PICC P&C’s 3Q Results Surprised the Market With Accelerating Growth and Rising Margin
Despite limited disclosure, PICC P&C’s third-quarter financial data came in better than we expected. The results highlighted accelerating premium growth and improving underwriting margin from the year-ago period. We increase PICC P&C’s fair value estimate to HKD 17.50 per share from HKD 16 per share as we increase our premium growth assumption and fine-tune the underwriting margin assumption for the next two years. Third-quarter net earned premium grew 15.9%, up from 11.7% in the first h...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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