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The People's Insurance Co (Group) of China (HKSE:01339) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
The People's Insurance Co (Group) of China Piotroski F-Score Related Terms
The People's Insurance Co (Group) of China Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
The People's Insurance Co (Group) of China Piotroski F-Score Chart
The People's Insurance Co (Group) of China Annual Data
HKSE:01339 vs CB, PGR, TRV: Piotroski F-Score Comparison
For the Insurance - Property & Casualty subindustry, The People's Insurance Co (Group) of China's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
The People's Insurance Co (Group) of China Piotroski F-Score vs Insurance Industry
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
The People's Insurance Co (Group) of China's current Net Income (TTM) was 51,046.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
The People's Insurance Co (Group) of China's current Cash Flow from Operations (TTM) was 131,119.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
The People's Insurance Co (Group) of China's return on assets of this year was 0.0270679. The People's Insurance Co (Group) of China's return on assets of last year was 0.02643117.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
The People's Insurance Co (Group) of China's gearing of this year was 0.02317688. The People's Insurance Co (Group) of China's gearing of last year was 0.03090626.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
The People's Insurance Co (Group) of China's current ratio of this year was 1.26162603. The People's Insurance Co (Group) of China's current ratio of last year was 1.26264994.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
The People's Insurance Co (Group) of China's number of shares in issue this year was 44224. The People's Insurance Co (Group) of China's number of shares in issue last year was 44402.198.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
The People's Insurance Co (Group) of China's net margin of this year was 0.07139899. The People's Insurance Co (Group) of China's net margin of last year was 0.07032175.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
The People's Insurance Co (Group) of China's asset turnover of this year was 0.37910753. The People's Insurance Co (Group) of China's asset turnover of last year was 0.37586045.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
The People's Insurance Co (Group) of China has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The People's Insurance Co (Group) of China (HKSE:01339) has a Piotroski F-Score of 8 as of Sep. 12, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on The People's Insurance Co (Group) of China and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, The People's Insurance Co (Group) of China's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, The People's Insurance Co (Group) of China ranks #441 out of 490 companies in the Insurance industry, placing it in the top 90%.
Is The People's Insurance Co (Group) of China's Piotroski F-Score too high?
The People's Insurance Co (Group) of China's current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Insurance industry median Piotroski F-Score is 6.00. The People's Insurance Co (Group) of China's value of 8 is 33.3% above this industry median. Based on the distribution chart, The People's Insurance Co (Group) of China ranks #441 out of 490 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, The People's Insurance Co (Group) of China has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The People's Insurance Co (Group) of China's Piotroski F-Score compare to CB and PGR?
According to the Insurance industry distribution chart, The People's Insurance Co (Group) of China ranks #441 out of 490 companies for Piotroski F-Score. This places The People's Insurance Co (Group) of China in the lower half of its industry. The industry median Piotroski F-Score is 6.00. The People's Insurance Co (Group) of China's value of 8 is 33.3% above this benchmark. Historically, The People's Insurance Co (Group) of China's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, The People's Insurance Co (Group) of China has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Insurance company?
The median Piotroski F-Score among Insurance companies is 6.00, based on 490 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. The People's Insurance Co (Group) of China's current Piotroski F-Score of 8 is 33.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on The People's Insurance Co (Group) of China and its competitors. For the Insurance industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The People's Insurance Co (Group) of China's current Piotroski F-Score is 8, which is 33% above median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The People's Insurance Co (Group) of China stock overvalued right now?
Based on GuruFocus' analysis, The People's Insurance Co (Group) of China (HKSE:01339) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$4.95, compared to a current price of HK$5.90 — trading 19.2% above its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 33.3% above the Insurance industry median of 6.00. The People's Insurance Co (Group) of China's overall GF Score™ is 83/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For The People's Insurance Co (Group) of China (HKSE:01339), the current Piotroski F-Score is 8 as of Sep. 12, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is The People's Insurance Co (Group) of China (HKSE:01339) Overvalued in 2026?
Based on GuruFocus' analysis, The People's Insurance Co (Group) of China stock appears to be overvalued.
The current stock price of HK$5.90 is trading 19.2% above its estimated GF Value™ of HK$4.95.
GuruFocus considers The People's Insurance Co (Group) of China to be Modestly Overvalued.
Key valuation signals for HKSE:01339:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: HK$4.95 vs. price of HK$5.90 (19.2% above fair value)
Industry Position: 33.3% above the Insurance median (#441 of 490)
No single metric tells the full story. See the HKSE:01339 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PICC Group, headquartered in Beijing, is the largest state-owned insurance group in China. It holds a 69% stake in PICC Property and Casualty, an 80% stake in PICC Life, and a 69% stake in PICC Health Insurance. The P&C subsidiary is the largest nonlife insurer in the country, with approximately one-third of market share. The life insurance and health insurance subsidiaries hold less than 5% market share. The Ministry of Finance is the largest shareholder with a 61% stake, while China's Social Security Fund is the second-largest shareholder, holding nearly 13%.
83GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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