https://www.scmp.com/rss/191933/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The Bank of International Settlements (BIS) has appointed former People’s Bank of China deputy governor Zhang Tao as it Asia-Pacific chief representative, making him the first Chinese to occupy a senior position in an institution dubbed the central bank of the world’s monetary authorities. Zhang will start at the bank’s Hong Kong office on June 14, where his role will be to “strengthen and deepen cooperation between the BIS, central banks and regulatory agencies in the Asia and the Pacific,”... https://www.scmp.com/business/article/3180016/bank-international-settlements-appoints-former-pboc-deputy-governor-first?utm_source=rss_feed https://www.scmp.com/business/article/3180016/bank-international-settlements-appoints-former-pboc-deputy-governor-first?utm_source=rss_feed Wed, 01 Jun 2022 09:44:01 +0000 Chinese insurers have performed poorly in a global ranking that examines the industry’s approach to fossil fuel exit policies, with Ping An Insurance ranking just 21st among 30 companies assessed with two other Chinese insurers ranking even lower. The scorecard – called “Insure our future” – is in its fifth year and is published by a global NGO coalition group under the same name. It focuses on the 30 most important insurers in the power sector worldwide, and ranks them according to their... https://www.scmp.com/business/banking-finance/article/3154623/chinese-insurers-ping-picc-lag-global-coal-exit-ranking?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3154623/chinese-insurers-ping-picc-lag-global-coal-exit-ranking?utm_source=rss_feed Wed, 03 Nov 2021 04:00:22 +0000 The Henan floods are likely to see total insurance claims of as much as 11 billion yuan (US$1.7 billion), Goldman Sachs said, with one expert saying this could possibly be the largest natural catastrophe for insurers in China’s history. The floods in the central Chinese province of Henan, caused by unprecedented rainfall last week, have killed 58 people with five still missing, while thousands of cars and homes have been damaged and farmland inundated. In the provincial capital Zhengzhou, almost... https://www.scmp.com/business/banking-finance/article/3142600/henan-floods-trigger-record-insurance-claims-us17-billion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3142600/henan-floods-trigger-record-insurance-claims-us17-billion?utm_source=rss_feed Tue, 27 Jul 2021 06:30:28 +0000 China’s Ministry of Finance has transferred a 6.8 per cent stake in the People’s Insurance Company of China (PICC) to the state pension fund, part of a pilot programme to transfer state assets to make up for the country’s pension shortfall amid an ageing population and debt pressure. The Ministry of Finance, the largest shareholder of PICC, transferred 2.989 billion class A shares of the insurer, valued at US$4.74 billion, to the National Council for Social Security Fund (NSSF), according to a... https://www.scmp.com/business/china-business/article/3001402/china-transfers-us47-billion-picc-shares-state-pension-fund?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3001402/china-transfers-us47-billion-picc-shares-state-pension-fund?utm_source=rss_feed Tue, 12 Mar 2019 23:45:10 +0000 Stronger-than-expected underwriting profits and investment income lifted the first-half earnings of PICC Property and Casualty (PICC P&C) 16.8 per cent year on year but the outlook for the mainland's non-life insurance sector remains challenging. PICC P&C, the mainland's largest non-life insurer, said its net profit in the six months to June totalled 7.6 billion yuan (HK$9.7 billion), according to a Hong Kong stock exchange filing yesterday. That beat expectations for a 34 per cent profit... https://www.scmp.com/business/china-business/article/1299619/chinese-insurer-picc-pcs-first-half-profit-rises-168pc?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1299619/chinese-insurer-picc-pcs-first-half-profit-rises-168pc?utm_source=rss_feed Mon, 26 Aug 2013 16:00:00 +0000 A planned rights issue would help PICC Property and Casualty, the mainland's biggest non-life insurer, to record faster premium growth and business expansion, analysts said. But shares in PICC fell 2.55 per cent to close at HK$9.94 in Hong Kong despite analysts' positive views on the rights issue. "The rights issue will help the company bolster its capital base to help it prepare for stronger premium income growth in the medium term," said Chen Xingyu, an analyst with Phillip Securities. The... https://www.scmp.com/business/money/markets-investing/article/1242733/china-insurer-picc-pc-plans-938-mln-rights-offer?