Weakening Underwriting Profitability Continues in PICC P&C's 1Q
Thanks to improved investment income, the year-on-year decline in no-moat PICC P&C's first-quarter net profit narrowed to 3.6% from 22% in 2018. Quarterly results were mixed, with accelerating growth in premium income and a reduction in commission expenses. However, we’re a bit disappointed to see a rising combined ratio. The combined ratios of auto insurance and nonauto insurance climbed to 99% and 97.4% in the first quarter from 96.7% and 93.4% in the year-ago period. Given that the result...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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