People's Insurance Co. (Group) of China Ltd. reported a 13% year-over-year rise in net profit for full-year 2017.
Profit attributable to equity holders of the parent rose to 16.10 billion Chinese yuan from 14.25 billion yuan in 2016. Basic EPS rose to 38 fen from 34 fen.
The S&P Capital IQ consensus GAAP and normalized EPS estimates for the company's Hong Kong-listed shares were 40 fen and 42 fen respectively.
Gross written premiums climbed 8.3% to 476.45 billion yuan in 2017 from 439.87 billion yuan in the prior year, and net written premiums increased to 448.58 billion yuan from 407.13 billion yuan. Investment income also rose to 36.48 billion yuan from 33.08 billion yuan in 2016.
Meanwhile, total benefits, claims and expenses jumped to 464.82 billion yuan from 428.39 billion yuan in 2016.
The group's comprehensive solvency margin ratio rose to 299% as of end-2017 from 284% as of end-2016. The core solvency margin ratio rose to 235% from 220% during the same period.
The company's board declared a final dividend of 3.94 fen per share, up from 3.38 fen per share in 2016.
Unit PICC Property & Casualty Co. Ltd. reported a 9.9% year-over-year increase in full-year 2017 profit, to 19.81 billion yuan.
As of March 22, US$1 was equivalent to 6.33 Chinese yuan.