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1242733/china-insurer-picc-pc-plans-938-mln-rights-offer?utm_source=rss_feed Tue, 21 May 2013 06:15:40 +0000 PICC Health Insurance has posted a massive loss in its latest financial results, prompting speculation of a clerical error. The struggling non-listed mainland life insurer, controlled by Hong Kong-listed PICC Group and DKV, the largest private health insurance company in Europe, said last year's net losses amounted to 7.43 trillion yuan (HK$9.35 trillion), more than 200 times its 28.93 billion yuan in assets. The massive loss has raised eyebrows, with industry experts saying it must be a... https://www.scmp.com/business/china-business/article/1227869/doubt-cast-picc-health-units-huge-loss?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1227869/doubt-cast-picc-health-units-huge-loss?utm_source=rss_feed Wed, 01 May 2013 16:00:00 +0000 Like an endangered species clinging on to the last remnants of its natural habitat, the Hong Kong initial public offering was scantly seen in 2012. The euro zone sovereign debt crisis rumbled through the markets for most of the year, putting paid to many issuers' plans. Hong Kong investors, like many around the world, bunkered down, piling into bonds but largely spurning stocks and, in particular, IPOs. But there are signs of a turnaround. People's Insurance Co (Group) of China, the mainland's... https://www.scmp.com/business/money/markets-investing/article/1114475/there-life-ipo?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1114475/there-life-ipo?utm_source=rss_feed Sun, 30 Dec 2012 16:00:00 +0000 Shares in China Machinery Engineering, a state-controlled engineering contractor in the power sector, rose sharply on its debut in Hong Kong yesterday, offering a surprise bonus for investors on a bleak day. The Beijing-based company, which had priced its shares at the top end of the indicative range, jumped up to 19 per cent at one point before ending the day 16.7 per cent higher than its offer price of HK$5.40. The Hang Seng Index lost 0.8 per cent on the day. The stellar performance reflected... https://www.scmp.com/business/money/markets-investing/article/1110183/engineering-giant-makes-stellar-debut-exchange?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1110183/engineering-giant-makes-stellar-debut-exchange?utm_source=rss_feed Fri, 21 Dec 2012 16:00:00 +0000 After hitting a four-year low this year, the initial public offering market in Hong Kong is expected to pick up in the second half of next year as the mainland economy rebounds, say Ernst & Young and KPMG. The two leading professional services firms forecast private enterprises will fuel the upturn in listing activity. Not much contribution is foreseen from the traditional drivers, large state-controlled mainland companies, as many of them have already gone public in the past decade. "The... https://www.scmp.com/business/money/markets-investing/article/1107684/share-offerings-expected-gain-momentum?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1107684/share-offerings-expected-gain-momentum?utm_source=rss_feed Tue, 18 Dec 2012 16:00:00 +0000 Two companies, one a silver processor and the other a manufacturer of shipping containers, aim to list in Hong Kong by the end of the year, joining the fresh wave of initial public offerings in the wake of People's Insurance Company of China's stellar trading debut. China Silver, a Jiangxi-based processor of the metal, plans to kick off its offering today to raise at least HK$187 million. The new shares were priced at an indicative range of HK$1.18 to HK$1.68 each, translating into a... https://www.scmp.com/business/money/markets-investing/article/1104895/piccs-debut-success-kicks-china-silver-and-cimc?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1104895/piccs-debut-success-kicks-china-silver-and-cimc?utm_source=rss_feed Thu, 13 Dec 2012 16:00:00 +0000 Foreign insurance companies operating on the mainland expect to post strong growth over the next three years, driven by China's rapid economic expansion and the low penetration rate of insurance products. Foreign life insurers expect their business in the world's second-largest economy could grow by up to 30 per cent, in terms of premium income, in the next three years, according to a survey released yesterday by accounting firm PricewaterhouseCoopers. Foreign companies selling general insurance... https://www.scmp.com/business/china-business/article/1102550/foreign-insurance-firms-expect-strong-growth-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1102550/foreign-insurance-firms-expect-strong-growth-china?utm_source=rss_feed Mon, 10 Dec 2012 16:00:00 +0000 Amid tense Sino-Japanese relations, the US$3.1 billion initial public offering of mainland insurer PICC Group is all the more remarkable in that it included a rare tranche solely targeted at Japanese investors. While the exact allocation hasn't been disclosed, the equivalent of US$220 million is thought to have been allotted to them, the offer also said to have been well subscribed. It's not unusual for multibillion-dollar IPOs in Hong Kong to include a so-called Japanese public offering without... https://www.scmp.com/business/money/markets-investing/article/1100003/ipo-preview-picc-and-powl?