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PICC Property & Casualty FY'17 net profit rises 9.9%

PICC Property & Casualty Co. Ltd. reported a 9.9% year-over-year increase in net profit for the year ended Dec. 31, 2017.

China's largest casualty insurer said profit attributable to owners of the parent increased to 19.81 billion Chinese yuan from 18.02 billion yuan in 2016. Basic EPS rose to 1.336 yuan from 1.215 yuan.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the company's Hong Kong-listed shares were 1.53 yuan and 1.50 yuan, respectively.

Net earned premiums climbed to 309.08 billion yuan from 270.26 billion yuan. Net claims incurred swelled to 192.52 billion yuan from 171.76 billion yuan.

Gross written premiums jumped to 350.31 billion yuan from 311.16 billion yuan. Underwriting profit of the insurer climbed to 9.30 billion yuan from 5.02 billion yuan.

As of the end of 2017, the company's comprehensive solvency margin ratio was 278% and core solvency margin ratio was 229%, the insurer said.

PICC Property & Casualty said its board proposed a final dividend of 33.8 fen per share, up from the previous year's 30.9 fen per share. The dividend is subject to shareholders approval and is payable Aug. 22 to shareholders of record as of July 5.

PICC Property & Casualty is a unit of state-owned People's Insurance Co. (Group) of China Ltd.

As of March 22, US$1 was equivalent to 6.33 Chinese yuan.