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PICC Group (01339): 1H profit RMB13.65-15.63B, up 40-60%
30 Jul 2019
(Infocast News) The People's Insurance Company (Group) of China (01339) expects its net profit attributable to equity holders of the parent company for the first six months ended 30 June 2019 to increase 40-60% on year to RMB13.674-15.627 billion, or increase 10-30% to RMB10.678-12.619 billion after deduction of non-recurring profit and loss,

The main reasons for the estimated profit increase are:

1. Effect of principal businesses. The insurance business improved steadily in the first half of 2019 and the investment income increased as compared to the same period of 2018.

2. Effect of non-recurring profit and loss. In May 2019, the Ministry of Finance and the State Administration of Taxation issued the "Notice on the Pre-tax Deduction Policy for the Fees and Commission Expenses of Insurance Enterprises" (Ministry of Finance and the State Administration of Taxation Announcement No. 72 of 2019, hereinafter referred to as "New Policy"), which stipulates that the income tax pre-tax deduction ratio of fees and commission expenses is increased to 18%, and any portion in excess is allowed to be carried forward to subsequent years for deduction. The New Policy is applicable to the 2018 income tax settlement. PICC P&C Insurance and PICC Life Insurance will make an one-off recognition of the impact of the New Policy on the income tax expenses of 2018 in 2019, and increase the net profit for the period accordingly.

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