PICC Property and Casualty : & Casualty First-Half Net Profit Fell 22%

By Ben Otto

PICC Property & Casualty Co.'s first-half net profit fell 22% as higher premiums income was offset by tax expenses.

Net profit in the period was 13.18 billion yuan ($1.90 billion) compared with CNY16.82 billion a year earlier, China's largest property and casualty insurance company said late Friday.

Gross written premiums income rose 4.4% to CNY246.30 billion, with contributions from the company's key motor vehicle insurance segment rising 2.8% to CNY131.02 billion.

PICC Property & Casualty faced tax expenses due to a policy change on pre-tax deductions for commission expenses, it said. Before tax, profit in the first half rose 4.3% to CNY15.82 billion.

The company said that while premium income and claims grew at a slower pace in the first half during the Covid-19 pandemic, the crisis hasn't significantly affected the group's financial position.

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