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PICC P&C
02328.HK
PICC Property and Casualty Company Limited, together with its subsidiaries, engages in property and casualty insurance business in People’s Republic of China. It operates through Motor Vehicle Insurance, Agriculture Insurance, Accidental Injury and Health Insurance, Liability Insurance, Commercial Property Insurance, and Other Insurance segments. The company offers motor vehicle, commercial property, cargo, liability, accidental injury, short-term health, agriculture, credit, surety, household property, marine hull, and other insurance products. It also provides reinsurance, investment and funds application, insurance agency services, training services, IT services, and property management services, etc.
680.04 B
02328.HKMarket value -Rank by Market Cap -/-

Financial Score

05/12/2025 Update
B
Property and Casualty InsuranceIndustry
Industry Ranking1/3
Industry medianC
Industry averageC
Score Analysis
Peer Comparison
  • Criteria
    Rating
  • Profit ScoreB
    • ROE14.64%A
    • Profit Margin7.17%B
    • Gross Margin10.48%E
  • Growth ScoreB
    • Revenue YoY9.86%B
    • Net Profit YoY67.37%A
    • Total Assets YoY11.26%B
    • Net Assets YoY16.60%A
  • Cash ScoreB
    • Cash Flow Margin1394.03%B
    • OCF YoY9.86%B
  • Operating ScoreB
    • Turnover0.69B
  • Debt ScoreD
    • Gearing Ratio65.07%D

Valuation analysis

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Institutional View & Shareholder

Analyst Ratings

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    News
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    "Big Banks" Citigroup: The operation and outlook of the property and casualty insurance business remain stable

    Citi believes that the business operations and prospects of PICC P&C are stable, despite the investigation into the disappearance of President Yu Ze not affecting its insurance business. As a central state-owned enterprise, its operational system is sound, and its business outlook remains unchanged, benefiting from regulatory policies. Citi has given a "Buy" rating with a target price of 21.2 yuan

    AASTOCKS·
    HK
    02328
    +2.53%
    AASTOCKS·
    HK
    02328
    +2.53%

    Morgan Stanley lists the latest focus stocks in Hong Kong (Table)

    Morgan Stanley released a strategy report on the Chinese market, listing the latest focus stocks in Hong Kong stocks, Chinese concept stocks, and A-shares, including Alibaba, CYPC, Contemporary Amperex Technology Co., Limited, Ying En Biological-B, Espressif Systems, Hong Kong Stock Exchange, Hong Kong Telecom-SS, NARI-TECH, PetroChina, PICC P&C, Inovance Technology, SA, Sunny Optical, Tencent, and Zijin Mining

    AASTOCKS·
    SH
    601021
    +0.24%
    HK
    02328
    +2.53%
    SH
    688018
    -1.70%
    AASTOCKS·
    SH
    601021
    +0.24%
    HK
    02328
    +2.53%
    SH
    688018
    -1.70%

    China Merchants Securities: Maintains "Strong Buy" Rating on PICC P&C, Profit Growth Driven by Asset-Liability Resonance

    CITIC Securities maintains a "Strong Buy" rating for PICC P&C, expecting that the resonance of assets and liabilities in Q3 2025 will drive significant profit growth. As a leader in the property and casualty insurance industry, the company continues to demonstrate competitive advantages, with stable ROE and high dividend yield, providing long-term investment value. The report shows that the net profit for the first three quarters of 2025 is expected to be 40.268 billion yuan, a year-on-year increase of 50.5%. The auto insurance premium is steadily growing, non-auto insurance business is performing well, and the combined cost ratio is controlled within 96%. The current valuation is 1.36x PB

    Zhitong·
    HK
    02328
    +2.53%
    Zhitong·
    HK
    02328
    +2.53%

    Bank of America Securities: Expects PICC P&C's annual investment income to improve, target price raised to HKD 20.9

    Bank of America Securities released a research report stating that PICC P&C's net profit for the first three quarters of 2025 reached RMB 40.3 billion, a year-on-year increase of 51%, exceeding expectations. Although investment income was strong in the third quarter of last year, there was a significant increase in catastrophe losses due to a typhoon, leading to a substantial decline in underwriting profit, resulting in a low base. Based on improved investment return forecasts, Bank of America Securities raised its profit forecast for P&C insurance in 2025 by 6%, and the profit forecasts for 2026 and 2027 by 1% to 2%. The target price was raised from HKD 20.3 to HKD 20.9, reiterating a "Buy" rating. It believes that the positive performance in the third quarter was mainly benefited from the rise in the Chinese stock market during the period and the company's increased investment allocation in stocks, expecting that with active and stable market trading, annual investment returns will achieve year-on-year improvement

    Zhitong·
    HK
    02328
    +2.53%
    Zhitong·
    HK
    02328
    +2.53%

    Cathay Securities and Haitong Securities: Maintain "Buy" rating for PICC P&C with a target price of HKD 22.82

    CITIC Securities maintains a "Buy" rating on PICC P&C, with a target price of HKD 22.82. It is expected that the EPS will be RMB 2.14 in 2025, RMB 2.40 in 2026, and RMB 2.55 in 2027. The net profit for the first three quarters of 2025 is expected to grow by 50.5% year-on-year, with improvements in both underwriting profit and investment income. The premium income for auto insurance and non-auto insurance increased by 3.1% and 3.8% year-on-year, respectively. It is expected that the auto insurance COR will be controlled within 96% in 2025, and the non-auto insurance COR will be within 99%

    Zhitong·
    HK
    02328
    +2.53%
    Zhitong·
    HK
    02328
    +2.53%
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