PICC Group Reports First Quarter Results with 31.4% Drop in Net Profit

Stock News04-29

PICC Group (01339) announced its financial results for the first quarter of 2026. The company reported total operating revenue of RMB 148.536 billion, a decrease of 5.1% compared to the same period last year. Net profit attributable to owners of the parent company was RMB 8.814 billion, down 31.4% year-on-year. Basic earnings per share were RMB 0.20.

During the reporting period, PICC Property and Casualty Company recorded insurance service revenue of RMB 123.015 billion, an increase of 1.9% year-on-year. Underwriting profit reached RMB 7.154 billion, rising 7.5% compared to the prior year period. The combined ratio was 94.2%, representing a decrease of 0.3 percentage points. Net profit for the segment was RMB 8.631 billion.

PICC Life Insurance achieved insurance service revenue of RMB 6.688 billion and a net profit of RMB 1.962 billion. The value of new business grew by 21.0% year-on-year. PICC Health reported insurance service revenue of RMB 8.164 billion, up 9.1% from the previous year, with a net profit of RMB 1.965 billion.

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