PICC Property and Casualty

Corporate brand

A major Chinese insurer focused on property and casualty insurance across motor, commercial, agricultural, liability, health and related lines.

Last updated October 9, 2026

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Overview

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.

History

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.

2015
Proposed Hua Xia Bank investment
[1]PICC Property and Casualty — Wikipediaen.wikipedia.org
PICC P&C agreed to acquire a stake of approximately 19.99 percent in Hua Xia Bank, subject to regulatory approval.
2013
A+H rights issue announced
[1]PICC Property and Casualty — Wikipediaen.wikipedia.org
The company announced a rights issue involving Hong Kong-listed and domestic shares to strengthen capital and support solvency.
2012
Premium income exceeds RMB 190 billion
[1]PICC Property and Casualty — Wikipediaen.wikipedia.org
Reference material reports that premium income exceeded RMB 190 billion by 2012.
2008
Premium income passes RMB 100 billion
[1]PICC Property and Casualty — Wikipediaen.wikipedia.org
Reference material identifies 2008 as the year in which premium income exceeded RMB 100 billion.
2003
PICC Property and Casualty is founded
[1]PICC Property and Casualty — Wikipediaen.wikipedia.org
PICC Group established the dedicated property and casualty insurer in July 2003, with registered capital of approximately RMB 12.26 billion.
2003
Hong Kong listing
[1]PICC Property and Casualty — Wikipediaen.wikipedia.org
PICC P&C was listed on the Hong Kong Stock Exchange on 6 November 2003.
1949
People's Insurance Company of China is established
[1]PICC Property and Casualty — Wikipediaen.wikipedia.org
The predecessor organization from which the later PICC group and its property and casualty operations developed was established in China.

Products and positioning

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

Auto insurance
Motor vehicle 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.
Property insurance
Commercial property insurance
Insurance for commercial buildings, facilities, equipment and related business property. The line supports companies and institutions seeking protection against property-related losses.
Transport insurance
Cargo insurance
Coverage associated with goods transported through commercial supply chains. It complements the company's exposure to logistics, trade and transportation risks.
Liability insurance
Liability 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.
Accident and health insurance
Accidental injury 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 insurance
Agricultural 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.
Personal property insurance
Homeowners' insurance
Insurance for household property and homeowners' risks. It complements the company's motor and personal accident offerings in the retail market.
Credit insurance
Credit 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.

Controversies

2023
Fined 4.64 million yuan by PBOC over financial management-related violations
In July 2023, the People's Bank of China announced penalties against PICC Property and Casualty Company Limited involving three types of illegal acts, with a fine of 4.64 million yuan. Caixin reported the related penalty notice. This entry is an administrative penalty record and does not interpret it as meaning that all of the insurer's products or claims involve fraud.
Source
2020
PICC Property and Casualty sues Jiufu over service-fee dispute
PICC Property and Casualty's Guangdong branch sued Jiufu entities over a dispute about technical service fees. The reported amount at issue was approximately 2.3 billion yuan.
Source
2018
Former president Wang Yincheng sentenced to 11 years in first instance in bribery case
On May 24, 2018, the Fuzhou Intermediate People's Court sentenced Wang Yincheng, former president of PICC Group, to 11 years in prison at first instance. The court found that from 2006 to 2016 he used his positions as vice president and president of PICC P&C and president of PICC Group to accept more than 8.7 million yuan in bribes.
Source
Former president reportedly investigated
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

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

Brand decisions

2015
Strategic investment in Hua Xia BankM&A
Background
PICC P&C pursued a substantial investment outside its core underwriting operations as part of its broader financial investment activity.
Action taken
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
2013
Capital strengthening through an A+H rights issueStrategy
Background
The insurer needed to support capital adequacy and solvency while continuing to operate a large general-insurance balance sheet.
Action taken
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

Recent events

2021-12-27
Shanghai Insurance Exchange launches new-energy vehicle insurance platform[8]上海保险交易所上线新能源车险交易平台finance.sina.com.cn
Reported: 2021-12-27
Shanghai Insurance Exchange launched a trading platform for new-energy vehicle insurance products and listed products from 12 property insurers in its first batch.
Unconfirmed
Jiufu subsidiary and PICC Property Insurance Guangdong branch bring mutual contract lawsuits[9]玖富子公司与人保财险广东分公司因合同履约问题相互起诉nbd.com.cn
Jiufu disclosed that its subsidiary and PICC Property Insurance’s Guangdong branch had brought lawsuits against each other over contract performance. The outcome was uncertain, and Jiufu said it could adversely affect the company.
2020-05-19
PICC Property and Casualty Guangdong branch files lawsuit against Jufu entities[10]人保财险广东分公司起诉玖富相关实体finance.sina.com.cn
Reported: 2020-06-15
PICC Property and Casualty said its Guangdong branch filed a lawsuit against Jufu over a contract dispute, seeking the return of previously paid service fees and interest and asserting that it did not owe the unpaid fees. The Guangzhou Intermediate People's Court formally docketed the case on May 21, according to the report.
2020-05-19
PICC Property and Casualty sues Jiufu over service-fee dispute[7]PICC Property and Casualty sues Jiufu over service-fee disputeinsurance.hexun.com
PICC Property and Casualty's Guangdong branch sued Jiufu entities over a dispute about technical service fees. The reported amount at issue was approximately 2.3 billion yuan.
Unconfirmed
PICC Property and Casualty proposes transferring its Donghai Shipping Insurance stake[11]人保财险拟转让东海航运保险股权insurance.hexun.com
Donghai Shipping Insurance announced that its largest shareholder, PICC Property and Casualty, proposed transferring its 40% stake to Ningbo Development Investment Group and Ningbo Jinjiang Investment. The change was subject to approval by the China Banking and Insurance Regulatory Commission.
2020-03-03
PICC Property and Casualty proposes transferring its 40% stake in Donghai Shipping Insurance[12]人保财险拟转让东海航运保险40%股权finance.sina.com.cn
Reported: 2020-03-04
Donghai Shipping Insurance announced that its largest shareholder, PICC Property and Casualty, planned to transfer its 40% stake to Ningbo Development and Investment Group and Ningbo Jinjiang Investment; the change remained subject to approval by the China Banking and Insurance Regulatory Commission.
2019-12-11
PICC P&C lists its Donghai Shipping Insurance stake for transfer[13]人保财险挂牌转让东海航运保险股权nbd.com.cn
PICC Property and Casualty Company publicly listed its 40% stake in Donghai Shipping Insurance, comprising 400 million shares, for transfer at a floor price of RMB 5.948 billion. The listing period ran from December 11, 2019, to January 8, 2020; the source does not report a completed transfer.

Sources16 sources

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