PICC Group’s Life Insurance Margin Turned Positive Despite Contraction in NBV
No-moat PICC Group’s first-half results posted 2.3% year-on-year premium growth, representing 52% of our full-year forecast and in line with our expectation. Upside surprise came from improved underwriting margins of life and health insurance business, with operating margins rising to CNY 1.53 billion and CNY 22 million from a loss of CNY 140 million and CNY 12 million, respectively. The turnaround of the life insurance segment was attributable to lower claim expenses as the business structure i...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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