China's leading insurer sees surging net profits in 2019

Source: Xinhua| 2020-03-29 14:17:32|Editor: huaxia

BEIJING, March 29 (Xinhua) -- The People's Insurance Company (Group) of China Limited (PICC), China's leading insurer, saw its net profits surge 66.6 percent in 2019.

Its total net profits attributable to equity holders hit 22.4 billion yuan (about 3.2 billion U.S. dollars) in 2019, according to its annual financial report.

PICC attributes the increase to continuous growth in businesses and improved capacity to make profits.

Its premiums reached 552.3 billion yuan in 2019, up 11.23 percent year on year.

The total assets of PICC stood at 1.13 trillion yuan at the end of last year, up 9.8 percent year on year, said the report.