PICC GROUP (01339) Announces Annual Performance: Net Profit Attributable to Shareholders Increases by 9.62% to 46.207 billion yuan.

PICC GROUP (01339) released its annual results ending on December 31, 2025. The total operating income of the group was 669.254 billion yuan, an increase of 7.56% year-on-year; the net profit attributable to equity holders of the parent company was 46.207 billion yuan, an increase of 9.62% year-on-year; basic earnings per share were 1.04 yuan; a final dividend of 1.45 yuan per 10 shares is proposed to be distributed. The business development of the group continued to improve, achieving insurance service revenue of 570.717 billion yuan in 2025, an increase of 6.1% year-on-year; property insurance premium income was 2.738.333 billion yuan, an increase of 6.5% year-on-year. The investment asset scale steadily increased, reaching over 1.90 trillion yuan by December 31, 2025, an increase of 15.8% from the beginning of the year. As of December 31, 2025, the total assets of the group were 2.027592 trillion yuan, an increase of 14.8% from the end of the previous year; net assets were 420.466 billion yuan, an increase of 14.4% from the end of the previous year; the solvency adequacy ratio was 249.9%, the core solvency adequacy ratio was 201.3%, and the capital strength was strong. The group adheres to the direction of high-quality development, and operational efficiency indicators continue to improve. In terms of property insurance business, PICC Property and Casualty has effectively shaped its development advantages, with a market share of 33.6%, firmly ranking among the industry leaders; it deepened the work of improving quality, reducing costs, and increasing efficiency, optimized the business management system, focused on enhancing business quality, strengthened claims control, and achieved underwriting profit of 12.535 billion yuan, an increase of 119.4% year-on-year; the combined ratio was 97.5%, a decrease of 1.3 percentage points year-on-year. Net cash flow from operating activities was 43.048 billion yuan, an increase of 18.1% year-on-year. In the life insurance business, operational quality and efficiency continued to improve. Gross written premiums of PICC Life Insurance increased by 18.8% year-on-year, and first-year periodical premiums increased by 32.4% year-on-year, while renewal premiums increased by 16.1% year-on-year; the new business value on a comparable basis increased by 64.5% year-on-year; net cash flow from operating activities was 58.161 billion yuan, an increase of 53.4% year-on-year; new business contract services margin was 17.375 billion yuan, an increase of 22.8% year-on-year. First-year periodical premiums for PICC Health increased by 56.0% year-on-year, and the first-year periodical premiums for Internet long-term insurance increased by 77.4% year-on-year; health management service revenue increased by 17.2% year-on-year; the new business value on a comparable basis increased by 22.5% year-on-year; net cash flow from operating activities was 18.145 billion yuan, an increase of 18.0% year-on-year; and the new business contract services margin was 12.826 billion yuan, an increase of 16.8% year-on-year. In terms of investment business, the active management capability continued to strengthen, and the investment performance was effectively improved, achieving a total investment income of 92.987 billion yuan, an increase of 13.2% year-on-year, with a total investment return rate of 5.6%, maintaining relative stability. Business synergy continues to deepen, with the insurance sector achieving premium income of 25.581 billion yuan through business synergy, an increase of 8.7% year-on-year, and the investment sector driving premium income for insurance business to 2.126 billion yuan, an increase of 38.1% year-on-year.