The People's Insurance Company (Group) of China Limited , known as PICC Group or just PICC , is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.
42-634: PICC may refer to: People's Insurance Company of China , a Chinese insurance company Peripherally inserted central catheter (PICC) , in medicine, a type of intravenous line also known as a PICC line. Philippine International Convention Center PIC C The C programming language for Microchip's PIC microcontroller Presubscribed Interexchange Carrier Charge , an interconnection payment paid between telephone companies in North America Principles of International Commercial Contracts ,
84-731: A 51:49 ratio. The headquarters of the company is located in China People's Insurance Building [ zh ] (or transliterated as PICC Building), in Xicheng District , Beijing. There are other office buildings that are named after PICC, such as in Guangzhou and Chongqing (PICC Life Insurance Building). PICC issued two classes of ordinary shares: A share and H share . The latter only traded outside Mainland China. Despite residents in Mainland China can buy
126-454: A combined 20% stake. The joint venture would sell insurance products, including savings-oriented endowment insurance policies. As of 2018, the market share of PICC Life in its life insurance sector is 3.6%. While according to S&P Global Ratings, PICC Life's market share (by policy written) in life insurance market in the first half of year 2017 was 4.3% and ranked 4th (10th in 2016). The insurance financial strength rating of PICC Life
168-583: A director of Industrial Bank in 2013. He was replaced by Fu Anping ( Chinese : 傅安平 ; pinyin : Fù Ānpíng ) in both positions. Since 2016, PICC also owned a minority stake in China Merchants Securities [ zh ] . Chen Zhigang ( Chinese : 陈志刚 ; pinyin : Chén Zhìgāng ), vice-president of PICC Life, also nominated as a non-executive director in 2017. PICC Group has another subsidiary PICC Health Insurance Company Limited ( Chinese : 中国人民健康保险股份有限公司 ). In
210-468: A document attempting to harmonize the international contract law. Proximity Integrated Circuit Card; see Proximity card Putrajaya International Convention Centre , a convention center in Putrajaya, Malaysia Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title PICC . If an internal link led you here, you may wish to change
252-545: A listed company in November 2003. PICC Holding reverted to the name People's Insurance Company Group of China ( Chinese : 中国人民保险集团公司 ) in 2007. The company also re-incorporated as a joint stock company with limited liabilities in 2009, as The People's Insurance Company (Group) of China Limited ( Chinese : 中国人民保险集团股份有限公司 ). In 2012, PICC's H shares were listed on the Stock Exchange of Hong Kong . It
294-1048: A wholly owned subsidiary of the People’s Insurance Group of China, was established in July 2009. PICC Capital is the sole alternative investment platform of PICC Group, and the first asset manager in China’s insurance industry that specializes in alternative investment. PICC Capital takes a major role in strategic asset allocation and strategic resource acquisition for PICC Group. Leveraging on PICC Group’s brand, network and channels, PICC Capital provides financial resources to local governments and corporates by making investments in infrastructure, energy, inclusive financing, healthcare, technology incubation, etc., through debt investment and equity investment. PICC Capital makes equity investments through its wholly owned subsidiary PICC Capital Equity Investment Company Limited (“PICC PE”). Approved by China Insurance Regulatory Commission in 2017, PICC PE
336-411: Is A2 (as of 2019), according to Moody's Investors Service. PICC Life also acquired 4.98% stake of Industrial Bank in 2012. PICC via PICC Life and PICC P&C owned a combined 10.87% stake of the bank directly and indirectly at that time as the second largest shareholder. PICC also nominated Li Liangwen ( Chinese : 李良温 ; pinyin : Lǐ Liángwēn ), President of PICC Life at that time, as
378-467: Is a Chinese insurance conglomerate. The company has strong Chinese Central Government background despite being incorporated in Hong Kong. It is considered as a red chip company. The group's major businesses are reinsurance , life insurance, property and casualty insurance , asset management , reinsurance brokerage, pension management, real estate manager, etc. As of 2018 financial year, most of
420-567: Is a minority shareholder as of 2018. That subsidiary was formerly known as Peterson Insurance Company Limited ( Chinese : 德誠保險有限公司 ) as well as Guangdong Asia Insurance Company Limited ( Chinese : 粵海亞洲保險有限公司 ) before acquired by PICC in 2002 from Guangdong Holdings . It provides non-life insurance. In 2005, PICC formed a Sino-foreign joint venture PICC Life Insurance ( Chinese : 中国人民人寿保险股份有限公司 ). Japanese insurer Sumitomo Life took 29% stake, followed by Hong Kong listed company Asia Financial Holdings [ zh ] (Hong Kong
