PICC: net profit in the first half of 2021 reaches nearly 16.9 billion yuan, up 34% year on year
PICC(People’s Insurance Company of China) disclosed the 2021 semi-annual report. In the first half of this year, the company achieved an operating revenue of 313.725 billion yuan, up 1.1% year on year; Net profit attributable to shareholders of the parent company was 16.884 billion yuan, up 34.0% year on year; Basic earnings per share was 0.38 yuan, year-on-year growth of 34.0%. According to the financial report, in the first half of this year, PICC achieved insurance business revenue of 344.129 billion yuan, up 2.2% year on year. Specifically, PICC Property Insurance, PICC Life Insurance, PICC Health, and PICC Hong Kong realized premium revenue of 251.825 billion yuan, 66.758 billion yuan, 25.748 billion yuan, and 112 million yuan respectively.

In the investment sector, in the first half of 2021, PICC realized a total investment income of 35.362 billion yuan, a year-on-year increase of 34.9%; the annualized total investment yield was 6.7%, a year-on-year increase of 1.2%. At the same time, PICC has accelerated the development of third-party management services. As of June 30, 2021, the scale of third-party asset management increased by 13.0% from the beginning of the year. In particular, the scale of old-age pension and pension management was 321.606 billion yuan, an increase of 29.1% from the beginning of the year.

In addition, as of June 30, 2021, the comprehensive solvency adequacy ratio of PICC Group was 318%, an increase of 13% from the end of last year. In terms of core solvency adequacy ratio, as of June 30, 2021, PICC was 269%, an increase of 12% from the end of last year.
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