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Two Chinese insurers announce rise in profits for 2022

At least two insurers have reported an increase in their profits last year. The People's Insurance Company (Group) of China expected its net profit to rise by up to 15% to CNY24.88bn (USD3.6bn) last year from a year earlier. The firm also added that the net profit in 2022 will grow at least 10% to CNY23.8bn. After the deduction of non-recurring profit and loss, it said the net profit will come in at CNY23.6bn to CNY24.7bn, also an increase of 10-15% from the previous year. The PICC Property and Casualty Company also forecasted its net profit for 2022 to increase by 10-20% from a year ago. It recorded a net profit of CNY22.4bn in 2021.

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