Picc Property & Casualty Co., Ltd. Class H · HKEX:2328
Picc Property & Casualty Co., Ltd. Class H — H1 2026 Earnings Presentation
24 slides from Picc Property & Casualty Co., Ltd. Class H's earnings presentation, 2026
Slide 1: 2026 Interim Results
2026 Interim Results PICC P&C（2328.HK）
Slide 2: Disclaimer
Disclaimer This document has been prepared by PICC Property and Casualty Company Limited (hereinafter as the “PICC P&C” or the “Company”) and has not undergone independent verification. In addition to statements of historical facts, this document may also contain certain forward-looking statements
Slide 3: Contents
Section I Performance Overview Section II Main Work in 2026H1 Contents Overview of Insurance Business Section III Operations Section IV Overview of Insurance Fund Investment Business Section V Looking Forward 3
Slide 4: Section I Performance Overview
Section I Performance Overview 4
Slide 5: Performance Overview
Performance Overview In the first half of 2026, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era with an effort to actively implement the decisions and plans of the CPC Central Committee, the Company and its subsidiaries focused on the strategic goal of PICC Group
Slide 6: Section II Main Work in 2026H1
Section II Main Work in 2026H1 6
Slide 7: Accelerating the Transition between Old and New Growth Drivers
Accelerating the Transition between Old and New Growth Drivers and Enhancing the Ability to Serve the Overall Development Continuously To serve the development of new-quality productive forces To serve the enhancement of people’s livelihood and well-being we continued to refine the technology insura
Slide 8: Section III Overview of Insurance Business Operations
Section III Overview of Insurance Business Operations 8
Slide 9: Stable Growth in Insurance Business with Dominant Market Position
Stable Growth in Insurance Business with Dominant Market Position Insurance Revenue Up 2.2% YoY Market Share （RMB mn） 249,040 254,617 33.3% Market Share 2025H1 2026H1 2026H1 Note：Calculated based on the data of the PRC insurance industry published on the website of the NFRA. 9
Slide 10: Combined Ratio Improved
Combined Ratio Improved Combined Ratio Comprehensive Expense Ratio 94.8% 94.0% 23.0% 22.1% 2025H1 2026H1 2025H1 2026H1 Underwriting Profit Comprehensive Loss Ratio （RMB mn） 15,376 13,015 71.8% 71.9% 2025H1 2026H1 2025H1 2026H1 10
Slide 11: Effectively Consolidated Advantages of Motor Insurance with Improved Combined Ratio
Effectively Consolidated Advantages of Motor Insurance with Improved Combined Ratio Insurance Revenue Combined Ratio Up 1.9% YoY Down 0.7pp YoY （RMB mn） 150,276 153,168 94.2% 93.5% 73.1% 73.6% 21.1% 19.9% 2025H1 2026H1 2025H1 2026H1 Comprehensive Loss Ratio 11
Slide 12: Motor Insurance
Motor Insurance Continuously Optimized Underwriting Profitability Business Mix Steadily Improved Number of Household Comprehensive Vehicles Underwritten Expense Ratio 43.89 mn 3.8% 19.9% 1.2pp Household Vehicles Combined Ratio Renew Rate 93.5% 0.7pp 78.7% 2.1pp Market Share of Underwriting Profit Ho
Slide 13: Quality Improvement of Non-Motor Insurance
Quality Improvement of Non-Motor Insurance Enhanced Profitability of Rapid Development of Improved Quality of Non-Motor Insurance Individual Business Institutional Business Premium Income Comprehensive 18.2% 3.9pp 31.5 bn RMB Expense Ratio Combined Ratio 1.2pp Comprehensive Combined Ratio 1.5pp 1.9p
Slide 14: Accidental Injury & Health Insurance
Accidental Injury & Health Insurance Insurance Revenue Combined Ratio Up 13.8% YoY Down 2.8pp YoY （RMB mn） 35,251 101.8% 99.0% 30,975 71.1% 68.8% 30.7% 30.2% 2025H1 2026H1 2025H1 2026H1 Comprehensive Loss Ratio 14
Slide 15: Agriculture Insurance
Agriculture Insurance Insurance Revenue Combined Ratio Down 7.6% YoY Up 4.2pp YoY （RMB mn） 23,179 21,406 88.4% 92.6% 74.5% 79.0% 13.9% 13.6% 2025H1 2026H1 2025H1 2026H1 Comprehensive Loss Ratio Comprehensive Expense Ratio 15
Slide 16: Liability Insurance
Liability Insurance Insurance Revenue Combined Ratio Up 8.4% YoY Down 0.5pp YoY （RMB mn） 103.6% 103.1% 20,144 18,575 75.0% 77.1% 28.6% 26.0% 2025H1 2026H1 2025H1 2026H1 Comprehensive Loss Ratio Comprehensive Expense Ratio 16
Slide 17: Commercial Property Insurance
Commercial Property Insurance Insurance Revenue Combined Ratio Up 0.6% YoY Down 3.5pp YoY （RMB mn） 9,243 9,295 90.1% 86.6% 64.3% 61.9% 25.8% 24.7% 2025H1 2026H1 2025H1 2026H1 Comprehensive Loss Ratio 17
Slide 18: Other Insurance
Other Insurance Insurance Revenue Combined Ratio Down 8.6% YoY Down 7.4pp YoY （RMB mn） 16,792 15,353 88.6% 81.2% 58.3% 50.0% 30.3% 31.2% 2025H1 2026H1 2025H1 2026H1 Comprehensive Loss Ratio Comprehensive Expense Ratio 18
Slide 19: Appropriated Reserves Adequately and Reasonably, Enhanced Ability to Defend Risks
Appropriated Reserves Adequately and Reasonably , Enhanced Ability to Defend Risks Net Loss and LAE Reserves Net Loss and LAE Reserves Ratio Up 9.0% vs. Beginning of the Year Up 3.3pp vs. Beginning of the Year （RMB bn） 222.8 204.5 2025.12.31 2026.6.30 2025.12.31 2026.6.30 Notes: （1）Net Loss and LAE
Slide 20: Section IV Overview of Insurance Fund Investment Business
Section IV Overview of Insurance Fund Investment Business 20
Slide 21: Growth in Total Investment Income
Growth in Total Investment Income Total Investment Income Total Investment Yield Up 58.5% YoY （RMB mn） 27,359 4,019 62 2026H1 2025H1 17,260 Total Investment 3,617 56 17,882 Yield 3.8% 2.6% 7,901 （unannualized） 6,080 5,729 (394) (333) 2025H1 2026H1 Interest on securities sold under agreements to repu
Slide 22: Steady Growth in Total Investment Assets with Optimized Investment Portfolio
Steady Growth in Total Investment Assets with Optimized Investment Portfolio Total Investment Assets Investment Portfolio Up 2.8% vs. Beginning of the Year Cash and cash Investment （RMB mn） equivalents… properties and… Investments in associates 760,366 781,951 9.8% Equity investments Fixed-income 26
Slide 23: Section V Looking Forward
PIKCC PHARMPFRER ARS PICC PROPERTY AND CASUALTY COMPANY LIMITED. % Section V Looking Forwa rd 23
Slide 24: Looking Forward
Looking Forward 01 02 03 Further leverage the Further strengthen Further deepen digital- function of insurance and professional operations and intelligent empowerment facilitate the transition enhance the quality and and advance intelligent between old and new efficiency of development. operations.
PICC Property and Casualty Company — H1 2026 Earnings Presentation on 6ix