On June 23, PICC Group (01339.HK) fell 3.23% in regular trading, trading at HK$5.09/share, with turnover of HK$52.97 million.

On the news front, the company has seen two consecutive quarters of net profit deceleration. In Q4 last year, PICC reported a rare single-quarter net loss of RMB 180 million attributable to parent shareholders, compared with a profit of RMB 6.5 billion in the same period the prior year. In Q1 this year, net profit declined 31.4% year-over-year, with management citing capital market volatility dragging down investment-side returns. Revenue also fell 5.1% during the quarter, though insurance service income grew 2.0% to RMB 138.88 billion.

Additionally, Morgan Stanley and Citigroup both recently cut their H-share target prices, with both pointing to life insurance business performance falling short of expectations. The H-share has declined approximately 23.6% year-to-date. Selling pressure from the A-share insurance sector, where PICC A-shares dropped 5% on June 18, has carried over into Hong Kong trading this week.

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