The People’s Insurance Company (Group) of China Limited was developed from the People’s Insurance Company, which grew together with the People’s Republic of China. Established on October 20, 1949, we’re the pioneer and founder of the insurance business of New China. Through 70 years of development, PICC has become a comprehensive insurance and financial group in China, with 12 subsidiaries and member companies including PICC P&C, PICC Life, PICC AMC, CCT, PICC Health, PICC Pension, PICC Investment Holding, PICC Capital, PICC Reinsurance, PICC Hong Kong, PICC Financial Services, and PICC Technology. Our business scope covers property insurance, life insurance, reinsurance, asset management, and other fields. On December 7, 2012, PICC completed the H-share listing on the Hong Kong Stock Exchange. On November 16, 2018, PICC landed on the Ashare market on the Shanghai Stock Exchange, becoming the fifth Chinese-managed insurance company to be listed on both the A-shares and H-shares markets. In 2023, we ranked 120th in the Fortune 500.
PICC always keeps the mission of “People’s Insurance for the People” and is committed to building a development pattern with property insurance as its core business, life insurance and reinsurance businesses developing in a coordinated manner, and investment management business as its strategic support.
In recent years, PICC has actively responded to market challenges, leveraged opportunities and promoted developments in its operations, and steadily increased its business scale. In 2023, the Group’s insurance service income reached RMB 503.9 billion, a year-on-year increase of 75%; the total amount of risk protection undertaken was RMB 354.6 trillion, a year-on-year increase of 85.7%. PICC has been ranked 1st in the industry, aiming to better fulfilling the functions of an economic shock absorber and social stabilizer. In 2023, the Group’s net profit was RMB 31.466 billion; total assets were RMB 1.56 trillion, a year-on-year increase of 9.9%.
In terms of property insurance, PICC P&C actively responded to the impact of major disasters, consolidated its traditional advantages in auto insurance, and achieved insurance service income of RMB 457.203 billion, a yearon-year increase of 7.7%. The Combined Ratio for the year 2023 was 97.6%, and net profit was RMB 25.229 billion.PICC Reinsurance played the role of the Group’s professional reinsurance platform, and our market share of the third-party markets and personal insurance business has been increased gradually. PICC Hong Kong actively expanded its international business and continued to optimize its business structure.
In terms of life insurance, PICC Life has been dedicated to optimize its business structure and promote team building steadily . The growth rate of new single-premium policies was significantly ahead of the average level of major peers, and the original insurance premium income reached RMB 100.634 billion, an increase of 8.6% yearon-year. PICC Health Insurance achieved remarkable results in its business development, with the three product lines of social security, Internet, and bancassurance. It reached RMB 45.208 billion of its original insurance premium income, an increase of 10.2% year-on-year.
In terms of investment, the Group achieved a total investment return of 3.3%. We have actively developed thirdparty asset management business, with assets under management reached RMB 1.07 trillion, an increase of 36.3% compared to the beginning of the year. All subsidiaries in the investment sector achieved profitability. In terms of technology, the Group continued to promote advanced technology and institutional reform, established a digital development committee. PICC Information Technology accelerated the construction of the Group’s data center. The first phase of the North Data Center was put into operation, and the construction of technology platforms and business systems was steadily promoted, in order to strengthen information security.
In the future, the Group will enhance its confidence in development, adhere to steady progress, optimize the implementation of its strategies, maintain steady growth, optimize structure, transform methods, improve quality and efficiency, promote reform, and prevent risks. It will follow the path of financial development with Chinese characteristics, promote the Group’s high-quality development to a new level, better serve Chinese-style modernization, and reward all shareholders, employees, and society with outstanding results.