with the market. Standing in China and Hong Kong, China, we are going to have very clear exchanges between the markets. We are going to listen to the voices from the capital market, and return the investors and stakeholders with a high-quality growth.
That is the end of the 2024 interim result announcement. I'd like to thank you all for coming here, and thank you again for the investors, analysts, and friends from the medias. If you have any questions, please contact our IR team. Thank you.