PICC P&C Says Profit Doubled Last Year on Expenses, Insurance Claims Cuts

PICC Property & Casualty Co., China’s biggest non-life insurer, said profit more than doubled last year to the highest since its Hong Kong listing in 2003, as the company cut expenses and claims. The unit made a “considerable” underwriting profit from motor insurance, the biggest business segment, Zhou Shurui, supervisory chairman of parent PICC Group, told reporters in Beijing yesterday. He cited unaudited numbers without being specific.