PICC net profits rise 18.8 percent in 2013
The People's Insurance Company (Group) of China Limited (PICC), on Monday announced net profits of 12.06 billion yuan (1.96 billion U.S. dollars) in 2013, up 18.8 percent from the previous year.
The Beijing-based company attributed the increase of profits to a more diversified business mix and the better-than-peers profitability of its property insurance business.
However, growth of year-on-year net profits last year slowed from a 28.5 percent surge in 2012.
Premiums reached 306.42 billion yuan in 2013, up 15.5 percent year-on-year, the PICC website said on Monday.
The total assets of PICC stood at 755.32 billion yuan at the end of 2013, up 9.7 percent year-on-year.
