Mission Statement, Vision, & Core Values (2025) of PICC Property and Casualty Company Limited.

An Overview of PICC Property and Casualty Company Limited

General Summary of PICC Property and Casualty Company Limited

PICC Property and Casualty Company Limited, established in **1949**, is one of the largest property and casualty insurance companies in China. Originally part of the People's Insurance Company of China, it was restructured as a joint-stock company in **2003**. The company offers a diverse range of insurance products, including auto insurance, property insurance, liability insurance, and agricultural insurance. As of **2024**, PICC has reported sales revenue of approximately **CNY 676.5 billion**, maintaining its position as a market leader.

Company's Financial Performance in the Latest Financial Reports

In its latest financial report for the fiscal year **2023**, PICC Property and Casualty Company Limited achieved a record-breaking total revenue of **CNY 705 billion**, marking an increase of **12%** compared to the previous year. This growth was largely driven by strong performance in auto insurance sales, contributing **CNY 400 billion** or **56.6%** of total revenues. Additionally, premium income rose to **CNY 540 billion**, which represents a **10%** year-over-year increase. The company also reported a net profit of **CNY 48 billion**, reflecting a profit margin of approximately **6.8%**.

Introduction to PICC as an Industry Leader

PICC Property and Casualty Company Limited stands as a formidable entity in the insurance sector, ranked within the top three insurance providers in China. Its comprehensive product offering and expansive network of over **2,300** branch offices enable it to attract a diverse customer base. The company's innovative approach to insurance solutions, combined with its commitment to technology-driven enhancements, solidifies its leadership role. Investors and stakeholders are encouraged to delve deeper to understand the strategies that foster PICC's resilience and success.

Mission Statement of PICC Property and Casualty Company Limited

Mission Statement Overview

The mission statement of PICC Property and Casualty Company Limited is a declaration that reflects its commitment to providing top-quality insurance products and services to its customers. This guiding principle underscored the company's strategic objectives and long-term aspirations, shaping its operational philosophy.

Core Component 1: Customer-Centric Approach

PICC emphasizes a customer-centric approach in its mission statement. This component focuses on understanding customer needs and delivering tailored insurance solutions. In 2023, the company reported a customer satisfaction score of 88%, which is higher than the industry average of 82%.

Core Component 2: Innovation in Insurance Solutions

The mission also highlights the importance of innovation in developing insurance products. In 2022, PICC launched 12 new insurance products, including digital offerings designed for the evolving market landscape. The company’s R&D expenses reached CNY 300 million, accounting for approximately 5% of its total revenue.

Core Component 3: Commitment to Sustainable Development

PICC’s mission statement incorporates a strong commitment to sustainable development. In its 2023 Corporate Social Responsibility (CSR) report, the company disclosed that it invested CNY 150 million in various environmental protection initiatives, reflecting an increase of 15% from the previous year. Additionally, PICC aims to achieve carbon neutrality by 2030.

Vision Statement of PICC Property and Casualty Company Limited

Vision Statement Overview

The vision statement of PICC Property and Casualty Company Limited outlines the company's strategic direction and aspirations for the future. As of 2024, the vision emphasizes becoming the leading provider of insurance solutions while fostering a culture of innovation and sustainability.

Aspiring to Leadership in the Insurance Sector

PICC aims to establish itself as the preferred insurance provider throughout China and abroad. This ambition is reflected in their commitment to achieving a market share increase of 10% annually.

Innovation and Technology Integration

The company is focused on integrating cutting-edge technology to enhance customer service and operational efficiency. Investments in digital transformation were projected to reach CNY 500 million in 2024, aiming to streamline claims processing by 30% and reduce operational costs by 15%.

Commitment to Sustainability

PICC is dedicated to incorporating sustainable practices in its operations. The vision includes achieving a 20% reduction in carbon footprint by 2025 through various initiatives, including the development of green insurance products that promote environmentally friendly practices among clients.

Customer-Centric Approach

The company's vision underscores the importance of a customer-centric philosophy, aiming to enhance customer satisfaction scores by achieving a Net Promoter Score (NPS) of at least 70 in 2024. This will be pursued through dedicated customer feedback programs and tailored insurance solutions.

Financial Performance Goals

PICC sets ambitious financial targets as part of its vision, striving for a gross written premium growth rate of 12% annually from 2024 onwards. The expected gross written premium for 2024 is estimated to reach CNY 150 billion.

Global Expansion Plans

PICC intends to expand its global footprint, targeting a presence in at least 5 new international markets by 2026. This strategy includes leveraging partnerships and alliances to penetrate emerging markets and enhance brand recognition globally.

Core Values of PICC Property and Casualty Company Limited

Customer-Centricity

PICC Property and Casualty Company Limited places a strong emphasis on customer-centricity, ensuring that customer needs are at the forefront of its operations.

In 2022, the company achieved a customer satisfaction rate of 92% based on feedback from over 1 million customers surveyed. This commitment is reflected in their 24/7 customer service hotline and the implementation of an AI-driven claims processing system, which reduced the average claims processing time from 7 days to 3 days.

Integrity

Integrity is a core value that governs PICC's interactions with customers, partners, and employees.

The company has adopted a strict code of ethics that mandates full compliance with regulations. In 2023, PICC reported a 0.5% compliance violation rate, significantly lower than the industry average of 2%. Furthermore, PICC initiated a twice-yearly ethics training program for all employees, reaching over 60,000 staff members.

Innovation

Innovation drives PICC's strategies to enhance service delivery and operational efficiency.

In 2023, the company allocated CNY 500 million towards technological advancements, including the development of a proprietary risk assessment tool that utilizes big data analytics. This tool has increased underwriting accuracy by 15%, leading to a 10% improvement in loss ratios.

• Launch of mobile app – Over 2 million downloads in the first quarter of 2024
• Implementation of blockchain technology for claims – Reduced fraud by 30%

Team Spirit

PICC fosters a collaborative environment that promotes teamwork and collective success.

The company organizes bi-annual team-building retreats, with 90% employee participation. In 2023, internal surveys indicated that 85% of employees feel more productive when working in teams. Additionally, PICC's employee engagement score reached 78%, above the insurance industry average of 70%.

Social Responsibility

PICC is committed to social responsibility, actively participating in community development and environmental sustainability.

In 2023, the company invested CNY 300 million in various social initiatives, including disaster relief efforts that reached over 500,000 residents affected by natural disasters. Furthermore, PICC launched a green insurance product line aimed at encouraging eco-friendly practices, leading to a 20% increase in policy sales in this category.