PICC Property and Casualty Company Limited (PPCCY)

PPCCY Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	468,676	457,203	424,355	396,997	393,127	380,683
Total Interest & Dividend Income	20,560	21,087	20,909	17,540	17,285	16,616
Gain (Loss) on Sale of Investments	-4,556	-4,175	-3,801	3,634	1,520	733
Total Revenue	484,649	474,115	441,463	418,171	411,932	398,032
Revenue Growth (YoY)	6.39%	7.40%	5.57%	1.51%	3.49%	11.03%
Policy Benefits	449,946	438,133	401,959	292,588	260,320	251,822
Policy Acquisition & Underwriting Costs	-	-	-	88,497	115,157	112,092
Selling, General & Administrative	-	-	-	10,208	9,826	9,341
Other Operating Expenses	2,555	2,203	1,818	4,183	3,647	4,251
Total Operating Expenses	452,501	440,336	403,777	395,476	388,950	377,506
Operating Income	32,148	33,779	37,686	22,695	22,982	20,526
Interest Expense	-11,217	-11,151	-10,128	-1,386	-1,477	-1,385
Earnings From Equity Investments	5,302	5,530	4,777	4,524	3,951	4,250
Currency Exchange Gain (Loss)	-212	23	621	-282	-621	77
Other Non Operating Income (Expenses)	106	70	1,064	477	-159	315
EBT Excluding Unusual Items	26,127	28,251	34,020	26,028	24,676	23,783
Asset Writedown	-194	-216	-	-	-	-
Pretax Income	25,933	28,035	34,020	26,028	24,676	23,783
Income Tax Expense	3,132	3,469	4,912	3,663	3,808	-496
Earnings From Continuing Ops.	22,801	24,566	29,108	22,365	20,868	24,279
Minority Interest in Earnings	20	19	55	-5	-	3
Net Income	22,821	24,585	29,163	22,360	20,868	24,282
Net Income to Common	22,821	24,585	29,163	22,360	20,868	24,282
Net Income Growth	-24.43%	-15.70%	30.42%	7.15%	-14.06%	56.81%
Shares Outstanding (Basic)	22,242	22,242	22,242	22,242	22,242	22,242
Shares Outstanding (Diluted)	22,242	22,242	22,242	22,242	22,242	22,242
EPS (Basic)	1.03	1.11	1.31	1.01	0.94	1.09
EPS (Diluted)	1.02	1.10	1.31	1.00	0.94	1.09
EPS Growth	-24.51%	-15.71%	30.45%	7.14%	-14.08%	56.81%
Free Cash Flow	21,301	17,808	37,147	13,919	3,031	21,992
Free Cash Flow Per Share	0.96	0.80	1.67	0.63	0.14	0.99
Dividend Per Share	0.489	0.489	0.478	0.407	0.375	0.461
Dividend Growth	2.30%	2.30%	17.44%	8.53%	-18.66%	69.49%
Operating Margin	6.63%	7.12%	8.54%	5.43%	5.58%	5.16%
Profit Margin	4.71%	5.19%	6.61%	5.35%	5.07%	6.10%
Free Cash Flow Margin	4.40%	3.76%	8.41%	3.33%	0.74%	5.53%
EBITDA	34,961	36,568	40,362	25,094	25,335	22,758
EBITDA Margin	7.21%	7.71%	9.14%	6.00%	6.15%	5.72%
D&A For EBITDA	2,813	2,789	2,676	2,399	2,353	2,232
EBIT	32,148	33,779	37,686	22,695	22,982	20,526
EBIT Margin	6.63%	7.12%	8.54%	5.43%	5.58%	5.16%
Effective Tax Rate	12.08%	12.37%	14.44%	14.07%	15.43%	-

Source: S&P Capital IQ. Insurance template. Financial Sources.