People's Insurance Company of China
|People's Republic of China|
|Chairman: Wu Yan|
|Total assets||$126 billion (2015)|
|Parent||People's Insurance Company of China Group|
|Website||PICC Property and Casualty Company Website|
People's Insurance Company of China Holdings Company (Chinese: 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 issuer 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.
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 (AIG).
In a recent announcement PICC has stated that they are undergoing a digital transformation by implementing blockchain technology from Vechain in its processes.
- People's Insurance Company of China Group Official Homepage
- PICC Property and Casualty Company Official Homepage
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