China's PICC sees 2020 net profit fall 10.4%

Its P&C segment's net profit also dropped 16.4%.

The People’s Insurance Company of China (PICC) has posted a 10.4% fall in its 2020 net profit to $3.08b (CNY20.07b) as gross written premiums inched up 1.5% to $86.3b (CNY563.6b).

Its P&C segment recorded a 16.4% drop in net profits to $3.2b (CNY20.8b).

On the other hand, its life segment reported a 9.7% rise in new business value (NBV) to $939m (CNY6.13b).

PICC Life’s net profit increased 30.8% to $683m (CNY4.5b) whilst PICC Health’s net profit rose 9.1% to $5.5m (CNY36m).

Group total investment income reached $8.7b (CNY56.7b), 15.3% higher than in 2019.

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