PICC P&C reports 30.9% profit surge in 2024

PICC Property and Casualty Company Limited (HKEX:2328) announced a 30.9% year-on-year increase in net profit, reaching RMB32,161 million for the year 2024. Original insurance premium income grew by 4.3% to RMB538,055 million, solidifying its market leadership. The company achieved an underwriting profit of RMB5,713 million, with a combined ratio of 98.8%. Total investment income reached RMB34,937 million, yielding a 5.5% return. At year-end, the comprehensive solvency margin ratio stood at 232.6%, with a core solvency margin ratio of 211.0%. The board proposes a final dividend of RMB0.332 per share, bringing the total dividend for the year to RMB0.54 per share.