PICC PROPERTY AND CASUALTY COMPANY LIMITED PICC Property & Casualty Co. reported a 21% fall in net profit for the first three quarters of the year, as a rise in premiums income was offset by higher operating expenses.
Net profit for the period was 17.34 billion yuan ($2.59 billion), down from CNY21.99 billion a year earlier, the Beijing-based company said Wednesday.
Gross written premiums rose 3.6% to CNY344.88 billion, led by the motor vehicle insurance segment. Paid claims rose 5.3% to CNY192.09 billion, while general and administrative expenses also increased, the company said.
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(END) Dow Jones Newswires
10-28-20 0533ET
