PICC Property and Casualty Company (2328) Q1 2025 earnings summary

Executive summary

• Achieved insurance revenue of RMB120,741 million in Q1 2025, up 6.1% year-over-year.

• Net profit reached RMB11,312 million, a 92.7% year-over-year increase.

• Focused on high-quality development, business structure optimization, and innovation.

Financial highlights

• Original insurance premium income was RMB180,421 million, up 3.7% year-over-year.

• Underwriting profit rose 183.0% year-over-year to RMB6,653 million.

• Combined ratio improved to 94.5%, down 3.4 percentage points year-over-year.

• Total investment income was RMB7,464 million, up RMB2,692 million year-over-year.

• Total investment yield (unannualised) was 1.2%, up 0.4 percentage points year-over-year.

• Net profit for Q1 2025 was RMB11,311.8 million, compared to RMB5,870.9 million in Q1 2024.

Outlook and guidance

• Continued focus on value, profitability, and risk reduction services.

• Plans to further optimize business structure and enhance core competitive advantages.