China's PICC reports rise revenue, net profit in 2022

BEIJING -- The People's Insurance Company Group of China (PICC), China's leading insurer, registered an increase in revenue and net profit in 2022.

The business revenue of the insurer was 625.8 billion yuan ($91 billion) last year, up 6.9 percent year-on-year, data from the company showed.

Its net profit expanded 12.2 percent from a year ago to about 34.3 billion yuan in 2022, with the total assets reaching 1.51 trillion yuan.

The insurer continued to optimize its business structure last year, with its investment in high-end manufacturing and green financing totaling 32.6 billion yuan and 65 billion yuan, respectively.

In 2023, the insurer will scale up support for rural revitalization, technological innovation, and people's livelihood.