PICC Property and Casualty Company (2328) Q3 2026 earnings summary

Executive summary

• 9M 2026 insurance revenue rose 2.4% YoY to RMB395,049 million; underwriting profit increased 11.3% to RMB16,545 million, with a 95.8% combined ratio, down 0.3 pp. Net profit was RMB25,954 million.

• Original insurance premium income grew 1.7% YoY to RMB450,501 million.

Financial highlights

• Operating income was RMB415,437 million versus RMB423,006 million in 9M 2025; operating profit fell to RMB32,148 million from RMB48,751 million.

• Net profit was RMB25,954 million versus RMB40,268 million; profit before income tax was RMB31,278 million versus RMB48,704 million.

• Total investment income was RMB18,012 million and the unannualised total investment yield was 2.5% for 9M 2026.

• Net losses on fair value changes were RMB8,322 million versus gains of RMB10,166 million in 9M 2025.

Segment performance

• Motor insurance revenue rose 1.6% YoY to RMB231,254 million; underwriting profit was RMB13,269 million and combined ratio improved 0.5 pp to 94.3%.

• Non-motor insurance revenue increased 3.5% YoY to RMB163,795 million; underwriting profit was RMB3,276 million and combined ratio held at 98.0%.

• Original premiums: motor RMB220,356 million, up 0.1%; accidental injury and health RMB104,836 million, up 6.1%; agriculture RMB51,772 million, down 0.8%.

• Original premiums: liability RMB35,689 million, up 12.7%; commercial property RMB15,157 million, up 1.9%; other insurance RMB22,691 million, down 11.0%.