PICC Property and Casualty Co Ltd Class H

02328: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$28.00	Ddwm	Mknhdrcj

China Insurance Earnings: New China Life, PICC P&C, and PICC Group Post Weaker Growth

Iris Tan

May 1, 2024

New China Life, PICC Group, and PICC P&C reported larger-than-peer contractions in first-quarter net profits of 29%, 24%, and 38% year on year, respectively. This was partly due to the high base a year ago as a result of strong investment income for NCI and a record-low combined ratio for PICC P&C. We believe the results are largely in line to achieve our 2024 net profit growth of 19%, 22%, and 20% for PICC P&C, PICC Group, and NCI.

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