On July 9, PICC Property and Casualty declined 3.02% in regular trading, trading at HKD 14.41/share, with turnover of HKD 148 million. Peer stock PICC Group fell 2.76% in tandem as the insurance sector extended its weakness.

On the policy front, the bancassurance channel Document No. 65 officially took effect on July 1, upgrading fee controls from commission management to comprehensive fee structure management, while simultaneously lowering the dividend insurance demonstration rate cap to 3.5%. Under the new regulation, bancassurance channel new policy premium growth for the first five months slowed to below 7% year-over-year, with the sharp deceleration dragging on sector sentiment.

Additionally, the company reported Q1 net profit of RMB 8.631 billion, down 23.7% year-over-year, primarily due to investment income pressure, further suppressing near-term valuations. Underwriting profit, however, grew 7.5% with COR improving 0.3 percentage points to 94.2%.

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