PICC P&C Delivers Solid Premium Growth and Improvement in Combined Ratio in 1Q
No-moat PICC P&C’s brief financial summary showed net earned premium over the first quarter growing 20% from the year-ago period. Growth in net profits is in line with our expectation, increasing 17% to CNY 5.4 billion and contributing 25% of our full-year net profit forecast at CNY 21.3 billion. The 20% premium income growth was better than our expectations, and we suspect this was attributable to stronger growth in auto insurance premium after the second round of auto pricing reform. Hence...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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