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PICC Property's premium income soars 63% MOM in Mar

Apr. 18, 2012 (China Knowledge) - PICC Property & Casualty Co<2328>, China’s largest non-life insurer in terms of premiums, announced its insurance premiums reached RMB 19.01 billion last month, reflecting a sequential increase of 63%.

In a statement filed with the Hong Kong Stock Exchange, the company said it realized RMB 48.89 billion in insurance premium income in the first quarter of 2012, 10.8% more than in the same period of last year.

The insurer's direct premium income for 2011 totaled RMB 173.4 billion, compared with RMB 153.9 billion it realized in 2010.

Last year, PICC Property & Casualty earned RMB 8.03 billion in net profit, up 52% year on year from RMB 5.29 billion, boosted by strong increase in underwriting earnings.

The firm's underwriting profit for 2011 nearly tripled to RMB 8.02 billion from RMB 2.78 billion in 2010, sources reported.

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