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PICC Property posts 23.56% jump in profit for H1

Aug. 21, 2012 (China Knowledge) - PICC Property & Casualty Co<2328>, China’s largest non-life insurer in terms of premiums, announced yesterday that its net profit rose 23.56% YoY to RMB 6.53 billion in the first half of this year.

Earnings per share were RMB 0.53 during the period, and an interim dividend of RMB 0.21 was proposed.

The property insurer saw its turnover grow 10.7% YoY to RMB 101.19 billion in the first six months, with a 36% share in the non-life insurance market.

The company's insurance premiums reached RMB 100.91 billion in the first half, reflecting a growth of 10.62% from the same period of last year, according to an earlier report from China Knowledge.

At the end of June, the company's total assets had increased 9.4% from the end of last year to RMB 290.56 billion, and its solvency adequacy ratio was 184%.

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