PICC Property & Casualty Co Ltd Class H (HK:2328)
:2328
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PICC Property & Casualty Co
(2328)
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Rating:70Outperform
Price Target:
HK$16.50
â–²(14.42% Upside)
Action:ReiteratedDate:03/29/26
The score is driven by solid underlying financial performance and strong valuation (low P/E and healthy dividend yield). These positives are tempered by weak technicals (price below key moving averages and negative MACD) and the 2025 leverage increase alongside earnings/cash-flow volatility.
Positive Factors
Strong operating and free cash flow
Substantially higher operating and free cash flow over 2021–2025 indicates durable internal funding for claims reserves, reinvestment, and dividends. Strong cash generation reduces reliance on external financing and supports capital deployment through underwriting cycles and investment opportunities.
Negative Factors
Material leverage step-up in 2025
A notable increase in leverage reduces financial flexibility and raises solvency and refinancing risk if underwriting or investment results deteriorate. Higher debt amplifies downside in stress scenarios and may constrain capital allocation or dividend policy over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating and free cash flow
Substantially higher operating and free cash flow over 2021–2025 indicates durable internal funding for claims reserves, reinvestment, and dividends. Strong cash generation reduces reliance on external financing and supports capital deployment through underwriting cycles and investment opportunities.
Read all positive factors
PICC Property & Casualty Co (2328) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$321.63B
Dividend Yield3.77%
Average Volume (3M)21.53M
Price to Earnings (P/E)8.3
Beta (1Y)0.71
Revenue Growth6.50%
EPS Growth25.27%
CountryHK
Employees162,787
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)N/A
Shares Outstanding6,899,294,000
10 Day Avg. Volume23,889,799
30 Day Avg. Volume21,525,247
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)1.14
Price to Sales (P/S)0.63
P/FCF Ratio5.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$19.36Price Target Upside34.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.86
Revenue Forecast (FY)HK$529.07B
PICC Property & Casualty Co Business Overview & Revenue Model
Company Description
PICC Property and Casualty Company Limited, together with its subsidiaries, operates as a property and casualty insurance company in the People's Republic of China. It operates through Motor Vehicle; Commercial Property; Cargo; Liability; Accident...
How the Company Makes Money
The company primarily makes money through insurance underwriting and investment activities. Underwriting revenue is generated by collecting insurance premiums from policyholders across its main product lines (e.g., motor and non-motor P&C such as ...
PICC Property & Casualty Co Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 522.86B | 481.44B | 440.22B | 408.20B | 417.89B |
| Gross Profit | 522.86B | 481.44B | 537.38B | 500.22B | 417.89B |
| EBITDA | 50.21B | 43.01B | 32.94B | 38.74B | 30.91B |
| Net Income | 39.33B | 32.17B | 24.59B | 29.16B | 22.36B |
Balance Sheet | |||||
| Total Assets | 860.87B | 778.24B | 703.62B | 670.35B | 682.62B |
| Cash, Cash Equivalents and Short-Term Investments | 29.31B | 8.56B | 192.42B | 10.85B | 13.31B |
| Total Debt | 79.01B | 21.73B | 9.68B | 10.06B | 9.84B |
| Total Liabilities | 572.04B | 517.62B | 469.32B | 453.09B | 476.97B |
| Stockholders Equity | 286.10B | 257.92B | 231.42B | 218.71B | 202.89B |
Cash Flow | |||||
| Free Cash Flow | 57.29B | 33.28B | 17.81B | 37.15B | 13.92B |
| Operating Cash Flow | 60.64B | 36.46B | 20.54B | 42.71B | 16.34B |
| Investing Cash Flow | -61.30B | -27.55B | -11.13B | -32.19B | -8.16B |
| Financing Cash Flow | 4.49B | -6.05B | -14.22B | -7.00B | -16.84B |
PICC Property & Casualty Co Technical Analysis
Negative
14.42
Price Trends
15.56
Negative
16.20
Negative
16.74
Negative
Market Momentum
-0.28
Negative
38.56
Neutral
43.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2328, the sentiment is Negative. The current price of 14.42 is below the 20-day moving average (MA) of 14.83, below the 50-day MA of 15.56, and below the 200-day MA of 16.74, indicating a bearish trend. The MACD of -0.28 indicates Negative momentum. The RSI at 38.56 is Neutral, neither overbought nor oversold. The STOCH value of 43.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2328.