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1100003/ipo-preview-picc-and-powl?utm_source=rss_feed Sun, 09 Dec 2012 16:00:00 +0000 PICC Group (1339.HK) rose sharply on its debut on Friday as retail investors flooded in to buy the shares speculating that Hong Kong's biggest initial public offering (IPO) in two years should be a resounding success – particularly with 17 underwriters and an impressive list of big name cornerstone investors. The share price jumped  6.9 per cent to HK$3.72 as of the mid-day close in Hong Kong, after rising to HK$3.75 earlier in the morning session. The insurer priced its shares at HK$3.48, near... https://www.scmp.com/business/money/markets-investing/article/1099816/picc-jumps-debut-trading-lifted-strong-retail?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1099816/picc-jumps-debut-trading-lifted-strong-retail?utm_source=rss_feed Fri, 07 Dec 2012 05:20:25 +0000 PICC Group lists in Hong Kong Mainland non-life insurer PICC Group lists on the Hong Kong stock market in an offering that was more than 16 times oversubscribed, boosted by record buy orders from state-controlled firms. Despite the support, People's Insurance Company (Group) of China priced its shares at the bottom end of the indicative range, at HK$3.48.   China gets a bite of Apple's latest Apple's wildly successful iPhone 5 and iPad mini are finally - legitimately - reaching the world's... https://www.scmp.com/comment/insight-opinion/article/1099303/talking-points?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1099303/talking-points?utm_source=rss_feed Thu, 06 Dec 2012 16:00:00 +0000 The initial public offering of People's Insurance Co (Group) of China last week was notable as Hong Kong's largest in two years. Bankers still do not anticipate it augurs a new round of big share sales by mainland firms. The reason: most of the biggest state-owned companies have already gone public in the past 15 years in Shanghai and Hong Kong. Private-sector businesses, beset by shrinking profits amid overcapacity and rising labour costs, are not likely to fill the void soon, according to... https://www.scmp.com/business/money/markets-investing/article/1099314/era-ends-mega-mainland-ipos?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1099314/era-ends-mega-mainland-ipos?utm_source=rss_feed Thu, 06 Dec 2012 16:00:00 +0000 Pre-IPO research has once again been in the spotlight in two recent Hong Kong transactions. In both, the issuers were said to have been leaning on brokers to produce valuations that met their expectations. According to FinanceAsia, in the case of the People's Insurance Company (Group) of China's IPO, the banks were allegedly threatened with a downgrade in their pecking order for the underwriters if they failed to meet a minimum valuation in their research reports. Oddly enough, at the opposite... https://www.scmp.com/business/money/markets-investing/article/1094658/ipo-research-theory-and-practice?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1094658/ipo-research-theory-and-practice?utm_source=rss_feed Sun, 02 Dec 2012 16:00:00 +0000 The Hang Seng Index crossed the 22,000-point level yesterday as market sentiment continued to strengthen amid an influx of hot money. The index rose 107.5 points, or 0.49 per cent, to close at 22,030.39. With that, the index has risen 1.8 per cent in November, making it the third straight month of gains. Brokers said monetary easing policies in the US and Europe in September had led to a steady inflow of hot money into Hong Kong. The Hong Kong Monetary Authority on Thursday had to sell HK$8.85... https://www.scmp.com/business/money/markets-investing/article/1094802/hang-seng-index-breaks-22000-hot-money-surge?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1094802/hang-seng-index-breaks-22000-hot-money-surge?utm_source=rss_feed Fri, 30 Nov 2012 16:00:00 +0000 Beijing is throwing its financial muscle behind the listing of the People's Insurance Company (Group) of China (PICC), which has received record buy orders for shares from state-controlled firms. Despite analysts noting indicative valuations are not attractive, PICC is receiving an unusually large amount of support from state-controlled companies, including insurer China Life and PetroChina, the country's largest oil producer, which have agreed to acquire at least US$150 million worth of shares... https://www.scmp.com/business/money/markets-investing/article/1093300/state-firms-line-back-picc-listing?