462-471: Is considered as foreign investor in Mainland Chinese laws) and Thai listed company Bangkok Bank for 10% each. However, after several capital increases, PICC owned PICC Life for 71.077% stake directly, plus additional 8.615% stake via non wholly owned subsidiary PICC P&C and 0.308% stake via wholly owned subsidiary PICC Asset Management as of 31 December 2018. The foreign investors only owned
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#1732775764403504-557: Is the sole private equity investment platform within PICC Group, and one of the sixteen PE fund managers in China sponsored by insurance capital. PICC PE currently manages an RMB 3bn PICC Health Care Fund. PICC Group, via PICC Reinsurance, provided reinsurance service to its listed subsidiary PICC P&C . PICC Reinsurance (PICC Re; Chinese : 人保再保险股份有限公司 ) itself is a joint venture of PICC Group and its subsidiary PICC P&C in
546-700: The Agricultural Bank of China , the Bank of Communications , China Cinda Asset Management and China Re , etc. The state pension fund: the National Social Security Fund (NSSF) also owned 8.60% + 1.19% total shares of the company (NSSF owned both A and H shares of the company) as of 2018. It was announced that MOF would transferred an additional 6.76% total shares of PICC to the NSSF in 2019. Other notable investors of PICC included
588-489: The Bank of China Group . The company renamed to China Insurance Group Securities in 2001 and the current name in 2009. Despite the listed company was incorporated in 2000 in Hong Kong, the history of the group could be traced back to Taiping Insurance Company founded in Shanghai in 1929. Another predecessor, China Insurance Company, Limited, was founded in 1931 by the Bank of China . Ming An Insurance Hong Kong, which
630-702: The Mainland China for most international insurance companies. As of 2018, the market share of PICC P&C in its sector is 33.0%. According to S&P Global Ratings citing China Insurance Regulatory Commission , PICC P&C's market share (by direct premium) in property and casualty insurance in the first half of year 2017 was 34.0% and ranked the first. The second was Pingan Insurance (19.6%). In Hong Kong, PICC has another subsidiary The People's Insurance Company of China (Hong Kong), Limited ( Chinese : 中國人民保險（香港）有限公司 ) for 75.00% stake. Fellow listed company Asia Financial Holdings [ zh ]
672-523: The State Council of the People's Republic of China decided to break down the PICC Group into China Life , China Re and the current PICC Group, while China Insurance Company received overseas businesses of the former larger PICC Group. China Insurance Company also not part of the new PICC Group after the re-organization. As of 31 December 2018, China Taiping Insurance Group owned 59.64% shares of
714-420: The A shares of the company is the constituents of Hang Seng China 50 Index , CSI 300 Index (and the subset the blue chip index CSI 100 ), SSE 180 Index (and the subset blue chip index SSE 50 since June 2019 ), etc., as of January 2020. China Taiping Insurance Holdings China Taiping Insurance Holdings Company Limited (CTIH) formerly China Insurance International Holdings Company Limited (CIIH),
756-699: The Chinese government owned bank and insurance companies still do business in Hong Kong, at that time a colony of the British Empire on Chinese soil. The Hong Kong headquarters of China Insurance Company and Ming An Insurance were located in the Bank of China Building in the 1960s, while the Hong Kong headquarters of Taiping Insurance was in Takshing House . The three aforementioned Hong Kong based Chinese government owned insurers had formed China Reinsurance Company (Hong Kong), Limited in 1980, which
798-491: The H shares of PICC via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect , and vice versa for foreigners buying A shares. The Ministry of Finance of the People's Republic of China (MOF) is the controlling shareholder of the company, for 67.60% of the total shares as of 31 December 2018. The MOF also significantly owned fellow financial service companies: the Industrial and Commercial Bank of China ,
840-544: The HK-based Taiping Reinsurance (formerly China International Reinsurance ), had a market share of 17.0% in 2005. In January 2018, Taiping Trustees, a second-tier subsidiary of China Taiping Insurance Holdings (Taiping Trustees is a subsidiary of Taiping Financial Holdings ), partnered with other investors, bought an office building on 18 King Wah Road in North Point . As of December 2018,
