Monday, 05 June 2023 02:06 GMT

China's Leading Insurer PICC Reports Increased Revenue, Net Profit in 2022


(MENAFN) The People's Insurance Company Group of China (PICC), the country's leading insurer, has reported an increase in revenue and net profit for the year 2022. According to data from the company, its business revenue was 625.8 billion yuan (about 91 billion U.S. dollars), up 6.9 percent year on year. Its net profit also expanded 12.2 percent from a year ago to about 34.3 billion yuan, with the total assets reaching 1.51 trillion yuan.

The insurer has continued to optimize its business structure, with investments in high-end manufacturing and green financing totaling 32.6 billion yuan and 65 billion yuan, respectively. These initiatives reflect the company's commitment to sustainable development and its focus on investing in industries that promote the well-being of society and the environment.

Looking ahead, the insurer has announced plans to scale up support for rural revitalization, technological innovation, and people's livelihood in 2023. This move is in line with China's broader efforts to promote sustainable development and improve the standard of living for its citizens.

PICC's success in 2022 can be attributed to its focus on innovation and strategic investments. The insurer has been quick to adapt to changing market conditions and has leveraged technology to improve its services and expand its customer base. Its commitment to sustainable development has also helped to strengthen its reputation as a responsible corporate citizen.

As China's leading insurer, PICC plays a critical role in supporting the country's economic growth and development. Its continued success is a testament to its ability to navigate complex market conditions and provide value to its customers and stakeholders.

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