2008 results of Picc Property and Casualty Co

Following the natural catastrophes which hit the country last year, the number one life insurer, PICC Property and Casualty Co. has posted a turnover of 101.9 billion CNY (14.9 billion USD) in 2008.
The insurer has announced a 98% decline of its net profits which went down to 50 million CNY (7.3 million USD) compared to 2.99 billion CNY (409.9 million USD) in 2007. As to underwriting results, they sustained a loss of 2.49 billion CNY (365.2 million USD) in 2008 versus 1.43 billion CNY (196.05 million USD) in 2007.