中国财险：Optimized CoR guidance beat expectations-20250401

1 Apr 2025 CMB International Global Markets | Equity Research | Company Update PICC P&C (2328 HK) Optimized CoR guidance beat expectations PICC P&C's full-year CoR missed, yet FY25E guidance beat. FY24 net profit amounted to RMB 32.2bn, up by 30.9% YoY, in line with our forecast (link). Full- year CoR was worse off to 98.8%, +1.0pct YoY due to a rise of loss ratio (+2.4pct) more than offset an optimized expense ratio (-1.4pct) to 73%/25.8% respectively. Auto CoR was 96.8%, down 0.1pct YoY, meeting the <97% ...