PICC Property and Casualty Company (2328) Q1 2026 earnings summary

Executive summary

• Insurance revenue for Q1 2026 reached RMB123,015 million, up 1.9% year-over-year, with net profit at RMB8,631 million.

• Original insurance premium income totaled RMB182,995 million, a 1.4% increase year-over-year.

• The company maintained a focus on innovation, refined management, and high-quality development.

Financial highlights

• Net profit for Q1 2026 was RMB8,631 million, down from RMB11,312 million in Q1 2025.

• Operating income was RMB127,945 million, with investment income at RMB10,420 million.

• Total investment income for Q1 2026 was RMB4,600 million, with a total investment yield (unannualised) of 0.7%.

• Net cash flows from operating activities were RMB6,725 million, down from RMB8,172 million year-over-year.

Outlook and guidance

• The company is aligning with China's 15th Five-Year Plan, emphasizing capacity building and innovation to support economic and social development.