Life Insurance Business Benefited From Strong Volume Growth, While P&C Business' Profitability Fell
PICC Group’s 2016 results included a 27% decline in net profit from 2015 as investment return fell 25%, despite 14% growth in net earned premium. Its flagship P&C business saw a sharp decline in profitability due to increased competition in the auto insurance market and unusual weather disasters in the second half. Along with industry trends, the life and health insurance segments saw strong growth in new business value, or NBV, at 53% and 19% respectively from 2015. Embedded value also incr...People's Insurance Company of China, through more than 10 subsidiaries, is engaged in property and casualty insurance, life insurance, health insurance, asset management, insurance brokerage and trust, fund, insurance financial industry cluster and integrated business group structure for the public and agencies Group provides comprehensive insurance and financial services.
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