World Insurance Report

PICC recruits new investor ahead of 2010 listing

An unnamed domestic company is expected to take a stake in the state-owned insurer

China’s largest insurance conglomerate the state-owned People’s Insurance Company of China (PICC), which was established shortly after the victory of the communist regime in 1949, is to acquire new strategic shareholders. In its present form PICC’s capital is Yuan30.6bn (US$4.5bn). The investor – which will be a domestic entity - could be a financial or industrial company. This will be followed by an IPO and listing in Shanghai and possibly also on the Hong Kong stock exchange. The move is expected in early 2010. At present the PICC Group has 5,669 domestic branches, 80 branches abroad and it also acts as agent for 70 foreign firms in the PRC.

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, click Log In button.

Copyright © 2024 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.