PICC Made over CNY170bn Premium Income in Jan.-Aug.

The People's Insurance Company (Group) of China Limited (PICC), a top integrated insurer in the country, racked up more than CNY 4 billion in consolidated profit in the first eight months this year.

The insurance group grew total assets to CNY 389.844 billion by the end of August, expanding by CNY 87.495 billion year on year; the assets under its management and the premium income it gained stood at CNY 856.19 billion and over CNY 170 billion, hiking by 29.9 percent and 35 percent respectively.

PICC Property and Casualty Company (SEHK: 2328), a unit of the group, brought in CNY 105.09 billion premium revenue by August end, rising by 22.6 percent over a year earlier, and the figure exceeded the total gained in full 2008. The insurer had CNY 23.302 billion in cash flow in January-August period, zooming by 56.6 percent from a year ago, beating that of entire last year.

The property insurance firm achieved the brightest interim results since listing. It raked in CNY 2.645 billion net profit in the first six months, swelling by 32.1 times over the period of last year.