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Christine Chan

Beijing has set a year-end deadline for the People's Insurance Property Co of China (PICC Property) to sever links with its non-core domestic business affiliates, officials confirmed yesterday.

 This came as the People's Insurance Co of China (PICC) - the mainland's insurance monolith - is to hive off its main branch of businesses as separate entities in a sector-wide restructuring, to align with international practices.

 Officials said PICC Property would receive compensation for the spin-off of non-core commercial operations, but gave no details.

 'The subsidiaries and affiliates to be spun off will either operate on their own, be taken over or disposed of,' an official said.

 He said they had completed the evaluation process for all of its subsidiaries and affiliates, but would not reveal the asset size and the number of companies involved.

 PICC Property has more than 3,000 domestic outfits, he said.

 'All branches of PICC Property must completely cut ties with their affiliated economic entities by the end of this year,' the Financial News daily quoted a company circular saying.

 The mainland's central bank has ordered commercial banks and insurance companies to divest their commercial entities as part of its efforts to curb financial irregularities, and to comply with banking and insurance laws.

 Separately, officials from PICC's life division said it had received no official decree from the State Council on the spin-off, although it had started the evaluation process for its operations.

 In a sweeping reform, Beijing is setting up a new national regulator, the China Insurance Supervision Committee, the formation of which has been delayed from the original date of October 1 due to the complex nature of breaking up the group.

 In addition to the spin-off of property, life and re-insurance divisions, it is understood that PICC's operations in the agriculture and export-credit sectors would also be spun off.



PICC Property set year-end deadline for non-core sell-offs