PICC Property and Casualty (02328) is expected to increase its net profit in the first quarter by approximately 80% to 100% year-on-year.

PICC P&C (02328) has announced that it is expected to increase its net profit in the first quarter of 2025 by approximately 80% to 100% compared to the same period in 2024. In the first quarter of 2025, the company actively seized the opportunity of China's economic recovery and improvement, adhered to the strategy of being superior and stronger, and steadily advanced its business development with stable and effective operations. The company closely focused on the key areas and main priorities of the financial "Five Major Articles", enhancing its insurance service capabilities and the support intensity of financial institutions. Under the strategic goal of building a world-class insurance and financial group by the People's Insurance Group of China, the company firmly implemented the overall requirements of "Five Excellence", continued to deepen reforms, optimize cost inputs, improve business structures, promote risk reduction services, and with reduced catastrophic losses compared to the previous year, the underwriting profit saw a significant increase year-on-year. At the same time, while maintaining a safe liquidity margin, the company moderately increased its allocation of high-quality equity assets with long-term value. Benefiting from the overall recovery of the capital market in the first quarter, the optimization of the company's investment structure magnified the positive effects of market growth, resulting in a significant increase in total investment income year-on-year. The company remains confident in the development prospects of the Chinese economy and capital market, contributing the "PICC Power" to maintaining market stability and serving the high-quality development of the real economy.