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1093300/state-firms-line-back-picc-listing?utm_source=rss_feed Wed, 28 Nov 2012 16:00:00 +0000 The IPO of one of the mainland's largest property insurers, The People's Insurance Company of China, which is currently undergoing bookbuilding as it seeks to raise up to US$3.6 billion, is setting a bit of a record with no less than 17 bookrunners - or senior underwriters - assigned to gather orders from institutional investors. This is no doubt due, in part, to an understandable need to reassure its board and shareholders that no stone has been left unturned to generate demand. It is also... https://www.scmp.com/business/money/markets-investing/article/1089198/ipo-preview-investment-bank-spin?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1089198/ipo-preview-investment-bank-spin?utm_source=rss_feed Sun, 25 Nov 2012 16:00:00 +0000 The initial public offering of the mainland's largest general insurer, People's Insurance Company (Group) of China (PICC), raises lots of doubts. The firm is trying to answer them with a US$500 million investment by American International Group. Yet, can it? PICC gets 90 per cent of its profit from its property and casualty insurance business, which is already listed in Hong Kong via its PICC Property and Casualty (PICC P&C) unit. Question No 1 is: Why put your money into the parent and add the... https://www.scmp.com/business/article/1089486/there-little-comfort-line-main-investors?utm_source=rss_feed https://www.scmp.com/business/article/1089486/there-little-comfort-line-main-investors?utm_source=rss_feed Fri, 23 Nov 2012 16:00:00 +0000 Shares of bedding maker Casablanca and mainland property firm CIFI headed in opposite directions on their Hong Kong debut yesterday, indicating fresh investor appetite for the domestic consumer sector at the expense of bubbly real estate. Shares of Casablanca soared more than 9 per cent to HK$1.64 on the first trading day, while the credit-strapped developer CIFI fell 1.5 per cent below its offer price of HK$1.33. "The lacklustre Hong Kong debut of CIFI's offering highlighted investors' wariness... https://www.scmp.com/business/money/markets-investing/article/1089506/mixed-reaction-investors-trading-debuts-hong-kong?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1089506/mixed-reaction-investors-trading-debuts-hong-kong?utm_source=rss_feed Fri, 23 Nov 2012 16:00:00 +0000 People's Insurance Co (Group) of China (PICC) has taken out some insurance on its planned initial public offering of shares in Hong Kong. The state-owned insurer has lined up an unusually large number of so-called cornerstone investors - at least 17 so far - to ensure the success of its offering, which could raise HK$27.8 billion and be the biggest Hong Kong listing in two years. The Beijing-based company, the country's biggest non-life insurer, plans to sell 6.9 billion new shares, which is... https://www.scmp.com/business/money/markets-investing/article/1087766/picc-builds-listing-base-17-cornerstone-investors?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1087766/picc-builds-listing-base-17-cornerstone-investors?utm_source=rss_feed Wed, 21 Nov 2012 16:00:00 +0000 The Hong Kong initial public offering planned by People's Insurance Company of China (PICC) could raise between US$3 billion and US$4 billion and become the biggest deal in the Asia-Pacific region this year. Founded in 1949, PICC was one of the first state-owned insurers in the rapidly expanding Chinese market and ranks as the country's largest non-life insurer, with a significant presence in the property and casualty sector. According to one person familiar with the deal, robust growth in net... https://www.scmp.com/business/money/markets-investing/article/1084311/picc-goes-market-jumbo-deal?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1084311/picc-goes-market-jumbo-deal?utm_source=rss_feed Fri, 16 Nov 2012 16:00:00 +0000 The more, the better. That seems to be the motto of companies looking to launch share offerings these days, with many of them lining up dozens of underwriters, compared with the four or five investment banks that would suffice in another time. And the fact that a plethora of new banks - especially from the mainland - are trawling the market for deals to make their mark has only helped listing candidates in beefing up the ranks of underwriters. Recently, PICC, the leading non-life insurer on the... https://www.scmp.com/business/money/markets-investing/article/1081868/firms-see-bankers-key-listing-success?