PICC P&C's 2017 Results Saw Combined Ratio Improvement
No-moat PICC P&C’s 2017 results came in lower than we expected, with net earned premium and net profits growing 12.6% and 9.92%, respectively, from 2016, while growth in profit before tax was largely in line with our expectation at 21%. We had projected a higher investment return and slightly lower combined ratio for the company in 2017. Furthermore, the 65% year-on-year increase in financing costs, owing to the issuance of CNY 15 billion in capital replenishment bonds in late 2016, also ham...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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