PICC Property and Casualty Company (2328) H2 2024 earnings summary

Executive summary

• Achieved total operating revenue of RMB 709.4 billion in 2024, up 6.4% year-over-year, and net profit of RMB 42.9 billion, up 88.2%, with ROE at 16.7%, while maintaining a 31.8% market share and serving 302 million individual customers.

• Original insurance premium income reached RMB 538,055 million, up 4.3%, and insurance revenue rose 6.1% to RMB 485,223 million.

• Responded to 255 major disasters, handling over 180 million claims, and launched a five-pronged “first-class” strategy focused on excellence and innovation.

• Priorities for 2025 include high-quality product supply, service upgrades, business restructuring, and robust risk control, with a focus on technology, green, inclusive, elderly care, and digital finance.

• Received multiple industry awards, including an MSCI ESG rating upgrade to AAA and top rankings in insurance competitiveness.

Financial highlights

• Operating revenue reached RMB 709.4 billion, up 6.4%; net profit RMB 42.9 billion, up 88.2%; ROE 16.7%, up 7.1 percentage points.

• Net profit was RMB 32,161 million, up 30.9%; total assets RMB 1.77 trillion, up 13.4%; net assets RMB 367.2 billion, up 10.7%.

• Underwriting profit was RMB 5,713 million; total investment income surged 67.9% to RMB 34,937 million; total investment yield 5.5%.

• Board recommended a dividend of RMB 0.54 per share (including interim and final), up from RMB 0.18 per share.

• Solvency margin ratio at 232.6% (comprehensive), core solvency margin ratio at 211.0%.

Outlook and guidance

• 2025 targets include aligning business growth with China’s GDP, maintaining auto insurance combined ratio below 96%, and non-auto insurance below 99%.

• Focus on high-quality development, digital transformation, and innovation in insurance products and risk reduction services.

• Continued investment in digitalization, AI, and international expansion, especially in Belt and Road countries, and optimizing asset allocation.