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China's largest property-and-casualty insurer, dominant in auto insurance, part of the PICC Group.
China's largest property-and-casualty insurer, dominant in auto insurance, part of the PICC Group.
Collects premiums, mostly on car insurance, and invests the money until claims are paid, so profit is underwriting results plus investment income. It is a majority-owned subsidiary of the PICC Group, which holds the group's life, health and asset-management businesses, and it also writes government-supported farm insurance.
In one line: China's largest P&C insurer, akin to a state-run Allstate/Progressive.
Moat: narrow (scale, brand, distribution). Largest domestic distribution network and brand trust in auto and property insurance.
Headquarters: Beijing, China · Founded: 1949 · Employees: 165,656
Size PICC Property & Casualty (2328.HK) is a Hong Kong Financials company (Property/Casualty Insurance) with a market value of $48.9B, the 35th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$17.25 on 6 Nov 2026.
Performance Over six months the shares gained 16.0%, against +17.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 18 in its peer set.
Growth Revenue grew 9.2% over the last twelve months (peer median +2.0%); the operating margin is 9.7% (peer median 15.3%).
Valuation It trades at 1.09× book value against a peer median of 1.98× (3rd cheapest of 18).
Price implies The share price implies a return on equity of about 5.8%; PICC Property & Casualty delivers 16.5%, so the price asks less than the business earns today.
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$613B | HK$582B | HK$547B | HK$528B | HK$513B |
| Revenue growth | — | +6% | +4% | +3% | — |
| Net income | HK$54.2B | HK$43.8B | HK$34.9B | HK$27.2B | HK$33.9B |
| Free cash flow | HK$67.3B | HK$63.8B | HK$54.7B | HK$42.2B | HK$65.8B |
| Capital expenditure | HK$3.91B | HK$3.73B | HK$3.45B | HK$3.02B | HK$6.47B |
| Total debt | n/a | HK$88.0B | HK$65.3B | HK$54.7B | HK$57.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| PICC Property & Casualty 2328.HK | $48.9B | +16% | +9% | 17% | 1.09× | 5.8% |
| Ping An 2318.HK | $138B | -17% | -8% | 10% | 0.79× | 9.7% |
| China Pacific Insurance (Group) 2601.HK | $42.5B | -22% | +9% | 14% | 0.69× | 8.4% |
| People's Insurance Co. (Group) of China 1339.HK | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2328.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | +9.7% | 6th highest of 18 |
| 6-month return | +16.0% | +17.7% | 7th lowest of 18 |
| Return on equity | 16.5% | 15.8% | 8th highest of 18 |
| Price / book | 1.09× | 1.98× | 3rd cheapest of 18 |
| Trailing P/E | 7.1× | 12.8× | cheapest of 18 |
| ROE the price implies | 5.8% | 11.3% | 2nd least demanding of 18 |
| ROE delivered | 16.5% | 15.7% | 7th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| PICC Property & Casualty 2328.HK | Hong Kong | $48.9B | +16% | +9% | 17% | 1.09× | 5.8% | 16.5% |
| Fairfax Financial FFH.TO | Canada | $42.7B | +21% | -1% | 16% | 1.40× | 7.0% | 15.8% |
| Hartford (The) HIG | United States | $35.8B | +1% | +4% | 23% | 1.94× | 11.3% | 22.7% |
| Travelers Companies (The) TRV | United States | $81.0B | +33% | +1% | 28% | 2.79× | 13.9% | 27.5% |
| Sampo SAMPO.HE | Finland | $29.1B | +10% | +2% | 16% | 3.60× | 11.3% | 16.5% |
| QBE Insurance QBE.AX | Australia | $27.7B | +19% | +3% | 19% | 2.37× | 11.3% | 19.1% |
| Markel MKL | United States | $23.7B | +7% | -1% | 10% | 1.28× | 9.2% | 9.6% |
| Tokio Marine 8766.T | Japan | $105B | +35% | 0% | 12% | 1.98× | 6.7% | 11.8% |
| Loews L | United States | $22.2B | +5% | +3% | 8% | 1.22× | 8.3% | 8.1% |
| Chubb CB | United States | $139B | +15% | +6% | 15% | 1.91× | 9.4% | 15.5% |
| SamsungF&MIns 000810.KS | South Korea | $17.2B | +31% | +5% | 8% | 0.71× | 4.8% | 8.1% |
| Admiral ADM.L | United Kingdom | $16.1B | +23% | 0% | 46% | 8.04× | 33.5% | 45.6% |
| Everest EG | United States | $15.2B | +18% | -9% | 13% | 1.08× | 6.6% | 12.8% |
| Assurant AIZ | United States | $15.1B | +29% | +9% | 44% | 2.60× | 14.6% | 44.2% |
| Insurance Australia IAG.AX | Australia | $14.4B | +17% | +9% | 14% | 2.87× | 13.1% | 14.0% |
| RenaissanceRe RNR | United States | $14.0B | +16% | -21% | 13% | 1.34× | 7.5% | 13.4% |
| American Financial AFG | United States | $12.8B | +18% | +3% | 18% | 2.67× | 15.1% | n/a |
| Erie Indemnity ERIE | United States | $12.7B | +26% | +2% | 24% | 4.98× | 19.7% | 23.7% |