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PICC Property and Casualty (2328) investor relations material

PICC Property and Casualty Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Achieved insurance revenue of RMB385,921 million for the first three quarters of 2025, up 5.9% year-over-year, and net profit of RMB40,268 million, up 50.5% year-over-year.

  • Focused on high-quality development, digital transformation, and operational efficiency, with strategic emphasis on core insurance segments.

Financial highlights

  • Original insurance premium income reached RMB443,182 million, up 3.5% year-over-year.

  • Underwriting profit was RMB14,865 million, up 130.7% year-over-year, with a combined ratio of 96.1%, down 2.1 percentage points.

  • Total investment income was RMB35,900 million, up 33.0% year-over-year, with an unannualised investment yield of 5.4%, up 0.8 percentage points.

  • Net cash flows from operating activities were RMB34,562 million, up from RMB22,480 million in the prior year period.

Outlook and guidance

  • Maintains a positive outlook on China's economy and capital markets, with continued focus on high-quality equity assets and digital transformation.

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Frequently asked questions

PICC Property and Casualty Company Limited is a China-based insurance company specializing in property and casualty insurance services. A subsidiary of the People’s Insurance Company of China, PICC P&C provides a broad range of insurance products, including auto, property, liability, and agricultural insurance. Serving both individual and corporate clients, the company focuses on financial protection and risk mitigation across various sectors. PICC P&C is one of the key players in China’s non-life insurance market, leveraging a vast distribution network to reach clients nationwide. The company is headquartered in Beijing, China, and its shares are listed on the Hong Kong Stock Exchange.

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