882-404: The People's Republic of China [ zh ] was the state planner of the whole industry. In 1996, it became a holding company, as People's Insurance Company (Group) of China ( Chinese : 中国人民保险（集团）公司 ). Three subsidiaries were formed, as property insurer, life insurer and reinsurer respectively. However, in 1998–99, China Life and China Re were spin-off from the group, while
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#1732775764403924-515: The US-based multinational insurer American International Group (AIG), which owned 2.52% of the total shares (12.76% of the H shares) of PICC, as of 2018. However, AIG sold all their stake in February 2019. AIG also sold most of their stake in the subsidiary PICC P&C in 2005–06. The H shares of the company is the constituent of Hang Seng China Enterprises Index as of January 2020. While
966-479: The breakup plan, China Insurance Company was focused on overseas businesses, receiving overseas assets from PICC. China Insurance International Holdings Company Limited became a listed company in 2000. At that time Swiss Re also acquired 9.9% shares of the newly listed company. According to the first annual report, most of the revenue of the listed company in year 2000, came from reinsurance. At that time Ming An Insurance HK (currently known as Taiping Insurance HK)
1008-684: The company privatized fellow listed company Ming An (Holdings) . Ming An Insurance (Hong Kong), which was owned by Ming An (Holdings), was renamed to China Taiping Insurance (HK) Company Limited in November 2009. In 2013, more assets were acquired by the listed company from the parent to complete the reverse IPO, for a price of RMB 10.6 billion. The assets included Taiping Financial Holdings (known as China Insurance Group Securities Holdings before 2009 ) and it subsidiaries such as Taiping Securities (HK) Co. Ltd. (known as China Insurance Group Securities before 2009 ), as well as real estate such as China Insurance Group Building. The parent company of
1050-451: The company was ranked 121st. The company also part of the Forbes magazine's Forbes Global 2000 . As of 2019 edition, the company was ranked 155th. PICC's subsidiary, PICC Property and Casualty (PICC P&C) is China's largest issuer of Property and casualty insurance . It is licensed to provide all major lines of insurance except life insurance . It is the designated agent within
1092-454: The first half of year 2017 was 2.0% and ranked the eighth. While in life insurance, the market shares (by policy written) of China Taiping's subsidiary Taiping Life Insurance was 3.8% and ranked ninth. While in Hong Kong, the group's China Taiping Insurance (HK) Company Limited (formerly Ming An Insurance Hong Kong) was ranked the fourth in 2018 for its 6.0% market share by gross written premiums in general insurance market. In reinsurance,
1134-510: The first half of year 2017, the market share (by policy written) of PICC Health in life insurance market was 1.0%, ranked the 19th according to S&P Global Ratings. Founded in 2005, PICC Health was a joint venture with German insurer DKV [ de ] (for 19% stake; DKV is part of Ergo Group , itself owned by Munich Re ) and other investors. However, as of 2018, DKV owned 2.2174% shares of PICC Health. Another Chinese company Capital Airport Holding owned 2.3342% shares. The rest of
1176-559: The headquarter of the listed company is located on the 25/F of that building. Previously the headquarters was located in China Taiping Tower in Causeway Bay. Taiping Financial Holdings, formerly known as China Insurance Group Securities Holdings, a Hong Kong incorporated company, also owned Taiping Securities (HK), a securities broker and financial service company. It was founded in 1986 as New Century Securities, by
1218-401: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=PICC&oldid=907229244 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages People%27s Insurance Company of China The group contains
1260-403: The listed company also acquired more assets from the parent company as part a reverse IPO. In 2002, the listed company acquired China Insurance Group Assets Management Limited (known as Taiping Asset Management (HK) Co. Ltd. since 2009 ) for about HK$ 403 million in cash and newly issued share of the listed company. The listed company was renamed to the current name in 2009. In the same year
1302-452: The listed company is China Taiping Insurance Group Limited ( Chinese : 中国太平保险集团有限责任公司 ), formerly known as China Insurance Company, Limited ( Chinese : 中国保险股份有限公司 ) and then China Insurance (Holdings) Company, Limited ( Chinese : 中国保险（控股）有限公司 ) from 2002 to 2009. The company was a former subsidiary of the People's Insurance Company (Group) of China (PICC Group). However, in 1999,
