Picc Property & Casualty Co., Ltd. Class H · HKEX:2328
Picc Property & Casualty Co., Ltd. Class H — H1 2024 Earnings Presentation
26 slides from Picc Property & Casualty Co., Ltd. Class H's earnings presentation, August 2024
Slide 1: 2024 Interim Results
2024 Interim Results PICC P&C（2328.HK）
Slide 2: Disclaimer
Disclaimer l 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 statement
Slide 3: Contents
Section I Interim Results Overview Contents Section II Main work in 2024H1 Overview of Insurance Section III Business Operations Overview of Insurance Fund Section IV Investment Business Section V Key Initiatives for 2024H2 33
Slide 4: Section I Interim Results Overview
Section I Interim Results Overview 44
Slide 5: Results Overview
Results Overview In the first half of 2024, in an effort to actively implement the decisions and plans of the CPC Central Committee, stick to the general principle of seeking progress while maintaining stability, and practically promote the PICC Group’s “To be Prominent Strategy”, the Company well p
Slide 6: Section II Main Work in 2024H1
Section II Main Work in 2024H1 6
Slide 7: Innovating and Upgrading Strategic Services and Enhancing Product and Service Supply
INNOVATING AND UPGRADING STRATEGIC SERVICES AND CONTINUOUSLY ENHANCING PRODUCT AND SERVICE SUPPLY By taking serving the real economy as the fundamental purpose, the Company implemented “Eight Strategic Services” to support the construction of modernized industrial system, rural revitalization, China
Slide 8: Improving Customer Management Capability and Consolidating Development Foundation
CONTINUOUSLY IMPROVING CUSTOMER MANAGEMENT CAPABILITY AND FURTHER CONSOLIDATING THE DEVELOPMENT FOUNDATION The coverage ratio of high-tech The agriculture insurance provided enterprises and innovative enterprises By the end of June 2024, the number of risk protection for 41.79 million rural that use
Slide 9: Promoting Risk Reduction and Building Whole-Process Service Closed Cycle
SOLIDLY PROMOTING RISK REDUCTION AND BUILDING A WHOLE-PROCESS SERVICE CLOSED CYCLE By giving full play to the functional value of insurance, promoting the quality improvement, coverage expansion and variety increase of risk reduction services, and building a closed cycle of “product supply – pre-und
Slide 10: Section III Overview of Insurance Business Operations
Overview of Insurance Section III Business Operations 10 10
Slide 11: Stable Enhancement of Business with Market Position Maintaining Dominant
Stable Enhancement of Business with Market Position Maintaining Dominant Insurance Revenue Up 5.1% YoY Market Share （RMB mm） 224,368 235,841 34.0% Market Share 2023H1 2024H1 2024H1 Note：Calculated based on the data of the PRC insurance industry published on the website of the National Financial Regu
Slide 12: Sound Underwriting Profitability with Combined Ratio Outperforming the Industry
Maintaining Sound Underwriting Profitability with Combined Ratio Outperforming the Industry Combined Ratio Comprehensive Expense Ratio 95.8% 96.2% 26.9% 26.1% 2023H1 2024H1 2023H1 2024H1 Underwriting Profit Comprehensive Loss Ratio （RMB mm） 68.9% 70.1% 9,469 8,999 2023H1 2024H1 2023H1 2024H1 Note： （
Slide 13: Stable Growth in Motor Insurance with Improved Combined Ratio
Stable Growth in Motor Insurance with Improved Combined Ratio Insurance Revenue of Combined Ratio of Motor Insurance Motor Insurance Up 5.3% YoY Down 0.3ppts YoY （RMB mm） 96.7% 96.4% 137,907 145,157 69.7% 71.2% 27.0% 25.2% 2023H1 2024H1 2023H1 2024H1 Comprehensive Expense Ratio Comprehensive Loss Ra
