The People's Insurance Co (Group) of China Ltd Class H

01339: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	Q.c	LOCK\|Jh	LOCK\|$DGkKS^

PICC Group's Life Business Growth Remains Strong but P&C Business Lagged

Iris Tan

Mar 30, 2026

Business Strategy and Outlook

PICC Group seeks to evolve from a leading property-casualty insurer into a comprehensive one-stop shop for financial services. However, we anticipate pressures on P&C underwriting margins and the underperforming productivity of its agent force.

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The People's Insurance Co (Group) of China Ltd Class H

PICC Group's Life Business Growth Remains Strong but P&C Business Lagged

Business Strategy and Outlook

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