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PICC Property & Casualty Co
(2328)
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Rating:78Outperform
Price Target:
HK$18.00
â–²(5.63% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid financial performance (profitability, ROE, and improved cash generation) and an attractive valuation (low P/E and strong dividend yield). Technicals add support with a positive trend and healthy momentum, while elevated 2025 leverage and historical earnings/cash-flow volatility temper the overall rating.
Positive Factors
Improved cash generation
Material improvement in operating and free cash flow demonstrates stronger ability to convert underwriting float and investment returns into liquidity. Durable cash generation enhances capacity to pay claims, fund growth, support dividends, and reduce reliance on external financing over the next several quarters.
Negative Factors
Earnings and cash-flow volatility
Noticeable year-to-year volatility in earnings and cash flow reduces predictability for capital planning and dividend policy. That structural variability implies exposure to underwriting cycles and investment returns, requiring larger capital buffers and stricter risk controls to preserve long-term stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
Material improvement in operating and free cash flow demonstrates stronger ability to convert underwriting float and investment returns into liquidity. Durable cash generation enhances capacity to pay claims, fund growth, support dividends, and reduce reliance on external financing over the next several quarters.
Read all positive factors
PICC Property & Casualty Co (2328) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$383.24B
Dividend Yield4.55%
Average Volume (3M)28.70M
Price to Earnings (P/E)6.8
Beta (1Y)0.81
Revenue Growth9.17%
EPS Growth31.94%
CountryHK
Employees163,196
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)2.14
Shares Outstanding6,899,294,000
10 Day Avg. Volume27,002,686
30 Day Avg. Volume28,704,369
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)1.14
Price to Sales (P/S)0.64
P/FCF Ratio5.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$19.79Price Target Upside16.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.92
Revenue Forecast (FY)HK$551.77B
PICC Property & Casualty Co Business Overview & Revenue Model
Company Description
PICC Property and Casualty Company Limited, alongside its affiliated companies, provides a comprehensive range of property and casualty insurance services across the People's Republic of China. The firm segments its operations into categories such...
How the Company Makes Money
PICC Property & Casualty Co. primarily makes money through (1) underwriting income and (2) investment income from insurance funds. Underwriting income is generated by selling P&C insurance policies and collecting gross written premiums; from these...
PICC Property & Casualty Co Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 540.44B | 511.79B | 481.44B | 440.22B | 408.20B | 417.89B |
| Gross Profit | 540.44B | 563.16B | 481.44B | 537.38B | 500.22B | 417.89B |
| EBITDA | 58.96B | 51.13B | 43.01B | 32.94B | 38.74B | 30.91B |
| Net Income | 47.50B | 39.33B | 32.17B | 24.59B | 29.16B | 22.36B |
Balance Sheet | ||||||
| Total Assets | 884.70B | 860.87B | 778.24B | 703.62B | 670.35B | 682.62B |
| Cash, Cash Equivalents and Short-Term Investments | 26.15B | 29.31B | 8.56B | 192.42B | 10.85B | 13.31B |
| Total Debt | 54.72B | 79.01B | 21.73B | 9.68B | 10.06B | 9.84B |
| Total Liabilities | 578.39B | 572.04B | 517.62B | 469.32B | 453.09B | 476.97B |
| Stockholders Equity | 303.63B | 286.10B | 257.92B | 231.42B | 218.71B | 202.89B |
Cash Flow | ||||||
| Free Cash Flow | 59.02B | 57.29B | 33.28B | 17.81B | 37.15B | 13.92B |
| Operating Cash Flow | 62.50B | 60.64B | 36.46B | 20.54B | 42.71B | 16.34B |
| Investing Cash Flow | -55.63B | -61.30B | -27.55B | -11.13B | -32.19B | -8.16B |
| Financing Cash Flow | -3.65B | 4.49B | -6.05B | -14.22B | -7.00B | -16.84B |
PICC Property & Casualty Co Technical Analysis
Positive
17.04
Price Trends
15.58
Positive
14.89
Positive
15.30
Positive
Market Momentum
0.48
Negative
58.76
Neutral
66.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2328, the sentiment is Positive. The current price of 17.04 is above the 20-day moving average (MA) of 16.29, above the 50-day MA of 15.58, and above the 200-day MA of 15.30, indicating a bullish trend. The MACD of 0.48 indicates Negative momentum. The RSI at 58.76 is Neutral, neither overbought nor oversold. The STOCH value of 66.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2328.
