PICC Property and Casualty Company (2328) Q3 2024 earnings summary

Executive summary

• Achieved insurance revenue of RMB364,306 million for the first three quarters of 2024, up 5.3% year-over-year.

• Net profit reached RMB26,750 million, a 38.0% increase year-over-year.

• Focused on high-quality development, risk mitigation, and technology-driven business model.

Financial highlights

• Operating income for the nine months was RMB392,267 million, up from RMB363,401 million year-over-year.

• Net profit for the period was RMB26,750 million, compared to RMB19,386 million in the prior year.

• Underwriting profit totaled RMB6,443 million; combined ratio was 98.2%.

• Total investment income was RMB27,498 million, up RMB11,358 million year-over-year; investment yield (unannualised) was 4.4%, up 1.7 percentage points.

• Net cash flows from operating activities were RMB22,480 million, up from RMB16,499 million year-over-year.

Outlook and guidance

• Continued emphasis on cost reduction, efficiency improvement, and risk reduction services.

• Plans to further leverage technology and optimize business operations for stable growth.