PICC P&C Saw Steady Premium Growth and Resilient Underwriting Profitability
PICC P&C’s first-half results reflected steady growth in premium income and resilient underwriting profitability over first-half 2016. Net earned premium grew 11.6% from the year-ago period, holding up 34.9% of market share, versus Ping An Insurance's 18% share. Auto insurance premium grew 11.6%, representing 79% of total property-casualty insurance premium. The overall combined ratio was slightly up by 30 basis points to 95%. Its profitability level is better than Ping An's 95.3% and China ...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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