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1081868/firms-see-bankers-key-listing-success?utm_source=rss_feed Tue, 13 Nov 2012 16:00:00 +0000 At least five companies are poised to begin initial public offerings to raise more than a combined US$3.6 billion in Hong Kong this month as investor sentiment shows signs of improvement. Mainland property firms CIFI and Future Land Development, local restaurant chain operator Tsui Wah, and bedding retailer Casablanca yesterday announced they will launch their offerings this month. Between the four of them, the companies aim to raise a total of US$600 million. Joining the listings rush, bedding... https://www.scmp.com/business/companies/article/1081184/five-firms-plan-raise-us613m-hong-kong-investor-sentiment-picks?utm_source=rss_feed https://www.scmp.com/business/companies/article/1081184/five-firms-plan-raise-us613m-hong-kong-investor-sentiment-picks?utm_source=rss_feed Mon, 12 Nov 2012 16:00:00 +0000 People's Insurance Company (Group) of China, otherwise known as PICC, is set to hit the market in Hong Kong this month in what could be the largest IPO in Asia (excluding Japan) this year. The deal was initially scheduled for  last July as a larger, dual listing in Hong Kong and Shanghai, although the mainland portion of the offer has been discontinued. The mooted fundraising of up to  US$4 billion is daunting. Listings for US$500 million have proven challenging recently; one can only guess how... https://www.scmp.com/business/money/markets-investing/article/1078733/ipo-preview-picc?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1078733/ipo-preview-picc?utm_source=rss_feed Sun, 11 Nov 2012 16:00:00 +0000 A widely expected US$3 billion share offering by state-owned People's Insurance Co (Group) of China (PICC) might help revive IPOs this month, according to Deloitte Touche Tohmatsu. The global accounting firm said Hong Kong was succeeding in attracting more listings from overseas firms as the city remained an important gateway to the mainland. However, it says, the city might not retain its crown as the world's largest listings market for the fourth year running as the prospect of flotations by... https://www.scmp.com/business/banking-finance/article/1074160/us3b-offering-state-insurer-picc-seen-heating-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1074160/us3b-offering-state-insurer-picc-seen-heating-hong-kong?utm_source=rss_feed Wed, 31 Oct 2012 16:00:00 +0000 People's Insurance Company (Group) of China (PICC), which had planned a dual listing on the Hong Kong and Shanghai stock exchanges, now looks likely to proceed with a smaller offering in Hong Kong and delay the Shanghai portion. According to two people with knowledge of the matter, PICC, one of China's top five insurers in terms of premiums, may seek as much as US$3 billion in an initial public offering of shares in Hong Kong next month or November. "PICC tried listing this June in Hong Kong,... https://www.scmp.com/business/china-business/article/1028938/picc-mulls-delay-share-offer?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1028938/picc-mulls-delay-share-offer?utm_source=rss_feed Mon, 03 Sep 2012 16:00:00 +0000 People's Insurance Company of China (PICC), one of the mainland's largest insurers, has added an army of 14 investment banks to help sell its stocks in an initial public offering in Hong Kong, according to market sources. The state-owned insurer is seeking a dual listing in Hong Kong and Shanghai this year. It aims to raise US$3 billion in its H-share listing in Hong Kong, and more than 10 billion yuan (HK$12.2 billion) in its A-share offering in Shanghai. It would be the biggest IPO in Hong... https://www.scmp.com/article/1002460/who-isnt-underwriting-piccs-stock-offering?utm_source=rss_feed https://www.scmp.com/article/1002460/who-isnt-underwriting-piccs-stock-offering?utm_source=rss_feed Tue, 29 May 2012 16:00:00 +0000 A dispute between state-run People's Daily and People's Insurance Company of China Group (PICC) is delaying the insurer's expected initial public offering. The IPO aims to raise between US$5 billion and US$6 billion, people familiar with the matter said. PICC, one of China's largest insurers, applied to the Beijing Financial Assets Exchange last month to sell its 55 per cent stake in China Huawen Investment Holding, in which People's Daily also holds a stake. During the application process,... https://www.scmp.com/article/973885/debt-row-paper-delays-picc-listing-plan?utm_source=rss_feed https://www.scmp.com/article/973885/debt-row-paper-delays-picc-listing-plan?utm_source=rss_feed Mon, 18 Jul 2011 16:00:00 +0000 Wang Yi, a vice-chairman, president and chief executive of Hong Kong-listed PICC Property and Casualty, resigned yesterday. He is likely to be reassigned to an industry rival. The move followed disappointing earnings results last year for the