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1344-473: The major subsidiaries: PICC Asset Management, PICC Life as well as PICC Property and Casualty (PICC P&C). The latter also listed on the stock exchange. PICC was founded in 1949 as The People's Insurance Company of China (PICC; Chinese : 中国人民保险公司 ), as a subsidiary of the People's Bank of China . However, it was reported that PICC was disestablished in 1950. The People's Bank of China provided insurance directly, except from years 1952 to 1959, which
1386-509: The overseas businesses, belongs to yet another former subsidiary, now known as China Taiping Insurance Group Limited (parent company of listed company China Taiping Insurance Holdings ). After the split, The property insurer of the group assumed as the new holding company of PICC group, and named The People's Insurance Company of China again. The regulator of the company, China Insurance Regulatory Commission , also established in 1998. A new subsidiary PICC Property and Casualty (PICC P&C)
1428-429: The parent company China Insurance Company, for about HK$ 522 million in cash and newly issued share of the listed company. As of 2004, the listed company also owned 30% of Tai Ping Insurance, a property and casualty insurer of mainland China. As of 2018, the listed company owned 75.10% stake of the aforementioned Taiping Life as well as 100% stake of the aforementioned Taiping General Insurance. From 2002 to 2013,
1470-517: The profit of the listed company came from life insurance (HK$ 6.2 billion , compare to 8.8 billion profit from all operations; both figures including minority interest that attributable other owner of the subsidiaries). More than 93% income was derived from mainland China. According to S&P Global Ratings, citing China Insurance Regulatory Commission , market share (by direct premium) of China Taiping's subsidiary Taiping General Insurance Co. Ltd. in property and casualty insurance in
1512-601: The service was provided by the Ministry of Finance (MOF) instead. In 1965, PICC was re-established. In 1983, it was separated from the People's Bank of China as a separate entity that under the supervision of the State Council of the People's Republic of China . In 1985, People's Bank of China was the regulator, while the MOF supervised the financial reporting of the company; the State Planning Commission of
1554-462: The shares of PICC Health were owned by PICC Group (for 69.3239%) and its subsidiaries, such as PICC P&C for 24.7262% and another subsidiary for 1.3983%. PICC Asset Management ("PICC AM") is the investment arm of the company. This subsidiary is responsible for managing PICC's non-Renminbi assets, channelling cross-border investments, and handling the company's overseas investment. PICC Capital Investment Management Company Limited (“PICC Capital”),
1596-424: Was established in July 2003 (effective date backdated to September 2002) from the former property and casualty insurance division of the PICC Group. PICC Group divested of insurance responsibilities, re-organized itself into PICC Holding Company ( Chinese : 中国人保控股公司 ) at the same time. PICC P&C was first established as a subsidiary in 1996 but disestablished and merged back in 1999. PICC P&C became
1638-639: Was followed by the A shares in 2018 on the Shanghai Stock Exchange . US-based multinational insurer American International Group (AIG) was the cornerstone investor in the 2012 IPO , as well as in 2003 for the IPO of the subsidiary PICC P&C. PICC has branch offices in London and New York as well as in the cities and towns of China. PICC is selected by Fortune magazine as part of Fortune Global 500 since 2010. As of 2019 edition,
1680-440: Was not yet acquired, and Taiping Insurance was not yet re-established their businesses in mainland China. Moreover, Taiping was owned by China Insurance Company, the parent company of the listed company at that time. In 2001, China Insurance Company was authorized to re-open businesses in mainland China as an insurer. In September 2001, the listed company acquired the controlling stake of the mainland incorporated Taiping Life from
1722-399: Was one of the initial major assets of the listed company that was incorporated in 2000. In 1999 PICC was break down into several smaller insurer groups, including the listed company's parent company China Insurance Company, as well as PICC itself, China Life and China Re . They were the market leaders in general insurance, life insurance and reinsurance in mainland China respectively. Under
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1764-679: Was privatized by the listed company in 2009, first founded in Hong Kong in 1947. After the establishment of the People's Republic of China in 1949, the Bank of China, the Taiping Insurance Company and the China Insurance Company were nationalized by the Chinese Government, and became part of the People's Bank of China and the People's Insurance Company of China (PICC) respectively. However,
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