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.

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