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PICC transforms to shareholding insurer

(Xinhua)
Updated: 2009-09-24 19:59

BEIJING: The People's Insurance Company of China (PICC) Group, the nation's second largest insurer, has transformed from a solely state-owned company to a state-controlled shareholding insurer, the company said Thursday.

Related readings:  Construction starts on PICC pavilion  PICC profits only 26% of estimates  PICC says AIG won't sell stake  PICC Group to complete shareholding reform this year

The new company, with a registered capital of 30.6 billion yuan ($4.5 billion), will set up a stable and diversified capital replenishment system to support future business expansion.

Group President Wu Yan said the company was planning to introduce strategic investors and would seek to launch an initial public offering (IPO) at right time, without giving details.

The 60-year-old insurer has developed a comprehensive business system encompassing property insurance, life assurance, asset management and brokering.

The group's revenue from premiums was 144.6 billion yuan in 2008, the second largest in the country after China Life. Between January and July this year, the revenue increased 18.7 percent to 120.6 billion yuan.