PICC Property and Casualty
| Company type | Public |
|---|---|
| Industry | Insurance |
| Founded | 2003 |
| Founder | People's Insurance Company of China |
| Headquarters | Beijing , China |
Area served | Mainland China |
| Products | Property and casualty insurance (motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, homeowners, credit insurance) |
| Owner | People's Insurance Company of China (parent company) |
| Parent | People's Insurance Company of China |
| Website | www |
PICC Property and Casualty Company Limited (PICC P&C) stands as the foremost non-life insurance provider in mainland China. Established in 2003, it operates as one of the three principal subsidiaries under the umbrella of the People's Insurance Company of China.
Focusing on property and casualty insurance, PICC P&C delivers a comprehensive portfolio covering motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, homeowners, and credit insurance lines.
History
Founded in 1949 as the People's Insurance Company of China (later rebranded as People's Insurance Group of China), the parent company launched PICC P&C in July 2003 with a registered capital totaling 12.25598 billion yuan. This new entity assumed all commercial assets, liabilities, and branch operations from the original PICC, excluding life insurance business.
On November 6, 2003, PICC P&C made its debut on the Hong Kong Stock Exchange. It has since grown into mainland China's largest insurer specializing in non-life insurance products, catering to a wide array of industries. Additionally, it is recognized among Hong Kong’s "Eight Banks and Five Insurances" group of Chinese-funded financial institutions.
PICC P&C served as the official insurance provider for both the 2008 Beijing Olympic Games and the 2010 Shanghai World Expo. In 2008, it achieved a landmark by surpassing 100 billion yuan in premium income—the first property insurer from mainland China to do so—and ranked within the top ten global property insurers by business scale. By 2012, its premium income had climbed beyond 190 billion yuan, securing first place in Asia and second worldwide among single-brand property insurers.
Despite falling short of projections in 2011, net profit rose by 51% to reach 8.27 billion yuan, while revenue expanded by 12% to 173.9 billion yuan.
In May 2013, PICC P&C executed a significant rights offering involving A+H shares: issuing 418.17 million H shares alongside 929.98 million A shares (representing 9.9% of the enlarged H share capital) at a notable discount. The capital raised amounted to 7.257 billion yuan aimed at strengthening both capital base and solvency ratios. Key shareholders AIG and PICC Group fully subscribed to this issuance.
On December 29, 2015, PICC P&C strategically acquired nearly one-fifth (19.99%) of Huaxia Bank’s issued shares by investing up to 25.7 billion yuan to purchase stakes from Deutsche Bank and Sal. Oppenheim shareholders, marking an important diversification into banking sector equity investments.
Equity investments
In 2015, PICC Property and Casualty procured a 19.99% ownership interest in Hua Xia Bank from Deutsche Bank and other investors, subject to regulatory clearance.
The company also maintains an 8.615% equity position in its affiliated firm, PICC Life.