PICC P&C’s Net Profit Growth of Zero Was Dragged by Increased Tax Expense in the First Half
No-moat PICC P&C's first-half net profit growth was solid, with premium growth increasing to 17% from 11.6% in the year-ago period. Top-line growth and underwriting margin were in line with our expectation, representing 47% and 66% of our full-year forecast, respectively. However, net profit growth was a bit disappointing at 0.1% versus 17% in the first quarter, primarily driven by a 55% increase in tax expenses, as selling expenses, which exceeded the regulatory ceiling, were not tax-deduct...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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