PICC recruits new investor ahead of 2010 listing

An unnamed domestic company is expected to take a stake in the state-owned insurer

China’s largest insurance conglomerate the state-owned People’s Insurance Company of China (PICC), which was established shortly after the victory of the communist regime in 1949, is to acquire new strategic shareholders. In its present form PICC’s capital is Yuan30.6bn (US$4.5bn). The investor – which will be a domestic entity - could be a financial or industrial company. This will be followed by an IPO and listing in Shanghai and possibly also on the Hong Kong stock exchange. The move is expected in early 2010. At present the PICC Group has 5,669 domestic branches, 80 branches abroad and it also acts as agent for 70 foreign firms in the PRC.