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PICC Group logs higher profit YOY in FY'19

People's Insurance Co. (Group) of China Ltd.'s full-year 2019 profit attributable to equity holders of the company rose 71.4% year over year.

Full-year 2019 profit attributable to equity holders of the company stood at 22.14 billion Chinese yuan, up from 12.91 billion yuan in the prior year. Basic EPS for full year 2019 climbed 65.0% year over year to 50 fen.

Gross written premiums were 555.25 billion yuan, an increase of 11.4% year over year from 498.61 billion yuan in 2018. Net written premiums reached 519.91 billion yuan, up from 468.99 billion yuan in 2018.

Full-year 2019 investment income also climbed to 36.63 billion yuan from 29.53 billion yuan in 2018. Total benefits, claims and expenses grew to 534.63 billion yuan in 2019 from 483.34 billion yuan in 2018.

The group's comprehensive solvency margin ratio was 300% as of the end of 2019, compared with 309% as of the end of 2018. Its core solvency margin ratio was 252% as of Dec. 31, 2019, compared with 244% as of Dec. 31, 2018.

PICC Group's board proposed a final dividend of 11.60 fen per share for 2019, representing an increase from the final dividend of 4.57 fen paid in 2018. The proposed dividend is subject to shareholder approval.

The group's PICC Property & Casualty Co. Ltd. subsidiary saw its net profit increase 56.8% year over year to 24.28 billion yuan.

As of March 27, US$1 was equivalent to 7.10 Chinese yuan.