People's Insurance Company of China
Holdings Company (中国人保控股公司) is a state-owned
company in the People's Republic of China
. The holding company promotes its subsidiaries, PICC Asset Management Company Limited and PICC Property and Casualty Company Limited (PICC P&C) (中国人民财产保险股份有限公司).
PICC P&C is China's largest insurer of casualty insurance
. It is licensed to provide all major lines of insurance except life insurance
. PICC P&C was established in 2002 from the former property
and casualty insurance
division of the PICC, which, divested of insurance responsibilities, re-organized itself into PICC Holding Company.
PICC P&C is the designated agent within the People's Republic of China
for most international insurance companies, including Lloyd's of London
. PICC has branch offices in London
and New York
PICC is the majority shareholder in PICC (HK) Company Limited, which opened in Hong Kong
in 2002. It is listed on the Hong Kong Stock Exchange
under the ticker symbol 2328.
In 2005, PICC announced a joint venture with Sumitomo Life Insurance Co.
(住友生命保険相互会社) called PICC Life Insurance Co. (中国人保寿险有限公司). The new company will sell insurance products, including savings-oriented endowment insurance policies.
Through direct and indirect holdings, 19.8% of PICC's stock is owned by American International Group