PICC Property renews agency pacts, releases bond report

PICC Property and Casualty Company Limited announced the renewal of Mutual Agency Agreements with PICC Life and PICC Health, effective from August 31, 2025, to August 30, 2028. These agreements facilitate mutual agency sales of insurance products.

Estimated annual caps for commissions paid by PICC Property and Casualty to PICC Life and PICC Health total 151 million yuan for August 31 to December 31, 2025; 431 million yuan for 2026; 465 million yuan for 2027; and 340 million yuan for January 1 to August 30, 2028. Commissions paid to the company by PICC Life and PICC Health are capped at 109 million yuan, 277 million yuan, 290 million yuan, and 205 million yuan for the respective periods.

These transactions are classified as continuing connected transactions. The highest applicable percentage ratio for commissions paid by the company exceeds 0.1% but is less than 5%, making the transactions subject to reporting, annual review, and announcement requirements, but exempt from independent shareholders' approval.

In a separate announcement, PICC Property and Casualty publicly released its 2025 Interim Report for Issued Capital Supplementary Bonds. This report, pertaining to bonds issued in 2024, includes the unaudited financial statements for the first half of 2025, prepared in accordance with PRC Accounting Standards for Business Enterprises.