Slide 14: Optimizing the Motor Insurance Business Structure
Actively Implementing National Strategy and Continuously Optimizing the Motor Insurance Business Structure Number of Household Vehicles Underwritten Number of Household New Vehicles Underwritten Up 6.5% YoY Up 5.2% YoY (Ten Thousand) (Ten Thousand) 3818 4067 332 349 2023H1 2024H1 2023H1 2024H1 Numbe
Slide 15: Stable Growth in Non-Motor Insurance
Stable Growth in Non-Motor Insurance Insurance Revenue of Combined Ratio of Non-Motor Insurance Non-Motor Insurance Up 4.9% YoY Up 1.4ppts YoY （RMB mm） 90,684 86,461 94.4% 95.8% 2023H1 2024H1 2023H1 2024H1 15
Slide 16: Agriculture Insurance
Agriculture Insurance Insurance Revenue Combined Ratio Down 7.0% YoY Down 2.0ppts YoY （RMB mm） 25,043 91.0% 89.0% 23,292 76.8% 75.3% 14.2% 13.7% 2023H1 2024H1 2023H1 2024H1 Comprehensive Expense Ratio Comprehensive Loss Ratio 16
Slide 17: Accidental Injury & Health Insurance
Accidental Injury & Health Insurance Insurance Revenue Combined Ratio Up 7.5% YoY Up 1.4ppts YoY （RMB mm） 98.5% 99.9% 24,751 23,019 64.0% 64.8% 34.5% 35.1% 2023H1 2024H1 2023H1 2024H1 Comprehensive Expense Ratio Comprehensive Loss Ratio 17
Slide 18: Liability Insurance
Liability Insurance Insurance Revenue Combined Ratio Up 8.4% YoY Up 1.3ppts YoY （RMB mm） 102.8% 104.1% 18,339 16,922 71.0% 73.5% 31.8% 30.6% 2023H1 2024H1 2023H1 2024H1 Comprehensive Expense Ratio Comprehensive Loss Ratio 18
Slide 19: Commercial Property Insurance
Commercial Property Insurance Insurance Revenue Combined Ratio Up 6.3% YoY Up 7.6ppts YoY （RMB mm） 99.6% 92.0% 8,862 8,337 71.6% 64.4% 27.6% 28.0% 2023H1 2024H1 2023H1 2024H1 Comprehensive Expense Ratio Comprehensive Loss Ratio 19
Slide 20: Other Insurance
Other Insurance Insurance Revenue Combined Ratio Up 17.5% YoY Up 3.5ppts YoY （RMB mm） 84.1% 87.6% 15,440 13,140 54.0% 55.2% 30.1% 32.4% 2023H1 2024H1 2023H1 2024H1 Note: The other insurance includes credit and surety insurance, cargo insurance, household Comprehensive Expense Ratio property insuranc
Slide 21: 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 Ratio Net Loss and LAE Reserves of Motor Insurance Up 5.8% vs. Beginning of the Year Up 0.1ppts vs. Beginning of the Year （RMB mm） 190,055 179,633 2023.12.31 2024.6.30 2023.12.31 2024.6.30 Note
Slide 22: Section IV Overview of Insurance Fund Investment Business
Overview of Section IV Insurance Fund Investment Business 22
Slide 23: Steady Growth in Total Investment Assets with Improved Portfolio
Steadily Growth in Total Investment Assets with Improved Investment Assets Portfolio Total Investment Assets Investment Portfolio Up 6.8% vs. Beginning of the Year Cash and cash Investment equivalents properties and （RMB mm） Investments in 3.3% Other investments 641,834 associates and 2.2% 600,711 j
Slide 24: Investment Results
Investment Results Total Investment Income Total Investment Yield （RMB mm） 15,146 13,971 2024H1 2023H1 5,893 5,713 Total Investment Yield 2.2% 2.6% 5,817 4,773 (unannualized) 244 3,469 3,241 (33) 2023H1 2024H1 Share of profit or loss of associates and joint ventures Investment assets impairment loss
Slide 25: Section V Key Initiatives for 2024H2
Key Initiatives for Section V 2024H2 25 25
Slide 26: Key Initiatives for 2024H2
Key Initiatives for 2024H2 Firstly, focusing on the implementation and refinement of the Five Target Areas of “technology finance, green finance, inclusive finance, elderly care finance and digital finance”. Secondly, optimizing the business model and enhancing the capacity of risk reduction service
PICC Property and Casualty Company — H1 2024 Earnings Presentation on 6ix