PICC Posts Strong Life NBV Growth; Property and Casualty Margin Meets Management’s Target
PICC Group and its property and casualty subsidiary, PICC P&C's 2023 net profit contracted 10.2% and 15.6% to CNY 22.8 billion and CNY 24.6 billion, respectively. The results of the P&C insurance business were largely in line, with full-year auto combined ratio, or COR, improving to 96.9% from 97.9% in the first three quarters, while nonauto COR edged up 5 basis points to 99.1%. Both ratios meet management’s targets of below 97% for auto insurance and below 100% for nonauto insurance, despite the record-high catastrophe-related net losses in the third quarter of 2023.