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People's Insurance Co (Group) of China
(1339)
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Rating:79Outperform
Price Target:
HK$5.50
▲(1.48% Upside)
Action:Upgraded
Date:09/17/26
The score is driven primarily by solid financial performance (strong cash flow and improved profitability) and very attractive valuation (low P/E and high dividend yield). Technicals add moderate support via a positive but not strong uptrend. The main offsetting risk is historical volatility in revenue and leverage swings.
Positive Factors
Strong Cash Generation
TTM operating cash flow of ~107.8B and free cash flow of ~103.0B, with FCF close to net income, indicates strong cash conversion. This supports internal funding for operations and investment while providing resilience across the next several quarters.
Negative Factors
Leverage Volatility
Debt-to-equity rose from ~0.17–0.20 in 2023–2024 to ~0.73 in 2025 before easing to ~0.54 TTM. Such instability can amplify earnings and capital pressure when underwriting or investment conditions weaken, reducing flexibility for sustained growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
TTM operating cash flow of ~107.8B and free cash flow of ~103.0B, with FCF close to net income, indicates strong cash conversion. This supports internal funding for operations and investment while providing resilience across the next several quarters.
Read all positive factors
People's Insurance Co (Group) of China (1339) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$350.11B
Dividend Yield5.19%
Average Volume (3M)36.35M
Price to Earnings (P/E)5.7
Beta (1Y)0.98
Revenue Growth11.31%
EPS Growth30.80%
CountryHK
Employees179,898
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)0.79
Shares Outstanding8,726,234,000
10 Day Avg. Volume48,459,959
30 Day Avg. Volume36,349,354
Financial Highlights & Ratios
PEG Ratio0.95
Price to Book (P/B)0.87
Price to Sales (P/S)0.41
P/FCF Ratio1.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$7.50Price Target Upside38.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.14
Revenue Forecast (FY)HK$642.56B
People's Insurance Co (Group) of China Business Overview & Revenue Model
Company Description
The People's Insurance Company (Group) of China Limited functions as an investment holding enterprise, primarily conducting insurance activities throughout the People's Republic of China. Its operations are structured across several key divisions:...
How the Company Makes Money
PICC Group primarily makes money by underwriting insurance and investing the premiums it collects. Its key revenue streams typically include: (1) P&C insurance premiums: The group’s P&C arm generates premium income from products such as motor, com...
People's Insurance Co (Group) of China Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 649.86B | 647.17B | 598.79B | 530.21B | 475.09B | 592.01B |
| Gross Profit | 649.86B | 712.24B | 653.20B | 577.73B | 469.88B | 539.73B |
| EBITDA | 40.60B | 80.23B | 77.48B | 42.07B | 52.85B | 45.90B |
| Net Income | 55.23B | 45.01B | 42.15B | 22.32B | 25.37B | 21.48B |
Balance Sheet | ||||||
| Total Assets | 2.13T | 2.03T | 1.77T | 1.56T | 1.51T | 1.38T |
| Cash, Cash Equivalents and Short-Term Investments | 846.57B | 73.57B | 664.26B | 21.87B | 21.36B | 21.79B |
| Total Debt | 41.59B | 224.55B | 52.60B | 40.26B | 46.20B | 47.43B |
| Total Liabilities | 1.66T | 1.61T | 1.40T | 1.23T | 1.21T | 1.08T |
| Stockholders Equity | 340.14B | 309.32B | 268.73B | 242.35B | 221.77B | 219.26B |
Cash Flow | ||||||
| Free Cash Flow | 102.96B | 138.91B | 83.59B | 66.98B | 65.08B | 110.35B |
| Operating Cash Flow | 107.78B | 143.57B | 87.99B | 70.55B | 71.65B | 72.73B |
| Investing Cash Flow | -117.38B | -173.96B | -77.60B | -70.93B | -73.28B | -81.56B |
| Financing Cash Flow | 24.65B | 45.65B | 4.86B | -11.48B | 8.56B | -35.86B |
People's Insurance Co (Group) of China Technical Analysis
Negative
5.42
Price Trends
5.40
Negative
5.18
Negative
5.46
Negative
Market Momentum
-0.17
Positive
36.99
Neutral
26.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1339, the sentiment is Negative. The current price of 5.42 is above the 20-day moving average (MA) of 5.21, above the 50-day MA of 5.40, and below the 200-day MA of 5.46, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 36.99 is Neutral, neither overbought nor oversold. The STOCH value of 26.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1339.
People's Insurance Co (Group) of China Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$350.11B | 5.72 | 17.73% | 4.80% | 11.31% | 30.80% | |
79 Outperform | HK$166.58B | 3.63 | 38.57% | 7.95% | 44.36% | 53.14% | |
78 Outperform | HK$343.43B | 6.13 | 16.11% | 5.85% | 9.17% | 31.94% | |
77 Outperform | HK$314.23B | 5.10 | 18.41% | 6.83% | 11.90% | 22.71% | |
77 Outperform | HK$61.53B | 1.91 | 33.37% | 7.18% | 18.51% | 293.61% | |
76 Outperform | HK$38.88B | 4.35 | 13.21% | 6.46% | 7.54% | 39.14% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
HK:1339
People's Insurance Co (Group) of China
4.95
-2.04
-29.18%
HK:2601
China Pacific Insurance (Group) Co
26.46
-4.48
-14.49%
HK:0966
China Taiping Insurance Holdings Co
17.12
0.82
5.06%
HK:2328
PICC Property & Casualty Co
15.44
-2.53
-14.07%
HK:1336
New China Life Insurance Co., Ltd. Class H
39.04
-9.28
-19.20%
HK:6963
Sunshine Insurance Group Co. Ltd.
