In response to high cancellation rate, PICC claims to be the result of short and medium products’ expiration – #stocks chatter

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In response to high cancellation rate, PICC claims to be the result of short and medium products’ expiration
Recently, an investor asked People's Insurance Company of China(PICC) on an interactive platform, "Your company's life insurance cancellation rate in 2020 is 11.8%, while that of several insurance companies such as Ping An, Xinhua Insurance and China Life is less than 2%. Why?"

PICC Board Secretary replied that the relatively high cancellation rate of PICC Life Insurance was due to the expiration of single short-and-medium duration products. In recent years, PICC Life Insurance has adhered to the transformation towards high quality development, focused on promoting business model reform and team building, optimized product structure and term structure, and actively reduced the business scale of single delivery, medium and short duration products every year, while maintaining a downward trend in cancellation rate.

Source: Sina Finance

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