PICC Property and Casualty

PICC Property and Casualty Company Limited, commonly known as PICC P&C, is a Chinese general insurer and the principal property and casualty insurance arm of the People's Insurance Group of China. It was established in July 2003 during the restructuring of the former People's Insurance Company of China, which had been founded in 1949 and later developed into the People's Insurance Group. PICC P&C inherited the commercial assets, liabilities and branch network associated with the former insurer's non-life operations, while life insurance activities were separated from its scope. The company was incorporated with registered capital of approximately RMB 12.26 billion. The business provides insurance for individuals, businesses, public institutions and agricultural customers. Its principal lines include motor vehicle insurance, commercial property insurance, cargo insurance, liability insurance, accidental injury and health insurance, agricultural insurance, homeowners' insurance and credit insurance. This breadth gives the company exposure to household protection, transportation, commercial risk, infrastructure, farming and public-sector activity rather than to a single insurance niche. Motor insurance has historically been a core part of the Chinese property-insurance market, while the wider portfolio supports diversification across economic sectors and customer types. PICC P&C became a publicly traded company on the Hong Kong Stock Exchange on 6 November 2003. The listing made it one of the prominent mainland Chinese financial companies traded in Hong Kong and provided a public-market platform for the property and casualty business. In 2013, the company carried out an A+H rights issue intended to strengthen capital and improve solvency. The offering was supported by its controlling group and by American International Group, which was then a significant holder of the company's Hong Kong-listed shares. The company also expanded its role beyond traditional underwriting through strategic investments. In December 2015, it agreed to acquire approximately 19.99 percent of Hua Xia Bank from Deutsche Bank-related selling entities, subject to regulatory approval. The transaction represented a substantial investment in a Chinese commercial bank and illustrated the broader investment activities associated with the group, although PICC P&C's primary operating identity remained general insurance. The company also held a minority interest in sister company PICC Life. PICC P&C gained public visibility through major national events. It served as an insurance partner for the 2008 Beijing Olympic Games and the 2010 Shanghai World Expo. According to the cited reference material, its premium income passed RMB 100 billion in 2008, making it the first mainland Chinese property insurer to reach that level, and exceeded RMB 190 billion by 2012. These figures reflected its scale in China's non-life insurance market. The company is generally characterized as the largest property and casualty insurer in mainland China and operates principally within China through a broad branch and distribution network.

PICC Property and Casualty emerged from the reorganization of China's state-linked insurance system. The People's Insurance Company of China was established in 1949 and subsequently developed into the People's Insurance Group of China. As the group separated its operating businesses, the property and casualty activities were placed into a dedicated company in July 2003. The new entity, established with registered capital of approximately RMB 12.26 billion, assumed the commercial assets, liabilities and branch operations associated with the former PICC's non-life insurance business. Life insurance was outside its principal scope. The company entered the public markets soon after incorporation, listing on the Hong Kong Stock Exchange on 6 November 2003. The listing established PICC P&C as a separately traded general insurer and made it part of the group of major mainland Chinese financial companies represented in Hong Kong. Its operating model centered on a broad portfolio of non-life products, including motor, commercial property, cargo, liability, accidental injury and health, agricultural, homeowners' and credit insurance. During the 2000s, PICC P&C expanded its scale alongside the growth of China's economy and insurance market. It became an insurance partner for the 2008 Beijing Olympic Games and later for the 2010 Shanghai World Expo. Reference material states that premium income exceeded RMB 100 billion in 2008, a milestone described as the first such achievement by a mainland Chinese property insurer. By 2012, premium income was reported to have exceeded RMB 190 billion, placing the company among the largest single-brand property insurers in Asia and globally. The company continued to manage its capital position through the public markets. In May 2013, it announced an A+H rights issue. The proceeds were intended to replenish capital and improve solvency, with participation commitments from PICC Group and AIG. The transaction reflected the capital requirements associated with maintaining a large insurance balance sheet and supporting continued business development. PICC P&C also made a major financial investment in 2015. On 29 December of that year, it agreed to invest in Hua Xia Bank by acquiring shares from Deutsche Bank, Sal. Oppenheim and Deutsche Bank Luxembourg. The proposed holding represented approximately 19.99 percent of Hua Xia Bank's issued shares and was subject to regulatory approval. The move broadened the company's investment exposure but did not change its principal identity as a Chinese property and casualty insurer. The company also held a minority stake in the group-affiliated PICC Life. PICC P&C's historical significance rests on its combination of institutional continuity, public-market status and operating scale. It inherited the non-life infrastructure of the former PICC, developed one of China's broadest general-insurance portfolios and remained closely associated with the PICC group. Its business is principally domestic, serving personal, commercial, agricultural and institutional policyholders across mainland China.

