中国财险：1Q25 CoR outperformed-20250415

15 Apr 2025 CMB International Global Markets | Equity Research | Company Update PICC P&C (2328 HK) 1Q25 CoR outperformed PICC P&C reported a strong 1Q25 earnings alert, with net profit expected to surge 80%-100% YoY to RMB10.6bn-11.7bn, implying a QoQ upswing of 95.3%-117% vs 4Q24 (link). 1Q25 net profit represented more than one-third (33%-37%) of last year's total net profit, driven by 1) a largely improved CoR with reduced catastrophic claims in 1Q25; and 2) optimized asset allocation structure shifting ...