3.38
-0.37
-9.77%
People's Insurance Co (Group) of China Corporate Events
PICC Group Sets Online Briefing for 2026 Q3 Results on Finenter
Oct 27, 2026
The People’s Insurance Company (Group) of China Limited has scheduled its 2026 third-quarter results announcement as an online text interaction session to be held on 30 October 2026. Investors will be able to attend via the Finenter platform...
PICC confirms regulatory approval of Zhang Zhongmin as non-executive director
Oct 26, 2026
The People’s Insurance Company (Group) of China Limited has confirmed that Zhang Zhongmin’s appointment as a non-executive director has become effective following regulatory approval. Her qualification was cleared by the National Finan...
People’s Insurance Co of China Sets Out Board and Committee Structure
Oct 26, 2026
People’s Insurance Co (Group) of China has detailed the current composition of its board of directors, listing executive, non-executive and independent non-executive directors, including Chairman Tan Jiong and Vice Chairman Zhao Peng. The di...
PICC Group Schedules Board Meeting to Review Third-Quarter Results
Oct 20, 2026
The People’s Insurance Company (Group) of China Limited has announced that its board of directors will convene a meeting on 30 October 2026 in Beijing to review and approve the unaudited third-quarter results. The meeting will cover the fina...
PICC confirms regulatory approval and effectiveness of new chairman Tan Jiong
Oct 13, 2026
The People’s Insurance Company (Group) of China Limited announced that Tan Jiong’s appointment as chairman of the board, executive director and head of the Strategy and Investment/Sustainable Development Committee became effective on 1...
People’s Insurance Co of China Updates Board and Committee Structure
Oct 13, 2026
People’s Insurance Co (Group) of China has announced the current composition of its board of directors, comprising executive, non-executive and independent non-executive directors, with Tan Jiong serving as chairman and Zhao Peng as vice cha...
PICC Gains Shareholder Approval for Targeted A-Share Issuance Mandate
Sep 29, 2026
Shareholders of The People’s Insurance Company (Group) of China Limited have approved all resolutions at the second extraordinary general meeting of 2026, held on 29 September, by overwhelming majorities. The meeting granted a general mandat...
PICC updates interim dividend details and tax treatment for Hong Kong H-shareholders
Sep 29, 2026
The People’s Insurance Company (Group) of China Limited has announced an updated interim dividend for the six months ended 30 June 2026, declaring RMB 0.11 per share for the financial year ending 31 December 2026. The update specifies the Ho...
PICC Group Updates Interim Dividend Details and Tax Arrangements for 2026
Sep 10, 2026
The People’s Insurance Company (Group) of China Limited has updated details of its interim ordinary dividend for the six months ended 30 June 2026, declaring a payout of RMB 0.11 per share for the financial year ending 31 December 2026. The ...
PICC Group Calls 2026 EGM to Approve Targeted A-Share Issuance and Capital Plan
Sep 10, 2026
The People’s Insurance Company (Group) of China Limited, a leading Chinese insurance group and Hong Kong-listed joint stock company, provides a wide range of insurance and financial services to the domestic market and international investors...
PICC Group Seeks Fresh Share Issuance Mandate and Targeted A-Share Placement
Sep 6, 2026
The People’s Insurance Company (Group) of China Limited has approved a proposal for a new general mandate allowing its board to issue up to 10% of its existing A and/or H shares, excluding treasury shares, subject to shareholder approval at ...
PICC Group names former regulator Yang Dongning as new executive director
Sep 6, 2026
The People’s Insurance Company (Group) of China Limited has nominated and approved Ms. Yang Dongning as a candidate for executive director of its fifth board session, with her term to begin after shareholder approval and regulatory clearance...
PICC shareholders back election of new executive director at 2026 EGM
Aug 28, 2026
The People’s Insurance Company (Group) of China Limited announced that shareholders approved the election of Mr. Tan Jiong as an executive director of the fifth session of the board at its first extraordinary general meeting of 2026 held on ...
PICC Group Delivers Strong Profit Growth in First-Half 2026
Aug 28, 2026
The People’s Insurance Company (Group) of China Limited, a major Chinese insurance group, reported strong unaudited interim results for the six months ended 30 June 2026. The company’s core operations span insurance underwriting and in...
PICC Group Declares RMB 0.11 Interim Dividend for First Half of 2026
Aug 28, 2026
The People’s Insurance Company (Group) of China Limited has announced an interim ordinary cash dividend of RMB 0.11 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The dividend will be paid on...
PICC Group Sets August Webcast for 2026 Interim Results Disclosure
Aug 24, 2026
The People’s Insurance Company (Group) of China Limited, a leading Chinese insurance group listed in Hong Kong, provides comprehensive insurance and financial services to the domestic market while maintaining a governance framework with exec...
PICC Group Sets August Board Meeting to Review Interim Results and Dividend
Aug 18, 2026
The People’s Insurance Company (Group) of China Limited has scheduled a board meeting for 28 August 2026 to review and approve its interim results for the six months ended 30 June 2026. The board will also consider the declaration of an inte...
PICC names veteran banker Tan Jiong as new chairman
Aug 11, 2026
The People’s Insurance Company (Group) of China has appointed Tan Jiong as an executive director and chairman of its fifth board session, with his term to begin upon shareholder approval and regulatory clearance from the National Financial R...
PICC Group Calls 2026 EGM to Elect New Executive Director
Aug 11, 2026
The People’s Insurance Company (Group) of China Limited has called its first extraordinary general meeting of 2026 for 28 August in Beijing, with shareholders of H Shares eligible to attend and vote subject to specified registration and prox...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.