PINXY (The People's Insurance Co (Group) of China) Beneish M-Score: -2.66 (As of Sep. 17, 2026)

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PINXY The People's Insurance Co (Group) of China Ltd PINXY
77 GF Score
Price $14.92
GF Value $14.43
Valuation Fairly Valued
! 1 Warning Sign
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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 PINXY 77 Beneish M-Score is -2.66 as of Sep. 17, 2026. GuruFocus rates PINXY with a GF Score™ of 77/100 and a GF Value™ of $14.43 (Fairly Valued). The stock has 1 warning sign investors should review. Among 402 Insurance companies, The People's Insurance Co (Group) of China ranks better than 70.65% 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 -2.66 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:

PINXY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.49   Max: -1.8
Current: -2.66

During the past 13 years, the highest Beneish M-Score of The People's Insurance Co (Group) of China was -1.80. The lowest was -3.38. And the median was -2.49.

PINXY
77GF Score
The People's Insurance Co (Group) of China Ltd PINXY
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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun26) TTM:Last Year (Jun24) TTM:
Total Receivables was $5,143 Mil.
Revenue was 48701.135 + 45708.237 + 43205.51 + 41843.543 = $179,458 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0 Mil.
Total Current Assets was $14,977 Mil.
Total Assets was $313,158 Mil.
Property, Plant and Equipment(Net PPE) was $5,703 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,460 Mil.
Selling, General, & Admin. Expense(SGA) was $18,896 Mil.
Total Current Liabilities was $35,852 Mil.
Long-Term Debt & Capital Lease Obligation was $6,169 Mil.
Net Income was 4394.673 + 1940.432 + 2548.952 + 1487.248 = $10,371 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 12776.796 + 7226.472 + 13554.989 + 3834.616 = $37,393 Mil.
 Total Receivables was $5,149 Mil.
Revenue was 39320.167 + 38128.464 + 39184.475 + 37072.107 = $153,705 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0 Mil.
Total Current Assets was $75,097 Mil.
Total Assets was $227,075 Mil.
Property, Plant and Equipment(Net PPE) was $5,411 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,431 Mil.
Selling, General, & Admin. Expense(SGA) was $13,038 Mil.
Total Current Liabilities was $21,960 Mil.
Long-Term Debt & Capital Lease Obligation was $5,232 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)
=(5142.657 / 179458.425) / (5148.62 / 153705.213)
=0.028657 / 0.033497
=

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)
=(0 / 153705.213) / (0 / 179458.425)
=0 / 0
=

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 - (14977.002 + 5702.977) / 313157.664) / (1 - (75097.045 + 5410.661) / 227075.056)
=0.933963 / 0.645458
=

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
=179458.425 / 153705.213
=

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))
=(1430.568 / (1430.568 + 5410.661)) / (1459.689 / (1459.689 + 5702.977))
=0.20911 / 0.203791
=

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)
=(18895.795 / 179458.425) / (13038.281 / 153705.213)
=0.105293 / 0.084827
=

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)
=((6168.683 + 35851.517) / 313157.664) / ((5232.297 + 21960.013) / 227075.056)
=0.134182 / 0.11975
=

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
=(10371.306 - 0 - 37392.873) / 313157.664
=-0.086287

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.66 mean?
The People's Insurance Co (Group) of China (PINXY) has a Beneish M-Score of -2.66 as of Sep. 17, 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 #118 out of 402 companies in the Insurance industry, placing it in the top 29.4%.
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 -2.66. Based on the distribution chart, The People's Insurance Co (Group) of China ranks #118 out of 402 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 77/100 and is considered Fairly Valued, 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 #118 out of 402 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 -2.66. 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 (PINXY) is currently considered Fairly Valued. The stock's GF Value™ is $14.43, compared to a current price of $14.92 — trading 3.4% above its estimated fair value. The current Beneish M-Score is -2.66. The People's Insurance Co (Group) of China's overall GF Score™ is 77/100 with 1 warning sign 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 (PINXY), the current Beneish M-Score is -2.66 as of Sep. 17, 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 (PINXY) 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 $14.92 is trading 3.4% above its estimated GF Value™ of $14.43. GuruFocus considers The People's Insurance Co (Group) of China to be Fairly Valued.

Key valuation signals for PINXY:

  • Beneish M-Score: -2.66
  • GF Value™: $14.43 vs. price of $14.92 (3.4% above fair value)
  • GF Score™: 77/100 with 1 warning sign

No single metric tells the full story. See the PINXY 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%.
77GF Score

Get the complete analysis for PINXY

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

$14.92
Price
$14.43
GF Value