PICC Property and Casualty Company (2328) H1 2025 earnings summary

Executive summary

• Achieved record highs in consolidated net profit (RMB 36.2bn), net assets (RMB 390.6bn), and total investment income (RMB 40.8bn) for H1 2025, with strong share price performance across A and H shares.

• Net profit rose 32.3% year-over-year to RMB 24,455 million, with a return on equity (unannualized) of 9.0%.

• Underwriting profit increased 44.6% to RMB 13,015 million, and total investment income grew 26.6% to RMB 17,260 million.

• Insurance revenue rose 7.1% year-over-year to RMB 280.3bn, and net profit attributable to equity holders increased 14.0% to RMB 26.7bn.

• Total assets reached RMB 804,605 million, up 3.4% from year-end 2024; net assets grew 7.8% to RMB 281,061 million.

Financial highlights

• Group premiums income grew 6.4% year-over-year to RMB 454.6bn; P&C premiums up 3.6%, life & health premiums up 13.8%.

• Insurance revenue was RMB 249,040 million, up 5.6% year-over-year.

• Total insurance investment assets increased 7.2% to RMB 1,760.7bn.

• Group insurance service performance rose 1.7% to RMB 29.1bn; investment performance surged 78.3% to RMB 17.5bn.

• P&C combined ratio improved to 94.8% (-1.4pp), and underwriting profits reached RMB 13.0bn.

Outlook and guidance

• Focus for H2 2025 includes strengthening core functions, supporting new productive forces, expanding domestic demand, and promoting six key reforms (corporate governance, digital, talent, etc.).

• Plans to deepen insurance supply-side reforms, enhance risk control, and focus on high-quality development.

• Will promote science and technology, green, inclusive, elderly care, and digital finance, and accelerate digital transformation.

• Aims to optimize asset allocation, maintain stable portfolio operations, and enhance returns through diversified equity strategies.