Insurance giant posts lower profit

PICC P&C (2328), the largest property and casualty insurance company in the mainland, saw its net profit decrease by 15.6 percent to 24.59 billion yuan (HK$26.65 billion) in 2023 from a year ago although the amount of company's insurance premiums reached a record high of over 500 billion yuan.

In 2023, the insurance revenue of PICC P&C and its subsidiaries rose 7.7 percent to 457.20 billion yuan.

The increase in insurance revenue was mainly driven by the growth in business scale of motor vehicle insurance, accidental injury and health insurance and agriculture insurance.

The company plans to issue final dividend of 0.489 yuan per share.

Meanwhile, PICC Group's (1339) net profit decreased 12.1 percent to 22.32 billion yuan, with its revenue rising 4.7 percent to 553.47 billion yuan.

It plans to pay a cash dividend of 6.899 billion yuan to shareholders.