PICC Group’s Life Insurance Business' New Business Value Saw Strong Growth; Margin Remains Low
PICC Group’s first-half results reported a 40% decline in net profit, mainly owing to weaker investment returns, while total revenue grew 17%, driven by 11%, 22%, and 58% growth in property-casualty, life, and health insurance premium from the year-ago period. P&C, life, and health insurance represented 57%, 36%, and 7% of total premium income, respectively, and contributed 98%, 3%, and negative 1% of the group’s profit before tax. Declines in investment income and deteriorating underwriting...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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