PICC sees earnings double, 39.9 billion yuan profit guided by 'spirit of Third Plenary Session'

The People’s Insurance Company (Group) of China (1339) said it may nearly double its earnings for last year as it “resolutely implemented the spirit of the Third Plenary Session.”

The insurer estimates that its net profit for 2024 will range from 39.9 billion yuan (HK$42.9 billion) to 44.4 billion yuan, representing a rise between 75 and 95 percent compared to 2023, according to a January 24 filing.

PICC attributed the expected increase to the group having “resolutely implemented the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, firmly followed a path of financial development with Chinese characteristics, deeply implemented the specific requirements of the new 'Ten National Rules' for the insurance industry, and strove to complete the 'Five Priorities on finance,” the filing said.

It remained “steadfast in its commitment to high-quality development in 2024" and "continuously optimized its business structure, deepened efforts in cost reduction and efficiency improvement, actively seized opportunities in the capital market, and achieved a significant year-on-year increase in total investment income.”

STAFF REPORTER