mainland's largest non-life insurer. Shares of PICC have declined 14.54 per cent this week as earnings missed industry estimates by a large margin. A news release from PICC said Mr Wang's resignation was due to 'a change of work', but did not elaborate ... https://www.scmp.com/article/634337/picc-vice-chairman-steps-down-over-disappointing-results?utm_source=rss_feed https://www.scmp.com/article/634337/picc-vice-chairman-steps-down-over-disappointing-results?utm_source=rss_feed Fri, 18 Apr 2008 16:00:00 +0000 Shares of PICC Property and Casualty, the mainland's top non-life insurer, fell the most in a month yesterday after disappointing earnings triggered massive downward profit revisions by analysts. The company, which holds 42.5 per cent of the mainland non-life insurance market, dived 11.39 per cent to HK$6.77. The stock fell 66 per cent from its peak in October last year amid the subprime crisis in the United States and concerns about rising inflation on the mainland. PICC on Tuesday said... https://www.scmp.com/article/634008/analyst-cuts-income-forecasts-send-shares-picc-falling-114pc?utm_source=rss_feed https://www.scmp.com/article/634008/analyst-cuts-income-forecasts-send-shares-picc-falling-114pc?utm_source=rss_feed Wed, 16 Apr 2008 16:00:00 +0000 PICC buys 28pc stake in sister company for 812m yuan PICC Property and Casualty has agreed to pay 812 million yuan for a 28 per cent stake in sister company PICC Life. The mainland's biggest non-life insurer had originally wanted to buy a 29 per cent stake for 841 million yuan but now a 1 per cent stake will go to sister company, PICC Asset Management for 29 million yuan. SEEC wins advertising rights Hong Kong-listed SEEC Media Group, a mainland magazine advertising agent, yesterday acquired... https://www.scmp.com/article/598126/brief?utm_source=rss_feed https://www.scmp.com/article/598126/brief?utm_source=rss_feed Sun, 24 Jun 2007 16:00:00 +0000 Shares of PICC Property and Casualty, the mainland's largest non-life insurer, slumped 8.7 per cent yesterday as its annual underwriting earnings fell and investors took profit after the stock made strong gains this year. PICC shares fell 46 HK cents to close at HK$4.83 yesterday. Despite the decline, the stock has risen 21.05 per cent this year. The company's underwriting profit fell 59.9 per cent last year to 604 million yuan, due to a decline in premium rates of its major insurance products... https://www.scmp.com/article/589521/shares-picc-drop-87pc-punters-cash?utm_source=rss_feed https://www.scmp.com/article/589521/shares-picc-drop-87pc-punters-cash?utm_source=rss_feed Wed, 18 Apr 2007 16:00:00 +0000 Investors yesterday welcomed the news that China Life Insurance chairman Yang Chao would be transferred to the helm of PICC Property and Casualty by pushing PICC's share prices up 9.49 per cent. China Life fell 1.04 per cent in Hong Kong. There seemed to be little concern about the lack of transparency surrounding the transfer or the government continuing to make high-level personnel decisions at China's largest companies according to its own secret set of priorities. No official statement has... https://www.scmp.com/article/579502/investors-cheer-picc-change?utm_source=rss_feed https://www.scmp.com/article/579502/investors-cheer-picc-change?utm_source=rss_feed Wed, 24 Jan 2007 16:00:00 +0000 PICC Property & Casualty has wrapped up this year's most oversubscribed initial public offering in money terms by pricing it at the top of an indicative price range of HK$1.80 to raise $5.4 billion - the largest IPO this year. The retail portion, which closed on Thursday, froze as much as US$10 billion of retail investors' money and attracted subscriptions of about 140 times the number of shares on offer, underwriting sources said yesterday. Demand for the institutional portion was equally... https://www.scmp.com/article/433038/offering-picc-record-year?utm_source=rss_feed https://www.scmp.com/article/433038/offering-picc-record-year?utm_source=rss_feed Fri, 31 Oct 2003 16:00:00 +0000 Tax concessions will boost PICC Property & Casualty's net profit this year by about 700 million yuan (HK$653.81 million), according to a research report its joint global co-ordinator has issued. The income boost, which would account for about half of projected net profit this year, came after Beijing cut the business tax levied on all mainland financial institutions from 6 per cent to 5 per cent, China International Capital Corp (CICC) said. At the same time, Beijing lifted the corporate... https://www.scmp.com/article/430349/picc-secures-earnings-boost-reduction-business-taxes?utm_source=rss_feed https://www.scmp.com/article/430349/picc-secures-earnings-boost-reduction-business-taxes?utm_source=rss_feed Mon, 06 Oct 2003 16:00:00 +0000