People’s Insurance Company of China Group

People’s Insurance Company of China Group (PICC) was founded in 1949, and has 2.42 million institutional insurance clients and about 130 million individual insurance customers. It is controlled by China’s Ministry of Finance, with an 88.7 per cent stake, while the National Social Security Fund (NSSF) holds the remaining 11.3 per cent. It was due to hold an initial public offering in Hong Kong in November 2012.

The People’s Insurance Company (Group) of China Ltd’s vice chairman Wang Yincheng at the insurer’s 2008 interim results press conference in Hong Kong. Photo: Jonathan Wong.

China’s anti-graft body puts PICC’s Wang under investigation

Wang Yincheng, president of The People’s Insurance Co (Group) of China, is under investigation for possible corruption, making him the highest-ranking cadre in the insurance industry to take the fall in the government’s latest crackdown on financial malfeasance.