PICC Property and Casualty Company (2328) investor relations material

Executive summary

• Insurance revenue rose 6.1% year-over-year to RMB 570.7bn, with net profit attributable to equity holders up 9.6% to RMB 46.2bn.

• Achieved original insurance premium income of RMB555.8 billion, up 3.3% year-over-year, maintaining industry-leading market share of 31.6%.

• Net profit rose 25.5% year-over-year to RMB40.4 billion, with return on equity at 14.7%.

• Net assets attributable to equity holders increased 15.0% to RMB 309.2bn, and total assets surpassed RMB 2tn.

• Cash dividend per share grew 22.2% to RMB 0.22.

Financial highlights

• Total investment income reached RMB 93.0bn, up 13.2% year-over-year, hitting a historic high.

• Insurance revenue reached RMB511.6 billion, up 5.4% year-over-year.

• Net cash flow from operating activities increased 15.0% to RMB 118.7bn.

• Weighted average ROE was 15.9%, down 0.5ppts year-over-year.

• Combined ratio for P&C improved to 97.5%, down 1.3ppts.

Outlook and guidance

• Focus for 2026 includes accelerating world-class enterprise development, enhancing core business, and deepening digital transformation.

• Plans to intensify risk prevention, improve cost efficiency, and expand high-quality investments.

• Focus on high-quality development, digital transformation, and innovation in insurance products and services.

• Plans to expand in technology, green, inclusive, elderly care, and digital finance.

• Targets further improvement in business quality, efficiency, and risk control in 2026, the first year of the 15th Five-Year Plan.