PICC Hong Kong improves market share with reinsurance gains: AM Best

Profitability is stable, with 2024 earnings driven by investment income.

PICC Hong Kong is expected to strengthen its business position and maintain solid capitalisation and profitability, prompting AM Best to revise its outlook on the insurer to positive from stable.

The company’s market presence has improved, with gross premium written rising 65% from 2020 to 2024 and a market share of 2.3% in 2024. 

Growth in inward reinsurance and better diversification beyond its traditional reliance on affiliated business have supported a more balanced and sustainable portfolio.

Capital adequacy remains at the strongest level, backed by a conservative investment strategy and strong liquidity. 

Profitability is stable, with 2024 earnings driven by investment income and improved underwriting in both domestic and reinsurance segments.

As the sole overseas arm of PICC Group, PICC HK continues to benefit from strategic support, including capital backing and operational synergies, which are expected to underpin future growth and earnings stability.