PICC Property and Casualty Company (2328) Investor Day 2025 Presentation summary

Industry trends and regulatory environment

• Non-auto insurance faces challenges from irrational competition, underpriced premiums, and chronic underwriting losses, prompting regulatory reforms to ensure compliance and quality growth.

• New regulations effective November 2025 will standardize product development, premium management, and market conduct, with phased re-filing deadlines for various insurance products through 2026.

• Comprehensive governance aims to optimize assessment mechanisms, enforce policy issuance upon payment, and strengthen supervision, mirroring successful reforms in auto insurance.

Market potential and growth outlook

• The 15th Five-Year Plan (2026-2030) highlights significant growth opportunities in property, liability, tech, health, agriculture, and green insurance, driven by rising industrial output, R&D, consumer spending, and exports.

• By 2030, projections include over RMB30 trillion in exports, RMB4.5 trillion in R&D, and more than 450 million housing units, with health and agriculture insurance markets also set for robust expansion.

Strategic priorities and business model

• The company is committed to supporting economic and social development as an “economic shock absorber” and “social stabilizer,” focusing on core competitiveness and sustainable growth.

• Six core capabilities underpin the non-auto business: omni-channel customer acquisition, rapid pricing, rigorous underwriting, comprehensive reinsurance, professional claims, and advanced risk reduction services.

• Digitalization, AI, and big data are leveraged for risk assessment, pricing, and claims, with a strong focus on customer-centric, full-lifecycle service.