PICC Property and Casualty
PICC's subsidiary, PICC Property and Casualty (PICC P&C) is China's largest issuer of Property and casualty insurance. It is licensed to provide all major lines of insurance except life insurance. It is the designated agent within the Mainland China for most international insurance companies. As of 2018, the market share of PICC P&C in its sector is 33.0%. According to S&P Global Ratings citing China Insurance Regulatory Commission, PICC P&C's market share (by direct premium) in property and casualty insurance in the first half of year 2017 was 34.0% and ranked the first. The second was Pingan Insurance (19.6%).[12]
The People's Insurance Company of China (Hong Kong)
In Hong Kong, PICC has another subsidiary The People's Insurance Company of China (Hong Kong), Limited for 75.00% stake. Fellow listed company Asia Financial Holdings is a minority shareholder as of 2018.[13] That subsidiary was formerly known as Peterson Insurance Company Limited as well as Guangdong Asia Insurance Company Limited before acquired by PICC in 2002[14] from Guangdong Holdings.[15] It provides non-life insurance.[16]
PICC Life Insurance
In 2005, PICC formed a Sino-foreign joint venture PICC Life Insurance. Japanese insurer Sumitomo Life took 29% stake, followed by Hong Kong listed company Asia Financial Holdings (Hong Kong is considered as foreign investor in Mainland Chinese laws) and Thai listed company Bangkok Bank for 10% each.[17] However, after several capital increases, PICC owned PICC Life for 71.077% stake directly, plus additional 8.615% stake via non wholly owned subsidiary PICC P&C and 0.308% stake via wholly owned subsidiary PICC Asset Management as of 31 December 2018. The foreign investors only owned a combined 20% stake.[18]
The joint venture would sell insurance products, including savings-oriented endowment insurance policies. As of 2018, the market share of PICC Life in its life insurance sector is 3.6%. While according to S&P Global Ratings, PICC Life's market share (by policy written) in life insurance market in the first half of year 2017 was 4.3% and ranked 4th (10th in 2016).[12]
The insurance financial strength rating of PICC Life is A2 (as of 2019), according to
PICC Health Insurance
PICC Group has another subsidiary PICC Health Insurance Company Limited. In the first half of year 2017, the market share (by policy written) of PICC Health in life insurance market was 1.0%, ranked the 19th according to S&P Global Ratings.[12]
Founded in 2005, PICC Health was a joint venture with German insurer DKV Deutsche Krankenversicherung (for 19% stake; DKV is part of Ergo Group, itself owned by Munich Re) and other investors.[20] However, as of 2018, DKV owned 2.2174% shares of PICC Health. Another Chinese company Capital Airport Holding owned 2.3342% shares. The rest of the shares of PICC Health were owned by PICC Group (for 69.3239%) and its subsidiaries, such as PICC P&C for 24.7262% and another subsidiary for 1.3983%.[21]
PICC Asset Management
PICC Asset Management ("PICC AM") is the investment arm of the company. This subsidiary is responsible for managing PICC's non-Renminbi assets, channelling cross-border investments, and handling the company's overseas investment.[22]
PICC Capital
PICC Capital Investment Management Company Limited ("PICC Capital"), a wholly owned subsidiary of the People's Insurance Group of China, was established in July 2009. PICC Capital is the sole alternative investment platform of PICC Group, and the first asset manager in China's insurance industry that specializes in alternative investment. PICC Capital takes a major role in strategic asset allocation and strategic resource acquisition for PICC Group. Leveraging on PICC Group's brand, network and channels, PICC Capital provides financial resources to local governments and corporates by making investments in infrastructure, energy, inclusive financing, healthcare, technology incubation, etc., through debt investment and equity investment.
PICC Capital makes equity investments through its wholly owned subsidiary PICC Capital Equity Investment Company Limited ("PICC PE"). Approved by China Insurance Regulatory Commission in 2017, PICC PE is the sole private equity investment platform within PICC Group, and one of the sixteen PE fund managers in China sponsored by insurance capital. PICC PE currently manages an RMB 3bn PICC Health Care Fund.
PICC Re
PICC Group, via PICC Reinsurance, provided reinsurance service to its listed subsidiary PICC P&C.[23][24] PICC Reinsurance (PICC Re; ) itself is a joint venture of PICC Group and its subsidiary PICC P&C in a 51:49 ratio.[25][24]
