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China's PICC Group H1 net profit rises 54.1% YOY

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China's PICC Group H1 net profit rises 54.1% YOY

People's Insurance Co. (Group) of China Ltd.'s net profit attributable to owners for the six months ended June 30 increased 54.1% to 15.48 billion yuan from 10.05 billion yuan in the prior-year period. Basic EPS rose to 35 fen from 24 fen.

The insurer said gross written premiums for the first half grew 12.8% year over year to 322.88 billion yuan from 286.16 billion yuan.

The insurer's P&C business reported gross written premiums of 236.04 billion yuan, up 15.1% from 205.04 billion yuan in the first half of 2018. The net profit of the P&C business was 16.82 billion yuan, a 39.1% increase from 12.09 billion yuan in the prior-year period.

The life business' gross written premiums rose to 70.83 billion yuan from 69.89 billion yuan in the prior-year period. The life business' net profit surged 101.2% to 3.08 billion yuan 1.53 billion yuan in the prior-year period. The increase is mainly attributed to the optimization of the business structure, which resulted in a steady growth in premium income, the insurer said.

The health business reported gross written premiums of 15.22 billion yuan, up 43.8% from 10.58 billion yuan in the first half of 2018. The net profit of the health business was 264 million yuan, an 1,100% increase from 22 million yuan in the prior-year period.

As of Aug. 26, US$1 was equivalent to 7.15 Chinese yuan.