PICC 601319.SH PICC 1339.HK PICC P&C 2328.HK CONTENTS 01 02 03 Focus on transformation and upgrading to avoid "involution"-style competition in non-auto insurance In recent years, the non-auto insurance segment has been struggling with spiraling expenses, inadequate premium rate and chronic underwriting losses due to irrational competition. These issues not only undermined insurers' compliant operation and financial stability, but also exposed consumers to potential rights violation, ultimately impeding the ...