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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.
- China is facing a widening shortfall in pensions schemes as the population ages and debt pressure rises
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.
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.
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.
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.