PICC net profits rise 18.8 percent in 2013

The People's Insurance Company (Group) of China Limited (PICC), on Monday announced net profits of 12.06 billion yuan ($1.96 billion) in 2013, up 18.8 percent from the previous year.

The Beijing-based company attributed the increase of profits to a more diversified business mix and the better-than-peers profitability of its property insurance business.

However, growth of year-on-year net profits last year slowed from a 28.5 percent surge in 2012.

Premiums reached 306.42 billion yuan in 2013, up 15.5 percent year-on-year, the PICC website said on Monday.

The total assets of PICC stood at 755.32 billion yuan at the end of 2013, up 9.7 percent year-on-year.