People's Insurance Company of China

Last updated
The People's Insurance Company (Group) of China Limited
People's Insurance Company of China
FormerlyPICC Holding Company
Company typeState-owned enterprise
ISIN
Industryinsurance
Founded1949
FounderChinese Government
HeadquartersChina People's Insurance Building,
Beijing
,
China
Area served
Mainland China, Hong Kong, etc.
Serviceslife and non-life insurance
RevenueIncrease2.svg RMB 0499  billion  (2018)
Decrease2.svg RMB0013 billion (2018)
Total assets Increase2.svg RMB1032 billion (2018)
Total equity Increase2.svg RMB0153 billion (2018)
Owner Ministry of Finance (67.60%)
Parent Ministry of Finance
Subsidiaries
PICC Asset Management(100.00%)
PICC Capital Investment Management(100.00%)
PICC Life(71.077%)
PICC Property and Casualty (68.98%)
Chinese name
Simplified Chinese 中国人民保险集团股份有限公司
Traditional Chinese 中國人民保險集團股份有限公司
Hanyu Pinyin Zhōngguó rénmíng bǎoxiǎn jítuán gǔfèn yǒuxiàn gōngsī
Transcriptions
Standard Mandarin
Hanyu Pinyin Zhōngguó rénmíng bǎoxiǎn jítuán gǔfèn yǒuxiàn gōngsī
Website picc.com
Footnotes /references
In consolidated financial statement. Financial reports prepared in IFRS. Net income and equity excluded minority interest [1]

The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.

Contents

The group contains the major subsidiaries: PICC Asset Management, PICC Life as well as PICC Property and Casualty (PICC P&C). The latter also listed on the stock exchange.

History

PICC was founded in 1949 as The People's Insurance Company of China (PICC; Chinese :中国人民保险公司), [2] as a subsidiary of the People's Bank of China. [3] However, it was reported that PICC was disestablished in 1950. The People's Bank of China provided insurance directly, except from years 1952 to 1959, which the service was provided by the Ministry of Finance (MOF) instead. [3] In 1965, PICC was re-established. [3] In 1983, it was separated from the People's Bank of China as a separate entity that under the supervision of the State Council of the People's Republic of China. [3] In 1985, People's Bank of China was the regulator, while the MOF supervised the financial reporting of the company; the State Planning Commission of the People's Republic of China  [ zh ] was the state planner of the whole industry. [3]

In 1996, it became a holding company, as People's Insurance Company (Group) of China (Chinese :中国人民保险（集团）公司). [2] Three subsidiaries were formed, as property insurer, life insurer and reinsurer respectively. However, in 1998–99, China Life and China Re were spin-off from the group, [2] [4] [5] while the overseas businesses, belongs to yet another former subsidiary, now known as China Taiping Insurance Group Limited (parent company of listed company China Taiping Insurance Holdings). After the split, The property insurer of the group assumed as the new holding company of PICC group, and named The People's Insurance Company of China again. [2] [5] The regulator of the company, China Insurance Regulatory Commission, also established in 1998. [3]

A new subsidiary PICC Property and Casualty (PICC P&C) was established in July 2003 (effective date backdated to September 2002) [2] from the former property and casualty insurance division of the PICC Group. PICC Group divested of insurance responsibilities, re-organized itself into PICC Holding Company (Chinese :中国人保控股公司) at the same time. [2] PICC P&C was first established as a subsidiary in 1996 but disestablished and merged back in 1999. [5] PICC P&C became a listed company in November 2003. [6]

PICC Holding reverted to the name People's Insurance Company Group of China (Chinese :中国人民保险集团公司) in 2007. [2] The company also re-incorporated as a joint stock company with limited liabilities in 2009, as The People's Insurance Company (Group) of China Limited (Chinese :中国人民保险集团股份有限公司). [2] In 2012, PICC's H shares were listed on the Stock Exchange of Hong Kong. It was followed by the A shares in 2018 on the Shanghai Stock Exchange. [7] US-based multinational insurer American International Group (AIG) was the cornerstone investor in the 2012 IPO, [8] [9] as well as in 2003 for the IPO of the subsidiary PICC P&C. [10]

Businesses

PICC has branch offices in London and New York [ citation needed ] as well as in the cities and towns of China.

