0845 GMT - PICC Property & Casualty's business operations and outlook appear intact to Citi analysts Michelle Ma and Amy Jy Chen, despite a report that says Chinese authorities are investigating the insurer's president. As a central state-owned enterprise, the company has well-established operational systems, the analysts say in a note. The analysts also reckon its business outlook could continue to benefit from tighter regulation on underwriting. Its non-auto insurance segment's combined ratio, which measures how much an insurer spends on claims and expenses compared with its earned premiums, is also likely to improve next year thanks to expense rationalization, the analysts say. Citi retains its buy rating on PICC and HK$21.20 target price. Shares closed 4.0% lower at HK$17.04. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

December 03, 2025 03:45 ET (08:45 GMT)

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