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.
Chinese insurers lag global peers and must catch-up when it comes to restricting coal underwriting, study says.
The Henan floods are likely to see total insurance claims of as much as 11 billion yuan (US$1.7 billion), possibly making it the largest natural catastrophe for insurers in China’s history.
China is facing a widening shortfall in pensions schemes as the population ages and debt pressure rises.
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 drop.
PICC Health Insurance, 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.
Shares of Chinese insurer PICC rose sharply on its debut on Friday as retail investors flooded in to speculate after Hong Kong's biggest IPO in two years.