Bank of America Securities released a research report stating that PICC Group (01339) achieved a net profit of RMB 46.8 billion in the first nine months of 2025, marking a 29% year-on-year increase. Benefiting from contributions from its property insurance business, the company recorded a 25% year-on-year growth in underwriting profit in Q3 2025. Investment returns also exceeded expectations, rising 42% year-on-year in Q3 and 60% for the first nine months of 2025.

Bank of America Securities raised its profit forecasts for PICC Group by 1% to 8% for 2025–2027. The target price for its H-shares was lifted by 8% to HK$8.2, while the A-share (601319.SH) target price was raised by 8% to RMB 7.2. The firm reiterated a "Buy" rating for PICC's H-shares, citing a projected 2026 price-to-book ratio of 1x. However, it maintained an "Underperform" rating for the A-shares, with a projected 2026 price-to-book ratio of 1.3x.