PINXF (The People's Insurance Co (Group) of China) Beneish M-Score: -2.67 (As of Jun. 26, 2026)


PINXF The People's Insurance Co (Group) of China Ltd PINXF
54 GF Score
Price $0.66
GF Value $0.57
Valuation Modestly Overvalued
! 2 Warning Signs
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What is The People's Insurance Co (Group) of China Beneish M-Score?

The People's Insurance Co (Group) of China PINXF +1.54% 54 Beneish M-Score is -2.67 as of Jun. 26, 2026. GuruFocus rates PINXF with a GF Score™ of 54/100 and a GF Value™ of $0.57 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, The People's Insurance Co (Group) of China ranks better than 69.77% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for The People's Insurance Co (Group) of China's Beneish M-Score or its related term are showing as below:

PINXF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.22   Max: -1.29
Current: -2.67

During the past 13 years, the highest Beneish M-Score of The People's Insurance Co (Group) of China was -1.29. The lowest was -2.67. And the median was -2.22.

PINXF
54GF Score
The People's Insurance Co (Group) of China Ltd PINXF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The People's Insurance Co (Group) of China Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of The People's Insurance Co (Group) of China for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 1.0008+0.892 * 0.8704+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.9232+4.679 * 0.012449-0.327 * 0.9047
=-2.66

* 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.

This Year (Dec25) TTM:Last Year (Sep24) TTM:
Total Receivables was $1,712 Mil.
Revenue was 24144.849 + 23509.651 + 0 + 23226.475 = $70,881 Mil.
Gross Profit was 24144.849 + 23509.651 + 0 + 23226.475 = $70,881 Mil.
Total Current Assets was $0 Mil.
Total Assets was $287,879 Mil.
Property, Plant and Equipment(Net PPE) was $5,598 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $6,575 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $6,145 Mil.
Net Income was -87.318 + 2828.806 + 0 + 799.374 = $3,541 Mil.
Non Operating Income was -19.167 + -55.591 + 0 + 31.728 = $-43 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
 Total Receivables was $0 Mil.
Revenue was 21118.57 + 21140.502 + 17703.812 + 21473.768 = $81,437 Mil.
Gross Profit was 21118.57 + 21140.502 + 17703.812 + 21473.768 = $81,437 Mil.
Total Current Assets was $0 Mil.
Total Assets was $240,461 Mil.
Property, Plant and Equipment(Net PPE) was $4,862 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $3,928 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,673 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1711.58 / 70880.975) / (0 / 81436.652)
=0.024147 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(81436.652 / 81436.652) / (70880.975 / 70880.975)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 5597.598) / 287879.373) / (1 - (0 + 4861.504) / 240461.419)
=0.980556 / 0.979783
=1.0008

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=70880.975 / 81436.652
=0.8704

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0 / (0 + 4861.504)) / (0 / (0 + 5597.598))
=0 / 0
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(6574.952 / 70880.975) / (3927.94 / 81436.652)
=0.09276 / 0.048233
=1.9232

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((6144.792 + 0) / 287879.373) / ((5673.12 + 0) / 240461.419)
=0.021345 / 0.023593
=0.9047

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(3540.862 - -43.03 - 0) / 287879.373
=0.012449

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The People's Insurance Co (Group) of China has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.67 mean?
The People's Insurance Co (Group) of China (PINXF) has a Beneish M-Score of -2.67 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The People's Insurance Co (Group) of China and its competitors. According to the industry distribution chart, The People's Insurance Co (Group) of China ranks #120 out of 397 companies in the Insurance industry, placing it in the top 30.2%.
Is The People's Insurance Co (Group) of China's Beneish M-Score too high?
The People's Insurance Co (Group) of China's current Beneish M-Score is -2.67. Based on the distribution chart, The People's Insurance Co (Group) of China ranks #120 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, The People's Insurance Co (Group) of China has a GF Score™ of 54/100 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 Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, The People's Insurance Co (Group) of China ranks #120 out of 397 companies for Beneish M-Score. This puts The People's Insurance Co (Group) of China in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The People's Insurance Co (Group) of China and its competitors. The People's Insurance Co (Group) of China's current Beneish M-Score is -2.67. 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 (PINXF) is currently considered Modestly Overvalued. The stock's GF Value™ is $0.57, compared to a current price of $0.66 — trading 15.8% above its estimated fair value. The current Beneish M-Score is -2.67. The People's Insurance Co (Group) of China's overall GF Score™ is 54/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For The People's Insurance Co (Group) of China (PINXF), the current Beneish M-Score is -2.67 as of Jun. 26, 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 (PINXF) 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 $0.66 is trading 15.8% above its estimated GF Value™ of $0.57. GuruFocus considers The People's Insurance Co (Group) of China to be Modestly Overvalued.

Key valuation signals for PINXF:

  • Beneish M-Score: -2.67
  • GF Value™: $0.57 vs. price of $0.66 (15.8% above fair value)
  • GF Score™: 54/100 with 2 warning signs

No single metric tells the full story. See the PINXF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

The People's Insurance Co (Group) of China Business Description

Address No. 88, West Chang’an Avenue, 1st-13th Floor, Xi Cheng District, Beijing, CHN, 100031
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%.
54GF Score

Get the complete analysis for PINXF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.66
Price
$0.57
GF Value