PICC ENJOYS 44% PROFIT GROWTH IN 2007

RISING premium income and improved investment performance helped boost net profit for Chinese non-life insurer PICC Property & Casualty by 43.8%. The Hong Kong-listed insurer recorded a net profit of Yuan2.99bn for 2007. Motor insurance premium growth led the 23.6% increase in net premium to Yuan68.73bn. Gross premium totalled Yuan88.7bn. Net investment income nearly doubled to Yuan3.2bn. PICC retained its place as China’s largest non-life insurer with a 42.5% market share last year. It believes China’s continuing economic growth will present it with opportunities in the coming year and has identified catastrophe insurance and environmental liability coverage as sectors to target. The group played a prominent role in the insurance coverage for many of the infrastructure projects underway in China. And already this year it has written more than Yuan29.1bn of premium, including Yuan10.6bn in March alone.