The People's Insurance Co (Group) of China Ltd Class H

01339: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$2.20	Bkrk	Mfvtpcxnz

PICC Group’s Q1 Posted Strong Growth in Life and P&C Insurance Premiums

Iris Tan

May 2, 2022

PICC Group posted solid first-quarter results with total revenue growing 9% to CNY 189.6 billion and net profits declining 13% to CNY 8.7 billion year on year. Its flagship P&C insurance business reported a better-than-peer performance with net profit merely declining 3%, as the life insurance business reported a 33% decline in net profit. The trend was in line with other life insurers. PICC Group’s investment performance was better than peers. Total investment return dropped 10% year on year to CNY 15.9 billion, in contrast to the 26% decline for China Life.

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