1. 2015Proposed Hua Xia Bank investment

   PICC P&C agreed to acquire a stake of approximately 19.99 percent in Hua Xia Bank, subject to regulatory approval.

   Source
2. 2013A+H rights issue announced

   The company announced a rights issue involving Hong Kong-listed and domestic shares to strengthen capital and support solvency.

   Source
3. 2012Premium income exceeds RMB 190 billion

   Reference material reports that premium income exceeded RMB 190 billion by 2012.

   Source
4. 2008Premium income passes RMB 100 billion

   Reference material identifies 2008 as the year in which premium income exceeded RMB 100 billion.

   Source
5. 2003PICC Property and Casualty is founded

   PICC Group established the dedicated property and casualty insurer in July 2003, with registered capital of approximately RMB 12.26 billion.

   Source
6. 2003Hong Kong listing

   PICC P&C was listed on the Hong Kong Stock Exchange on 6 November 2003.

   Source
7. 1949People's Insurance Company of China is established

   The predecessor organization from which the later PICC group and its property and casualty operations developed was established in China.

   Source

A large, broad-based Chinese general insurer combining nationwide scale, a diversified non-life product portfolio and the institutional backing of the PICC group.

• Motor vehicle insuranceAuto insurance

  A core line covering risks associated with motor vehicles and their use. It serves the personal and commercial vehicle market and forms an important part of PICC P&C's general-insurance portfolio.

• Commercial property insuranceProperty insurance

  Insurance for commercial buildings, facilities, equipment and related business property. The line supports companies and institutions seeking protection against property-related losses.

• Cargo insuranceTransport insurance

  Coverage associated with goods transported through commercial supply chains. It complements the company's exposure to logistics, trade and transportation risks.

• Liability insuranceLiability insurance

  Protection against specified third-party liability exposures for businesses, institutions and other policyholders. It is part of the company's broad commercial risk offering.

• Accidental injury and health insuranceAccident and health insurance

  Non-life insurance products addressing accidental injury and selected health-related risks. These offerings extend the company beyond property protection into personal risk coverage.

• Agricultural insuranceAgricultural insurance

  Coverage for agricultural activities and related risks. The line gives PICC P&C a role in protecting farmers, agricultural assets and production across China's rural economy.

• Homeowners' insurancePersonal property insurance

  Insurance for household property and homeowners' risks. It complements the company's motor and personal accident offerings in the retail market.

• Credit insuranceCredit insurance

  Coverage related to specified credit and payment risks. It broadens the company's commercial insurance range and supports customers exposed to receivables or credit-related losses.

• 2010Shanghai World Expo insurance partnership

  China

  The company served as an insurance partner for the 2010 Shanghai World Expo.

  Outcome. Reinforced the company's profile as a major national insurer.

  Source
• 2008Beijing Olympic Games insurance partnership

  China

  PICC P&C was an insurance partner for the 2008 Beijing Olympic Games, associating the company with a major international sporting event hosted in China.

  Outcome. Expanded national brand visibility.

  Source

• 2015Strategic investment in Hua Xia BankM&A

  PICC P&C pursued a substantial investment outside its core underwriting operations as part of its broader financial investment activity.

  What changed. The company agreed to acquire approximately 19.99 percent of Hua Xia Bank from Deutsche Bank, Sal. Oppenheim and Deutsche Bank Luxembourg, subject to regulatory approval.

  Aftermath. The proposed investment broadened PICC P&C's financial-sector exposure while leaving general insurance as its primary business.

  Source
• 2013Capital strengthening through an A+H rights issueStrategy

  The insurer needed to support capital adequacy and solvency while continuing to operate a large general-insurance balance sheet.

  What changed. PICC P&C announced a rights issue involving both Hong Kong-listed H shares and domestic A shares, with participation commitments from PICC Group and AIG.

  Aftermath. The transaction was intended to replenish capital and improve solvency.

  Source

• Former PICC P&C president reported under investigationControversy

  Trade-press reporting said former president Lin Zhiyong was under investigation for suspected serious violations. The supplied source does not establish the final outcome or detailed allegations.

