PICC sees revenue, net profit rise in Q1

Source: Xinhua | 2020-05-03

The People's Insurance Company (Group) of China Limited (PICC), the country's leading insurer, realized operating revenue of 168.88 billion yuan (about 24 billion U.S. dollars) in the first quarter, up 3.2 percent year on year.

Its net profit attributable to shareholders of its parent company reached 7.06 billion yuan, up 19.9 percent year on year, Shanghai Securities News reported.

The PICC attributed the increase to its rising investment income.

In terms of bond investment, the company capitalized on high interest rates at the beginning of the year, effectively lengthening the duration of assets, and in terms of equity investment, the company has optimized its stock position structure, it said.