PICC Property and Casualty Company Limited (PICC P&C) reported unaudited results for the nine months to 30 September 2026, highlighting resilient core insurance operations against a backdrop of weaker capital-market income.
Insurance operations • Insurance revenue rose 2.4 % year on year (YoY) to RMB 395.05 billion, underpinned by balanced growth in both motor and non-motor lines. • Original premium income grew 1.7 % to RMB 450.50 billion. Motor premiums were broadly flat at RMB 220.36 billion (+0.1 %), while non-motor segments provided momentum—liability insurance surged 12.7 % to RMB 35.69 billion and accident & health climbed 6.1 % to RMB 104.84 billion. • Underwriting profit improved 11.3 % to RMB 16.55 billion, driving the combined ratio down 0.3 percentage points to 95.8 %. Motor underwriting remained the profit engine with RMB 13.27 billion and a 94.3 % combined ratio.
Investment performance Total investment income declined versus a high prior-year base, landing at RMB 18.01 billion with an unannualised yield of 2.5 %. A swing to a RMB 8.32 billion fair-value loss on marketable securities—versus a RMB 10.17 billion gain in the comparable period—offset higher recurring investment income and weighed on the bottom line.
Earnings and cash flow Net profit fell 35.5 % YoY to RMB 25.95 billion, reflecting the investment headwinds despite stronger underwriting. Operating cash inflow stood at RMB 24.56 billion, down from RMB 34.56 billion a year earlier, while investing activities consumed RMB 8.59 billion.
Capital strength Total assets reached RMB 877.22 billion, up 2.5 % from year-end 2025. The comprehensive solvency margin ratio remained robust at 228.3 %, comfortably above regulatory requirements despite a 4.1-percentage-point retreat from December 2025.
Outlook considerations Management reiterated its focus on expanding protection-oriented and incremental markets, enhancing digital capabilities, and maintaining disciplined cost and risk controls to underpin sustainable growth amid market volatility.
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