PICC Property & Casualty Co Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$321.63B | 8.31 | 14.21% | 3.77% | 6.50% | 25.27% | |
70 Outperform | HK$80.43B | 2.48 | 29.19% | 1.81% | 11.51% | 250.65% | |
69 Neutral | HK$389.14B | 9.89 | 18.91% | 3.28% | 10.54% | 27.66% | |
68 Neutral | HK$339.29B | -37.16 | 15.71% | 3.05% | 9.46% | 9.49% | |
68 Neutral | HK$43.59B | 6.52 | 10.97% | 5.22% | 3.44% | 15.71% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | HK$55.22B | 4.62 | 8.96% | 3.22% | 9.10% | -7.65% |
* Financial Sector Average
HK:2328
PICC Property & Casualty Co
14.46
0.69
5.04%
HK:2601
China Pacific Insurance (Group) Co
33.80
13.59
67.21%
HK:0966
China Taiping Insurance Holdings Co
22.38
11.86
112.74%
HK:1339
People's Insurance Co (Group) of China
5.29
0.85
19.17%
HK:1508
China Reinsurance (Group) Corp. Class H
1.30
0.44
51.34%
HK:6963
Sunshine Insurance Group Co. Ltd.
3.79
0.57
17.70%
PICC Property & Casualty Co Corporate Events
PICC P&C Strengthens Party Role as Zhang Daoming Named CPC Committee Secretary
Mar 27, 2026
PICC Property Casualty has announced a leadership adjustment within its Communist Party of China (CPC) committee, underscoring the integration of Party governance with corporate management at the state-controlled insurer. The move reflects the co...
PICC P&C Publishes Audited 2025 Results and Full Annual Report
Mar 26, 2026
PICC Property Casualty Company Limited, the mainland’s largest PC insurer and a Hong Kong-listed financial enterprise, provides an extensive portfolio of motor, commercial, cargo, liability, accident, health, agriculture, and specialty insu...
PICC Property & Casualty Announces 2025 Final Dividend of RMB 0.44 Per Share
Mar 26, 2026
PICC Property and Casualty Company Limited has declared a final ordinary dividend of RMB 0.44 per share for the financial year ended 31 December 2025, underscoring its continued commitment to shareholder returns. Key timetable details, including s...
PICC P&C Schedules Joint Webcast for 2025 Annual Results
Mar 19, 2026
PICC Property Casualty Company Limited will publish its 2025 annual results on the Hong Kong Stock Exchange website on 26 March 2026. The insurer will also hold a webcast results presentation jointly with its controlling shareholder, The People&#...
PICC Property & Casualty Sets March Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 16, 2026
PICC Property Casualty Company Limited has scheduled a board meeting for 26 March 2026 to approve the publication of its annual results for the year ended 31 December 2025. At the same meeting, the board will also consider the payment of a final ...
PICC P&C Wins Regulator’s Approval for Appointment of Director Li Ling
Jan 5, 2026
PICC Property Casualty has received approval from China’s National Financial Regulatory Administration confirming the qualification of Ms. Li Ling as a director of the company. Following this regulatory approval, her term as employee direct...
PICC Property & Casualty Sets New Board Line-up and Governance Committees
Jan 5, 2026
PICC Property Casualty Company Limited has announced the composition of its sixth session board of directors, naming Ms. Ding Xiangqun, a non-executive director, as chairperson and confirming a slate of executive, non-executive, employee, and ind...
PICC P&C Signs Three-Year Connected Technology Service Deal With PICC Technology
Dec 31, 2025
PICC Property Casualty Co has signed a 2026–2028 Technology Service Agreement with related party PICC Technology, under which PICC Technology will provide a wide range of IT project services including system development, infrastructure cons...
PICC P&C Deepens Reinsurance Ties With PICC HK Under 2026 Framework Agreement
Dec 31, 2025
PICC Property Casualty Co has signed a one-year reinsurance framework agreement with connected party PICC HK, effective from 1 January to 31 December 2026, to formalise and deepen their existing business cooperation in both inward and outward rei...
PICC P&C Renews Reinsurance Framework with PICC Reinsurance as Connected-Party Deal
Dec 31, 2025
PICC Property Casualty Co has signed a one-year reinsurance framework agreement with connected party PICC Reinsurance, effective from 1 January to 31 December 2026, to formalise and continue their existing business cooperation in treaty and facul...
PICC P&C Renews RMB 776.9 Million Outsourcing Deal With PICC Technology for 95518 Hotline
Dec 30, 2025
PICC Property Casualty Co. has signed a new 95518 Customer Service Business Entrusted Operation Service Agreement with its connected subsidiary PICC Technology, extending the outsourcing of nationwide hotline and regional customer service centre ...
PICC Property & Casualty Signs RMB 370 Million 2026 Service Deal With Connected Tech Partner Aibao
Dec 29, 2025
PICC Property Casualty has signed a 2026 Customer Services Cooperation Framework Agreement with connected party Aibao Technology, under which Aibao and its subsidiaries will provide value-added services for motor vehicle insurance customers, onli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.