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PICC Property and Casualty Co Ltd Class H 02328

Morningstar Rating
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Stock XHKG Rating as of
HKD 10.36 +0.02 (0.19%)
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As of Delayed Price Closed
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Company Report

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China Insurance Earnings: New China Life, PICC P&C, and PICC Group Post Weaker Growth

Iris Tan

New China Life, PICC Group, and PICC P&C reported larger-than-peer contractions in first-quarter net profits of 29%, 24%, and 38% year on year, respectively. This was partly due to the high base a year ago as a result of strong investment income for NCI and a record-low combined ratio for PICC P&C. We believe the results are largely in line to achieve our 2024 net profit growth of 19%, 22%, and 20% for PICC P&C, PICC Group, and NCI.

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Price vs Fair Value

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02328 is trading within a range we consider fairly valued.
Price
HKD 10.34
Fair Value
HKD 47.00
Uncertainty
High
1-Star Price
HKD 38.40
5-Star Price
HKD 4.60
Economic Moat
Xvxqq
Capital Allocation
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Bulls Say, Bears Say

Bulls

PICC P&C boasts a higher-than-peer reserve level, in terms of loss and loss-adjustment reserve accounting as a percentage of net earned premium.

Bears

Increasing competitions in the nonauto P&C insurance business is likely to weigh on PICC P&C's overall underwriting profitability.

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Trading Information

Previous Close Price
HKD 10.34
Day Range
HKD 10.22–10.40
52-Week Range
HKD 8.03–11.54
Bid/Ask
HKD 10.36 / HKD 10.38
Market Cap
HKD 230.44 Bil
Volume/Avg
25.7 Mil / 32.5 Mil

Key Statistics

Price/Earnings (Normalized)
8.46
Price/Sales
0.47
Dividend Yield (Trailing)
5.07%
Dividend Yield (Forward)
5.07%
Total Yield
5.07%

Company Profile

With headquarters in Beijing, PICC P&C is China’s largest nonlife insurer, commanding over 33% market share in the country. It was founded by the People’s Bank of China in 1949. The company is a flagship subsidiary of the PICC Group, a state-owned insurance group, which owns 69% of PICC P&C. The company offers a wide range of nonlife insurance products, including auto, commercial property, liability, credit and surety bond, accidents and health, energy and aerospace, and agricultural insurance.
Sector
Financial Services
Industry
Insurance - Property & Casualty
Stock Style Box
Large Value
Total Number of Employees
164,653
Website
https://property.picc.com
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