PICC Property and Casualty Company Limited (PICC), with a 33.2% market share and premium income of CNY433.18billion (about USD 62.09billion), is the oldest and largest non-life insurance company in mainland China and provides all varieties of general insurances including motor vehicle, hull and cargo, commercial and homeowner’s property, liability, credit and surety, aviation and space insurance.
PICC started to underwrite export credit insurance on behalf of the central government in 1988. In 2001, its export credit business became independent to form Chinese Export and Credit Insurance Company (Sinosure). In 2005, PICC decided to return to the credit insurance market while the surety/bond businesses have been on its product shelf for the past decades. Starting from January 1 2013, PICC is licensed by Chinese Ministry of Finance to underwrite short term export credit insurance, becoming the first and so far the only commercial insurer to do business in the export credit market.
We have 4500 branch offices all over China. Being the People’s insurance company, PICC aim to serve the people’s interests first and foremost.
In 1949 the People’s Insurance Company of China (PICC) was founded as the first and only insurance company in P. R. China. In 1996 the People’s Insurance (Group) Company of China (PICC Group) was established, PICC Property being one of the Group’s three main subsidiaries. PICC Group was disbanded to nurture more competition in the market and all its subsidiaries became independent in 1999. While the other two subsidiaries changed their names to become China Life, China Re, PICC Property Insurance Company inherited the time honored name PICC. In 2003 PICC was listed on the Hong Kong Stock Exchange, being the first Chinese state-owned financial enterprise to go public overseas.
Highlights in 2019
1. Net profit of RMB24.28bn, a YoY increase of 56.8%; ROE 15.6%，EPS of RMB1.092.
2. Turnover of RMB433.18bn, a YoY growth of RMB44.41bn or 11.42%.
3. Underwriting profit of RMB3.18bn, combined ratio of 99.2%, consistently outperforming the industry.
4. Investment income of RMB21.97bn, a YoY growth of 14.7%; total investment yield of 4.9%.
5. Net operating cash inflow of RMB25.85bn, a YoY increase of 161.62%.
6. Total assets and net assets increased by 8.26% and 20.11% from the beginning of the year, respectively; solvency margin ratio of 282%.
Board of Directors
Mr. Luo Xi–Chairman of the Board
Mr. Xie Yiqun– Vice Chairman of the Board, Executive Director and President
PICC Office Tower,
2 Jianguomenwai Avenue,
Beijing, 100022, China
Phone +86 10 63156688
Mrs. Wang Yuling
Chief Underwriter (non-life)
General Manager of Liability & Credit Insurance Department