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PICC operating costs surge in 2007

By Li Huayu (chinadaily.com.cn)
Updated: 2008-05-04 10:50

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PICC Property Insurance's business grew about 24 percent in 2007, but its management expenses rose at a much higher rate of about 64 percent, according to the company's annual report released yesterday.

In 2007, PICC Property Insurance's business turnover rose 24.3 percent to 88.67 billion yuan ($12.68 billion); return on investment grew 88.9 percent to 7.67 billion yuan, and net profits increased 43.7 percent to 2.99 billion yuan.

However, its general administrative expenses and management expenses increased 11.31 billion yuan in 2007, 63.8 percent higher than a year earlier. It brought the company's expense ratio from 29.5 percent in 2006 to 33.8 percent.

Vice president and chief financial officer Wang Yincheng attributed the expenses rise to a natural rise in general administrative expenses as premiums grow, increased input in channel construction, and higher wages for its employees.

According to the annual report, the company's total payments employees (including board directors) grew from 4.67 billion yuan in 2006 to 5.50 billion, a year-on-year growth of 18 percent.

In 2007, PICC Property lifted its provisions for retirement benefits to 752 million yuan, 6.37 times the 2006 figure of 102 million.

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The full text is available in the April Issue of China Insurance.