PICC P&C (02328) announced its financial results for the first quarter of 2026. The company recorded insurance service revenue of RMB 123.015 billion and a net profit of RMB 8.631 billion, which represents a decrease of 23.7% compared to the same period last year. Revenue from motor vehicle insurance reached RMB 76.056 billion, marking a year-on-year increase of 2.3%. Non-motor vehicle insurance generated revenue of RMB 46.959 billion, up 1.2% from the prior year. Underwriting profit stood at RMB 7.154 billion, rising by 7.5% year-on-year. The combined ratio was 94.2%, reflecting a decrease of 0.3 percentage points compared to the previous year.