People's Insurance Company of China
Encyclopedia
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
(AIG).
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
. 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
Casualty insurance
Casualty insurance, often equated to liability insurance, is used to describe an area of insurance not directly concerned with life insurance, health insurance, or property insurance. It is mainly used to describe the liability coverage of an individual or organization's for negligent acts or...
. It is licensed to provide all major lines of insurance except life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
. PICC P&C was established in 2002 from the former property
Property insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main...
and casualty
Casualty insurance
Casualty insurance, often equated to liability insurance, is used to describe an area of insurance not directly concerned with life insurance, health insurance, or property insurance. It is mainly used to describe the liability coverage of an individual or organization's for negligent acts or...
insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
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
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
for most international insurance companies, including Lloyd's of London
Lloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
. PICC has branch offices in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
.
PICC is the majority shareholder in PICC (HK) Company Limited, which opened in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
in 2002. It is listed on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
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
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
(AIG).