Stock 601319 THE PEOPLE'S INSURANCE COMPANY (GROUP) OF CHINA LIMITED
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Financials The People's Insurance Company (Group) of China Limited Shanghai S.E.

Equities

601319

CNE100003F27

Property & Casualty Insurance

End-of-day quote Shanghai S.E.
Other stock markets
 03:30:00 17/05/2024 am IST 		5-day change 1st Jan Change
5.49 CNY +1.48% Intraday chart for The People's Insurance Company (Group) of China Limited +1.86% +13.43%
17/05 PICC Group Logs Over 300 Billion Yuan in January-April Premium Income MT
08/05 Nomura Adjusts The People's Insurance Company (Group) of China's Price Target to HK$3.41 From HK$3.52, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,94,617 2,51,181 1,83,648 2,04,970 1,91,071 2,18,551 - -
Enterprise Value (EV) 1 2,66,413 3,08,141 2,05,054 2,07,727 2,07,193 2,18,895 2,20,042 2,18,551
P/E ratio 5.79 x 4.6 x 3.92 x 4.32 x 4.54 x 4.58 x 4.09 x 3.94 x
Yield 4.01% 7.53% 8.53% 7.26% - 6.7% 7.67% 7.79%
Capitalization / Revenue 0.53 x 0.43 x 0.31 x 0.37 x 0.35 x 0.39 x 0.33 x 0.35 x
EV / Revenue 0.48 x 0.53 x 0.34 x 0.37 x 0.37 x 0.39 x 0.33 x 0.35 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.7 x 0.45 x 0.39 x 0.46 x - 0.46 x 0.43 x 0.4 x
Nbr of stocks (in thousands) 4,42,23,991 4,42,23,991 4,42,23,991 4,42,23,991 4,42,23,991 4,42,23,991 - -
Reference price 2 2.895 2.070 1.923 2.287 2.181 2.712 2.712 2.712
Announcement Date 27/03/20 23/03/21 25/03/22 24/03/23 26/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,55,515 5,83,696 5,97,691 5,59,906 5,53,097 5,54,579 6,66,462 6,17,492
EBITDA - - - - - - - -
EBIT 1 29,796 31,445 35,828 40,721 34,293 41,486 45,544 46,900
Operating Margin 5.36% 5.39% 5.99% 7.27% 6.2% 7.48% 6.83% 7.6%
Earnings before Tax (EBT) 1 29,780 31,644 35,893 41,140 34,430 42,774 48,754 48,121
Net income 1 22,401 20,069 21,638 24,477 22,773 26,140 29,353 30,675
Net margin 4.03% 3.44% 3.62% 4.37% 4.12% 4.71% 4.4% 4.97%
EPS 2 0.5000 0.4500 0.4900 0.5300 0.4800 0.5919 0.6634 0.6886
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1160 0.1560 0.1640 0.1660 - 0.1817 0.2080 0.2112
Announcement Date 27/03/20 23/03/21 25/03/22 24/03/23 26/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 S2 2023 Q1 2023 S1 2023 Q3 2023 S2 2024 Q1 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 2,38,956 2,79,521 2,41,060 2,74,988 - - - - - - - - - - 1,38,778 - - - -
EBITDA - - - - - - - - - - - - - - - - - - -
EBIT - - - - 2,236 8,168 - - 29,861 10,860 - 30,516 - 3,777 - 22,251 16,034 25,636 15,776
Operating Margin - - - - - - - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - 27,684 - - - - - - - - - - - - - - -
Net income - 12,602 - 16,855 863 - 8,744 9,106 17,850 - 11,721 19,881 622 2,441 - - - - -
Net margin - 4.51% - 6.13% - - - - - - - - - - - - - - -
EPS 2 0.1500 0.2900 0.1600 0.3800 - 0.1100 - - 0.4000 0.1300 - 0.4400 0.0100 0.0400 0.2000 0.3000 0.2200 0.3600 0.2200
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 27/03/20 21/08/20 23/03/21 20/08/21 25/03/22 25/03/22 28/04/22 26/08/22 26/08/22 24/03/23 27/04/23 29/08/23 30/10/23 26/03/24 29/04/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 56,960 21,406 2,757 16,122 344 1,491 -
Net Cash position 1 28,204 - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.2% 10.4% 10.2% 11.1% 9.64% 10.7% 11% 10.7%
ROA (Net income/ Total Assets) 2.04% 1.68% 1.63% 1.7% - 1.81% 1.75% 1.91%
Assets 1 10,95,441 11,93,873 13,26,427 14,42,964 - 14,46,461 16,78,200 16,09,619
Book Value Per Share 2 4.150 4.580 4.960 5.010 - 5.880 6.350 6.830
Cash Flow per Share - 0.7200 1.640 1.620 - - - -
Capex 1 - 11,616 - - - 15,954 17,176 18,586
Capex / Sales - 1.99% - - - 2.88% 2.58% 3.01%
Announcement Date 27/03/20 23/03/21 25/03/22 24/03/23 26/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The People's Insurance Company (Group) of China Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
2.712 CNY
Average target price
3.072 CNY
Spread / Average Target
+13.25%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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