PICC 2012 net profit up 28.6%

The People's Insurance Co (Group) of China Ltd posted a 31.8 percent annual increase in its 2012 net profits to 6.83 billion yuan ($1.08 billion), it said in a statement to the Hong Kong Stock Exchange.

The market shares of its property and casualty insurance, life insurance and health insurance units were 34.9 percent, 6.4 percent and 0.8 percent, respectively, with their premium income reaching 193 billion yuan, 77.9 billion yuan and 11.6 billion yuan, respectively, according to its financial statement.

This was the group's first annual report after the company floated its shares in Hong Kong in late 2012.

Meanwhile, PICC Property and Casualty Co Ltd said its net profits grew 29.63 percent to 10.4 billion yuan in 2012, thanks to better operational cost management and return on investments.