HK Stock Market Move | PICC P&C (02328) rose by over 4% in the afternoon, with an increase in the growth rate of August motor insurance premiums compared to the previous month. Non-motor insurance grew by 12.2% year-on-year.

PICC P&C (02328) rose more than 4% in the afternoon, with an increase of 4.46% as of the time of reporting, reaching HK$10.78, with a turnover of HK$2.43 billion. On the news front, PICC P&C recently announced its premium income for August 2024, with the company achieving premium income of 37.375 billion yuan in August, a year-on-year increase of 7.0%, including a 4.4% year-on-year increase in auto insurance and a 12.2% year-on-year increase in non-auto insurance. From January to August, the total original insurance premium income was 382.151 billion yuan, a year-on-year increase of 4.3%. Guolian pointed out that the company's auto insurance grew by 4.4% year-on-year in August, mainly due to an increase in average premium per vehicle; the growth rate of auto insurance premiums in August was higher than in July, mainly due to a narrowing decrease in new car sales. Looking ahead for the whole year, with the continued promotion of policies to encourage trade-in for new cars driving improvement in new car sales and an increase in average premiums per vehicle, the company's auto insurance premiums are expected to achieve steady growth. Non-auto insurance grew by 12.2% year-on-year in August, mainly driven by health insurance, credit insurance, and other factors.