The People's Insurance Co (Group) of China Ltd Class H
01339: XHKG (HKG)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
HK$8.80 | Rfndp | Mzcwxgxqb |
PICC Group: Net Profit Surged Under New Accounting Rules, P&C Margin Outperforms
PICC Group’s IFRS 17-based first-quarter total revenue and net profit grew 24% and 230%, respectively, year on year. The strong net profit growth was attributable to the 6% year-on-year growth in insurance service and the improved underwriting margin from its flagship P&C insurance segment as well as the 24% increase in investment return due to the adoption of IFRS 9. Net profit growth would show an easing to 25% year on year if not adopting the new accounting rules.