PICC P&C Earnings: Underwriting Beat Offsets Investment Drag; Non-Auto Margin Expansion Ahead
PICC P&C's nine-month net profit fell 36% year on year on weak equity market returns. The combined ratio, or CR, improved 0.3 percentage points to 95.8%.
PICC Property and Casualty Co Ltd Class H 02328
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
PICC P&C's underwriting margin exhibits a higher sensitivity to natural catastrophe losses than its peers, which is attributable to its different product mix.
Trading Information
- Previous Close Price
- HK$17.28
- Day Range
- HK$16.80–17.37
- 52-Week Range
- HK$13.65–19.08
- Bid/Ask
- HK$16.88 / HK$16.89
- Shares Outstanding
- 22.24B
- Market Cap
- HK$375.46B
- Volume/Avg
- 44M / 29M
Key Statistics
- Price/Earnings (Normalized)
- 6.97
- Price/Sales
- 0.64
- Dividend Yield (Trailing)
- 5.34%
- Dividend Yield (Forward)
- 4.68%
- Dividend Payment Schedule
- Jul, Nov, Dec
- Total Yield
- 5.34%
Company Profile
PICC P&C is headquartered in Beijing. The company is China's largest nonlife insurer, commanding nearly 33% domestic market share. Founded by the People's Bank of China in 1949, PICC P&C operates as the flagship subsidiary of PICC Group—a state-owned insurance holding company that retains a 69% equity stake. The company underwrites a comprehensive suite of nonlife insurance products spanning auto, commercial property, liability, credit and surety, accident and health, energy and aerospace, and agricultural lines.
- Sector
- Financial Services
- Industry
- Insurance - Property & Casualty
- Stock Style Box
- Large Value
- Total Number of Employees
- 163,196
- Website
- https://property.picc.com
Competitors
Valuation
Metric | 02328 | 601628 | 601318 |
|---|---|---|---|
Price/Earnings (Normalized) | 6.97 | 3.99 | 6.99 |
Price/Book Value | 1.07 | 1.52 | 0.93 |
Price/Sales | 0.64 | 2.28 | 1.27 |
Price/Cash Flow | 7.87 | 2.17 | 1.18 |
Price/Earnings
02328
601628
601318
Financial Strength
Metric | 02328 | 601628 | 601318 |
|---|---|---|---|
Quick Ratio | — | — | — |
Current Ratio | — | — | — |
Interest Coverage | 57.84 | — | 0.83 |
Quick Ratio
No chart available
Profitability
Metric | 02328 | 601628 | 601318 |
|---|---|---|---|
Return on Assets (Normalized) | 5.67% | 0.97% | 0.29% |
Return on Equity (Normalized) | 16.66% | 12.10% | 4.02% |
Return on Invested Capital (Normalized) | 13.91% | 8.30% | −0.84% |
Return on Assets
02328
601628
601318
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