PICC P&C H1 PROFIT UP 139% TO 3.19BN YUAN

China’s PICC P&C has recorded a first-half profit of 3.19bn yuan ($422.3m) for the first half, up 139% on the same period last year, when a gain of 1.33bn yuan was posted. Turnover was up 26.5% to 49.5bn yuan, from 39.1bn yuan. Gross written premiums rose 22.9% for the half to 33.1bn yuan. Much of the increase in turnover came about as a result of the introduction of mandatory personal motor cover. Other gains came in the commercial property, liability cover and accident cover sectors. For the first half of the year PICC P&C maintained its market dominance, with a 43.8% share of premiums.