  Source
• Former president reportedly investigatedControversy

  Insurance trade press reported that former PICC P&C president Lin Zhiyong was under investigation for suspected serious violations. The available reference does not provide a definitive finding, charges, or final disposition, so the matter should be treated as a reported investigation rather than an established offense by the company.

  Source

• 2025PICC Group annual report identifies PICC P&C as its mainland property-and-casualty platform

  PICC Group's 2024 annual report described PICC P&C as the group's mainland China property-and-casualty operating platform and reported that PICC Group held approximately 68.98% of the listed company.

  Other
  Source
• 2024PICC P&C reports strong position in China's non-life insurance market

  PICC Group's 2024 interim reporting presented PICC P&C's market position, insurance service income and combined-ratio indicators, underscoring its continuing importance within the group.

  Other
  Source
• 2023PICC P&C reports weaker nine-month profit

  For the nine months ended 30 September 2023, reported net profit fell 26.2% year on year while insurance revenue increased 8.6%; underwriting profit also declined and the combined ratio rose to 97.9%.

  Other
  Source
• 2016AIG sells a large PICC P&C stake

  AIG sold about 740 million PICC P&C shares in a block transaction, raising approximately US$1.25 billion and continuing its reduction of an investment that began with the insurer's 2003 flotation.

  Other
  Source
• 2015PICC P&C agrees to acquire a strategic stake in Hua Xia Bank

  PICC P&C agreed to acquire approximately 19.99 percent of Hua Xia Bank from Deutsche Bank-related investors, subject to regulatory approval.

  M&A
  Source
• 2015PICC P&C agrees to acquire a stake in Hua Xia Bank

  The company agreed to invest up to RMB25.7 billion for approximately 19.99% of Hua Xia Bank from Deutsche Bank-related holders and other investors, subject to regulatory approval.

  M&A
  Source
• 2013PICC P&C announces an A+H rights issue

  The company announced a rights issue involving both Hong Kong-listed and domestic shares to supplement capital and improve solvency. The offering was supported by PICC Group and by AIG.

  Other
  Source
• 2013PICC P&C announces A+H rights issue

  The insurer announced a rights issue involving H shares and domestic A shares to supplement capital and improve solvency. PICC Group and AIG were described as participating or committing to participate.

  Other
  Source
• 2013PICC P&C announces a rights issue to strengthen capital

  The company proposed raising approximately RMB5.76 billion through A- and H-share rights offerings to support premium growth and regulatory capital needs.

  Other
  Source
• 2010PICC P&C becomes insurance partner for the Shanghai World Expo

  The insurer served as an insurance partner for the 2010 Shanghai World Expo.

  Campaign
  Source
• 2010PICC P&C supports the Shanghai World Expo

  The company served as an insurance partner for the 2010 Shanghai World Expo.

  Other
  Source
• 2008PICC P&C becomes insurance partner for the Beijing Olympics

  PICC P&C was selected as an insurance partner for the 2008 Beijing Olympic Games, increasing its visibility as a national financial-services brand.

  Campaign
  Source
• 2008PICC P&C selected for Beijing Olympics insurance partnership

  The company became an insurance partner for the 2008 Beijing Olympic Games, increasing its visibility as a national insurer.

  Other
  Source
• 2008Premium income passes RMB100 billion

  PICC P&C exceeded RMB100 billion in premium income, described in the reference material as the first such achievement by a mainland Chinese property insurer.

  Other
  Source
• 2003PICC Property and Casualty lists on the Hong Kong Stock Exchange

  The company became publicly traded in Hong Kong after being established as the property and casualty insurance successor to the former PICC non-life business.

  Other
  Source
• 2003PICC P&C becomes a Hong Kong-listed company

  PICC P&C was listed on the Hong Kong Stock Exchange on November 6, 2003, soon after its incorporation.

  Other
  Source
• 2003PICC P&C lists on the Hong Kong Stock Exchange

  The newly incorporated non-life insurer began trading in Hong Kong, becoming one of the first major mainland Chinese insurers to use an offshore public listing.

  Other
  Source

1. PICC Property and Casualty
2. Former PICC P&C president reported under investigation
3. PICC Group annual report identifies PICC P&C as its mainland property-and-casualty platform
4. PICC P&C reports strong position in China's non-life insurance market
5. PICC P&C reports weaker nine-month profit
6. AIG sells a large PICC P&C stake
7. PICC P&C announces a rights issue to strengthen capital