PICC Group reported unaudited interim results showing net profit of RMB50.84 billion for the six months ended 30 June 2026, up 40.6% year-on-year. Profit attributable to shareholders reached RMB37.45 billion, an increase of 40.4%.
Total operating income rose 9.6% to RMB355.17 billion, driven by higher investment gains and solid underwriting performance. Insurance revenue edged up 2.4% to RMB286.87 billion.
The Board declared an interim dividend of RMB0.11 per share (tax inclusive), 46.7% higher than the prior-year interim payout, pending shareholder approval.
Key segment highlights: • PICC P&C generated insurance revenue of RMB254.62 billion (+2.2%), underwriting profit of RMB15.38 billion (+18.1%) and a 94.0% combined ratio (-0.8 ppt). Segment net profit climbed 32.0% to RMB32.28 billion. • PICC Life recorded net profit of RMB13.56 billion (+97.6%), with the value of half-year new business up 5.2% on a like-for-like basis. Regular premiums accounted for 83.5% of total, up 4.0 ppts, and embedded value rose 19.2% since year-end to RMB147.94 billion. • PICC Health’s original premium income gained 12.0% to RMB45.55 billion and net profit reached RMB5.15 billion.
Group investment performance improved markedly: total investment income jumped 62.7% to RMB66.33 billion, producing a 3.7% total investment yield (1H25: 2.6%). Net investment yield was 1.7%. Fixed-income assets accounted for 63.7% of the RMB1.998 trillion investment portfolio, while equity investments represented 23.9%.
Solvency remained strong, with a 246.6% comprehensive margin and a 197.7% core margin. Total assets increased 4.8% from year-end to RMB2.125 trillion, and equity rose 10.1% to RMB462.73 billion.
Operating cash inflow was RMB63.94 billion; net cash outflows from investing and financing activities were RMB27.37 billion and RMB43.30 billion respectively.
Management emphasised continued focus on high-quality growth, technology enablement and risk control as the group executes the first year of its “15th Five-Year Plan”.
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