PICC Property and Casualty Company Limited (2328), mainland China’s leading property and casualty insurance provider, experienced a 15.6 percent drop in net profit, amounting to 24.59 billion yuan (HK$26.65 billion) in 2023 compared to the previous year. This decrease comes despite the company achieving a record-breaking milestone in insurance premiums, surpassing 500 billion yuan.
Throughout 2023, PICC P&C and its subsidiaries witnessed a notable 7.7 percent increase in insurance revenue, totaling 457.20 billion yuan. This growth trajectory was predominantly fueled by expansions in motor vehicle insurance, accidental injury and health insurance, as well as agriculture insurance segments.
In line with its financial performance, the company has announced plans to distribute a final dividend of 0.489 yuan per share.
Meanwhile, PICC Group (1339), the parent company of PICC P&C, reported a 12.1 percent decline in net profit, reaching 22.32 billion yuan. However, the revenue for the group saw a modest uptick of 4.7 percent, climbing to 553.47 billion yuan.
As part of its shareholder returns strategy, PICC Group intends to issue a cash dividend of 6.899 billion yuan.
This update was first reported by The Standard Channel.
