The People’s Insurance Company (Group) of China Limited (PICC) history, company profile (overview) and history video
The People’s Insurance Company (Group) of China Limited (中国人民保险（集团）公司), known as PICC Group or just PICC, is an insurance and financial group headquartered in Beijing, China.
PICC’s origins date back to 1949 when The People’s Insurance Company of China (PICC) was founded as a subsidiary of the People’s Bank of China, with the approval of the State Council of the People’s Republic of China.
In 1983, PICC was separated from the People’s Bank of China as a separate entity.
In 1996, the People’s Insurance Company (Group) of China became a holding company, and three subsidiaries were formed: a property insurer, a life insurer and a reinsurer.
In 1999, China Life Insurance Company and China Re were spun off from the group, while the overseas businesses belonged to another former subsidiary, now known as China Taiping Insurance Group Limited (the parent company of China Taiping Insurance Holdings Co., Ltd.). After the split, the property insurer subsidiary of the group assumed as the new holding company of PICC Group and was named the People’s Insurance Company of China.
In 2003, a new subsidiary PICC Property and Casualty (PICC P&C) was established from the former property and casualty insurance division of the PICC Group. At the same time, PICC Group divested of insurance responsibilities and reorganized itself into PICC Holding Company.
In November 2003, PICC P&C became a listed company.
In 2007, PICC Holding Company reverted to the name of People’s Insurance Company Group of China.
In 2009, the company was re-incorporated as a joint-stock company as The People’s Insurance Company (Group) of China Limited.
In 2018, PICC Capital Equity Investment Co., Ltd. was formally established.
PICC is a comprehensive insurance and financial group with more than 10 subsidiaries. Its business scope covers property insurance, life insurance, reinsurance, asset management, real estate investment and alternative investment, financial technology, and other fields.
- PICC Property and Casualty Co., Ltd.
- People’s Life Insurance Company of China
- PICC Asset Management Co., Ltd.
- China Credit Trust Co., Ltd.
- People’s Health Insurance Company of China
- China People’s Pension Insurance Co., Ltd.
- PICC Investment Holdings Co., Ltd.
- PICC Capital Insurance Asset Management Co., Ltd.
- PICC Reinsurance Co., Ltd.
- People’s Insurance Company of China (Hong Kong) Co., Ltd.
- PICC Financial Services Co., Ltd.
- PICC Information Technology Co., Ltd.
With more than 73 000 employees, The People’s Insurance Company (Group) of China Limited (PICC) is considered one of the Largest Public Companies in the World, according to Forbes.
*Information from Forbes.com, Wikipedia.org, and ”www.picc.com”.
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