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PICC P&C Releases 2024 Interim Financial Report
[Brokerage Focus] Guotai Junan Securities maintains a "buy" rating on PICC P&C (02328), pointing to its improved performance on the underwriting and investment sides.
Golden Horse Finance News | Open Source Securities Research Institute pointed out that PICC P&C (02328) achieved a net income attributable to the parent company of 18.49 billion yuan in H1 2024, a year-on-year increase of 8.7%. Underwriting profit / investment income decreased by 5.0% / -7.8% respectively year-on-year. The single-quarter net profit attributable to the parent company in Q2 reached 12.62 billion, a year-on-year increase of 17%, and a quarter-on-quarter increase of 115%. Underwriting profit / total investment income increased by 37% / 20% respectively year-on-year. Both underwriting and investment performance improved. The comprehensive cost ratio for underwriting in H1 2024 increased by 0.4 percentage points year-on-year to 96.2%, compared to the 97.9% in Q1 2024.
PICC P&C's H1 Attributable Profit Falls 9%; Shares Jump 3%
[Brokerage Focus] Guosen Securities maintains a rating of "outperform the market" for PICC P&C (02328), pointing out its dual-drive advantage of assets and liabilities.
Guosen Securities issued a research report, stating that PICC P&C (02328) achieved insurance service income of 235.84 billion yuan in the first half of the year, a year-on-year growth of 5.1%, with steady business growth. Due to the performance of investment income in the first quarter, the company's net income attributable to shareholders in the first half of the year was 18.49 billion yuan, a year-on-year decrease of 8.7%. The bank pointed out that this year, the automobile insurance business in the industry has further deepened "reporting and auditing integration", strengthened fee management, guided the industry to reduce fees, and benefited consumers. Non-automobile insurance businesses maintained good growth, with accident and health insurance, liability insurance, and property and casualty insurance achieving insurance service income growth rates of 7.5%/8.4% respectively.
PICC Property & Casualty: Increase in Insurance Rev Driven by Growth in Various Insurances >2328.HK
PICC P&C (02328) announced its interim performance with a net income of 18.491 billion yuan, a year-on-year decrease of 8.7%. Dividends per share are 0.208 yuan.
picc p&c (02328) announced its interim performance in 2024, with original insurance premium income of 311.996 billion yuan, ...
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