No-Moat PICC P&C's 2018 Net Profit Fell, Auto Underwriting Profit Turned Into Loss in 2H
No-moat PICC P&C's 2018 net profit fell 22% from 2017, hurt by increased sales expense and weakening investment return in the second half. During second-half 2018, the firm saw decelerating growth in premium income to 6% from 17% in the second half, while overall combined ratio worsened by five percentage points to 101% from 95.8%.ÂWe lower our fair value estimate for PICC P&C to HKD 9.50 from HKD 11 per share to reflect our less optimistic assumptions for its near-term auto insurance g...
PICC Property and Casualty is a non-life insurance company based in mainland China. Co. is engaged in motor vehicle insurance, commercial property insurance, homeowners insurance, cargo insurance, liability insurance, accidental injury insurance, short-term health insurance, hull insurance, agriculture insurance, surety insurance, which are denominated in RMB and foreign currencies, together with the reinsurance of the above insurance products, and investment and fund application business permitted under the relevant laws and regulations of the People's Republic of China. Co.'s subsidiaries are engaged in the provision of insurance agency services and training services for Co.
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