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under the demand for high-quality development, the entire insurance industry is strengthening cost control. reducing costs and increasing efficiency, improving business quality, and keeping a close eye on profits have become the operating goals of major insurance companies. this can be seen from the latest disclosed 2024 mid-year performance reports of listed insurance companies.

looking at the listed property and casualty insurance companies, in the first half of this year, under the general environment of stricter control of auto insurance costs and priority of business quality, the "old three" property and casualty insurance companies, as the industry leaders, generally "maintained stability" in the growth rate of premiums and were not aggressive, all ending with single-digit growth. among them, china pacific property and casualty insurance co., ltd. had the highest growth rate of original premium income, reaching 7.8%, while the original premium income growth rates of picc property and casualty insurance co., ltd. and ping an property and casualty insurance co., ltd. were 3.7% and 4.06%, respectively.

unlike the overall steady growth in premium income, the net profit performance of the "old three" property and casualty insurance companies diverged, showing a pattern of two increases and one decrease. among them, china pacific property and casualty insurance's net profit in the first half of the year achieved double-digit growth year-on-year, reaching 18.6%; ping an property and casualty insurance's net profit increased by 7.2% year-on-year; and picc property and casualty insurance, the "leader" of property and casualty insurance, saw a year-on-year decrease of 9.2% in net profit.

it is not difficult to find out the reason. the increase in compensation expenditure may be one of the main reasons for the decline in picc p&c's net profit. in the first half of this year, my country suffered frequent natural disasters such as heavy rains and snowstorms. the leading insurance companies with hundreds of millions of insured customers and more livelihood security businesses naturally faced considerable compensation challenges. this also indirectly reflects that although the current property and casualty insurance industry is working hard to strengthen control on the expense side, the problem of increased compensation expenditure caused by catastrophic risks cannot be ignored.