PICC Group Continues to Optimize Business Mix in 1H, but Non-P&C Insurance Premium Growth Struggles
PICC Group’s first-half results showed that the group’s life insurance business is still undergoing a slow and difficult transformation to a life insurer with higher exposure to long-term protection products compared with leading peers. The transformation is also being met with rising competition in the group's market-leading core property-casualty insurance business. Net profit grew 14% from the year-ago period, but if excluding profits from associates including Industrial Bank and Hua Xia Bank...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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