PICC Group (01339) has released its 2025 Board report and AGM circular, detailing robust operating figures, an enlarged dividend, and updated capital plans.
Financial Performance • 2025 revenue under PRC GAAP rose to RMB 669.04 billion, of which insurance revenue contributed RMB 570.72 billion. • Net profit stood at RMB 63.03 billion; net profit attributable to shareholders of the parent was RMB 46.65 billion. • IFRS numbers were broadly similar, with attributable profit at RMB 46.21 billion. • Total assets reached RMB 2.03 trillion, while shareholders’ equity amounted to RMB 420.19 billion.
Dividend and Payout Ratio • A final cash dividend of RMB 1.45 per 10 shares (RMB 0.145 each) has been proposed, totalling RMB 6.41 billion. • Including the interim dividend of RMB 0.75 per 10 shares, full-year cash distribution will be RMB 2.20 per 10 shares, or RMB 9.73 billion in aggregate—22.2% higher than 2024. • Management states that solvency remains “adequate” post-distribution.
Solvency Position (Group Level) • Actual capital: RMB 557.70 billion (+4.5% YoY). • Minimum capital: RMB 223.17 billion (+17.4% YoY). • Core solvency ratio: 201.3% (-23.6 ppts YoY). • Comprehensive solvency ratio: 249.9% (-30.9 ppts YoY). Both ratios stay well above the regulatory thresholds of 100% and 150%, respectively.
Capital & Investment Plans • 2026–2028 capital plan targets core and comprehensive solvency ratios of ≥100% and ≥150%. • Capital replenishment will prioritise retained earnings; subsidiaries may issue up to RMB 13.00 billion in debt instruments. • 2026 fixed-asset investment budget is set at RMB 354 million, with IT projects accounting for RMB 297 million.
Other Key Proposals for the 25 June 2026 AGM • Re-appointment of Ernst & Young Hua Ming LLP / Ernst & Young as auditors; fee: RMB 13.50 million. • Charity donation budget for 2026: RMB 50.77 million. • Election of Ms Zhang Zhongmin (NCSSF) as non-executive Director.
The Board recommends shareholders vote in favour of all resolutions at the upcoming AGM.
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