PICC Property and Casualty Company (2328) H1 2026 earnings summary

Executive summary

• Achieved steady business growth and leading profitability in the first half of 2026, focusing on innovation, digital transformation, and high-quality development across insurance segments.

• Maintained a 33.3% market share in China's property insurance market, with original insurance premium income of RMB327,529 million, up 1.3% year-over-year.

• Net profit rose 32.0% year-over-year to RMB32,284 million, and return on equity (unannualized) reached 10.9%.

• Accelerated transition between old and new growth drivers, with enhanced service capabilities across technology, health, green, rural, and international insurance segments.

Financial highlights

• Original insurance premium income reached RMB327,529 million, up 41.7% year-over-year.

• Insurance revenue increased 2.2% year-over-year to RMB254,617 million.

• Underwriting profit was RMB15,376 million; combined ratio improved to 94.0%.

• Total investment income surged 58.5% year-over-year to RMB27,359 million; unannualized investment yield was 3.8%.

• Total assets reached RMB884,859 million (+2.8% from year-end 2025); net assets at RMB306,361 million (+6.1%).

• Proposed interim dividend per share of RMB0.34, totaling RMB7,563 million.

Outlook and guidance

• Plans to accelerate transition to new growth drivers, expand technology, green, inclusive, and digital finance.

• Will focus on risk prevention, digital-intelligent empowerment, and optimizing asset structure for stable returns.

• Aims for more balanced, higher-quality, and sustainable results amid evolving regulatory and market conditions.