People's Insurance Company (Group) of China, one of the country's largest insurers, has submitted an application to the industry's regulator to list A shares in Shanghai, a senior official said on Tuesday.

"We're waiting for feedback from the China Securities Regulatory Commission," said Sheng Hetai, assistant to the president of PICC Group.

"But even if there isn't a window of opportunity for a listing at home, the money we have now is enough to fuel the development of our subsidiaries in the coming years," Sheng said.