The label says 100% PG. Looks like it is labeled correctly. Looks like nicotine suspended in PG, pretty common.
Also, don't get confused with purity and ratio. You could have 100% pure nicotine suspended to 48mg/ml in 100% PG and the shorthand for that would be 48mg PG nic. 48, mg/ml usually shortened to just mg, is the ratio, not to be confused with the purity of what is being suspended.
Hopefully you've taken this as an opportunity to educate yourself and read
through a bunch of the great info in this sub.