PICC Property & Casualty Co Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$383.24B | 6.76 | 16.11% | 4.55% | 9.17% | 31.94% | |
77 Outperform | HK$349.70B | 5.73 | 18.41% | 6.13% | 11.90% | 22.71% | |
77 Outperform | HK$78.57B | 2.39 | 33.37% | 5.76% | 18.51% | 293.61% | |
72 Outperform | HK$55.01B | 4.53 | 9.50% | 6.21% | 10.91% | 0.92% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | HK$45.89B | 5.01 | 13.21% | 5.65% | 7.54% | 39.14% | |
58 Neutral | HK$378.39B | 6.08 | 17.73% | 4.22% | 11.32% | 30.80% |
* Financial Sector Average
HK:2328
PICC Property & Casualty Co
16.83
-1.18
-6.57%
HK:2601
China Pacific Insurance (Group) Co
29.30
-1.08
-3.55%
HK:0966
China Taiping Insurance Holdings Co
21.50
6.22
40.68%
HK:1339
People's Insurance Co (Group) of China
5.86
-0.78
-11.76%
HK:1508
China Reinsurance (Group) Corp. Class H
1.27
-0.21
-14.47%
HK:6963
Sunshine Insurance Group Co. Ltd.
3.80
0.03
0.69%
PICC Property & Casualty Co Corporate Events
PICC Property & Casualty Secures Regulator’s Nod for New Executive Director
Aug 6, 2026
PICC Property Casualty Co. has received regulatory approval from China’s National Financial Regulatory Administration confirming the qualification of Mr. Lyu Chen as a director of the company. His term as an executive director and member of...
PICC Property & Casualty Sets New Board Line-Up and Governance Committees
Aug 6, 2026
PICC Property Casualty has announced the composition of the seventh session of its board of directors, detailing roles including vice chairperson, executive directors, an employee director and a slate of independent directors. The board structure...
PICC Property & Casualty Sets Final 2025 Dividend and Clarifies Tax Treatment for H Shareholders
Jun 25, 2026
PICC Property and Casualty Company Limited has updated details of its final dividend for the year ended 31 December 2025, confirming a payout of RMB 0.44 per share, with Hong Kong shareholders receiving HKD 0.505993 per share based on an exchange ...
PICC P&C Reshapes Board Structure and Governance Committees
Jun 25, 2026
PICC Property Casualty has disclosed the composition of its seventh board of directors and detailed the roles and functions of each member, including executive, non-executive, employee and independent directors. The board is led by vice chairpers...
PICC P&C Shareholders Approve All AGM Resolutions, Elect New Directors and Final Dividend
Jun 25, 2026
PICC Property and Casualty Company Limited reported that all resolutions proposed at its 25 June 2026 annual general meeting were approved by shareholders via poll, including the 2025 report of the board, financial statements, profit distribution ...
PICC Property & Casualty Updates Final 2025 Dividend and Tax Treatment Details
Jun 4, 2026
PICC Property and Casualty Company Limited has updated details of its proposed final dividend of RMB 0.44 per share for the financial year ended 31 December 2025, subject to shareholder approval on 25 June 2026. The ex-dividend date is set for 2 J...
PICC P&C Calls 2026 AGM to Approve Capital Plan, Budget and Board Changes
Jun 4, 2026
PICC Property and Casualty Company Limited has called its annual general meeting for 25 June 2026 in Beijing, where shareholders will review the 2025 board report, audited financial statements, profit distribution plan, and the 2026 fixed asset in...
PICC P&C Wins Regulatory Nod for Zhang Daoming as President
Jun 3, 2026
PICC Property Casualty has received regulatory approval from China’s National Financial Regulatory Administration confirming Zhang Daoming’s qualification as president, with his term effective from 2 June 2026. Zhang, who also serves ...
PICC Property & Casualty Details Board Line-Up and Governance Committees
Jun 3, 2026
PICC Property Casualty Company Limited has disclosed the current composition of its sixth-session board of directors, listing executive, non-executive, employee and independent directors, including President Zhang Daoming and several independent ...
PICC P&C Chairperson Ding Xiangqun Resigns Amid Planned Leadership Transition
May 31, 2026
PICC Property Casualty has announced the resignation of Ms. Ding Xiangqun as non-executive director, chairperson of the board and chair of the Strategic Planning Committee/Sustainable Development Committee, effective 31 May 2026, due to a job tra...
PICC P&C Details Sixth-Session Board and Governance Committees
May 31, 2026
PICC Property Casualty Company Limited has announced the composition of its sixth-session board of directors, detailing roles for executive, non-executive, employee and independent directors, including Zhang Daoming and Hu Wei as executive direct...
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.