PICC is selected by Fortune magazine as part of Fortune Global 500 since 2010. [11] As of 2019 edition, the company was ranked 121st. [12] The company also part of the Forbes magazine's Forbes Global 2000 . As of 2019 edition, the company was ranked 155th. [13]

PICC Property and Casualty

PICC's subsidiary, PICC Property and Casualty (PICC P&C) is China's largest issuer of Property and casualty insurance. It is licensed to provide all major lines of insurance except life insurance. It is the designated agent within the Mainland China for most international insurance companies.[ citation needed ] As of 2018, the market share of PICC P&C in its sector is 33.0%. [1] : 11  According to S&P Global Ratings citing China Insurance Regulatory Commission, PICC P&C's market share (by direct premium) in property and casualty insurance in the first half of year 2017 was 34.0% and ranked the first. The second was Pingan Insurance (19.6%). [14] : 40 

The People's Insurance Company of China (Hong Kong)

In Hong Kong, PICC has another subsidiary The People's Insurance Company of China (Hong Kong), Limited (Chinese :中國人民保險（香港）有限公司) for 75.00% stake. [1] : 195  Fellow listed company Asia Financial Holdings  [ zh ] is a minority shareholder as of 2018. [15] That subsidiary was formerly known as Peterson Insurance Company Limited (Chinese :德誠保險有限公司) as well as Guangdong Asia Insurance Company Limited (Chinese :粵海亞洲保險有限公司) before acquired by PICC in 2002 [16] from Guangdong Holdings. [17] It provides non-life insurance. [18]

PICC Life Insurance

In 2005, PICC formed a Sino-foreign joint venture PICC Life Insurance (Chinese :中国人民人寿保险股份有限公司). Japanese insurer Sumitomo Life took 29% stake, followed by Hong Kong listed company Asia Financial Holdings  [ zh ] (Hong Kong is considered as foreign investor in Mainland Chinese laws) and Thai listed company Bangkok Bank for 10% each. [19] However, after several capital increases, PICC owned PICC Life for 71.077% stake directly, plus additional 8.615% stake via non wholly owned subsidiary PICC P&C and 0.308% stake via wholly owned subsidiary PICC Asset Management as of 31 December 2018. The foreign investors only owned a combined 20% stake. [20] : 66 

The joint venture would sell insurance products, including savings-oriented endowment insurance policies.[ citation needed ] As of 2018, the market share of PICC Life in its life insurance sector is 3.6%. [1] : 11  While according to S&P Global Ratings, PICC Life's market share (by policy written) in life insurance market in the first half of year 2017 was 4.3% and ranked 4th (10th in 2016). [14]

The insurance financial strength rating of PICC Life is A2 (as of 2019), according to Moody's Investors Service. [21]

PICC Life also acquired 4.98% stake of Industrial Bank in 2012. [20] : 51  PICC via PICC Life and PICC P&C owned a combined 10.87% stake of the bank directly and indirectly at that time as the second largest shareholder. PICC also nominated Li Liangwen (Chinese :李良温; pinyin :Lǐ Liángwēn), President of PICC Life at that time, as a director of Industrial Bank in 2013. [20] : 51  He was replaced by Fu Anping (Chinese :傅安平; pinyin :Fù Ānpíng) in both positions. Since 2016, PICC also owned a minority stake in China Merchants Securities  [ zh ]. Chen Zhigang (Chinese :陈志刚; pinyin :Chén Zhìgāng), vice-president of PICC Life, also nominated as a non-executive director in 2017. [20] : 51 

PICC Health Insurance

PICC Group has another subsidiary PICC Health Insurance Company Limited (Chinese :中国人民健康保险股份有限公司). In the first half of year 2017, the market share (by policy written) of PICC Health in life insurance market was 1.0%, ranked the 19th according to S&P Global Ratings. [14]

Founded in 2005, PICC Health was a joint venture with German insurer DKV  [ de ] (for 19% stake; DKV is part of Ergo Group, itself owned by Munich Re) and other investors. [22] However, as of 2018, DKV owned 2.2174% shares of PICC Health. Another Chinese company Capital Airport Holding owned 2.3342% shares. The rest of the shares of PICC Health were owned by PICC Group (for 69.3239%) and its subsidiaries, such as PICC P&C for 24.7262% and another subsidiary for 1.3983%. [23]

PICC Asset Management

PICC Asset Management ("PICC AM") is the investment arm of the company. This subsidiary is responsible for managing PICC's non-Renminbi assets, channelling cross-border investments, and handling the company's overseas investment. [24]

PICC Capital

PICC Capital Investment Management Company Limited (“PICC Capital”), a wholly owned subsidiary of the People’s Insurance Group of China, was established in July 2009. PICC Capital is the sole alternative investment platform of PICC Group, and the first asset manager in China’s insurance industry that specializes in alternative investment. PICC Capital takes a major role in strategic asset allocation and strategic resource acquisition for PICC Group. Leveraging on PICC Group’s brand, network and channels, PICC Capital provides financial resources to local governments and corporates by making investments in infrastructure, energy, inclusive financing, healthcare, technology incubation, etc., through debt investment and equity investment.

PICC Capital makes equity investments through its wholly owned subsidiary PICC Capital Equity Investment Company Limited (“PICC PE”). Approved by China Insurance Regulatory Commission in 2017, PICC PE is the sole private equity investment platform within PICC Group, and one of the sixteen PE fund managers in China sponsored by insurance capital. PICC PE currently manages an RMB 3bn PICC Health Care Fund.

PICC Re

PICC Group, via PICC Reinsurance, provided reinsurance service to its listed subsidiary PICC P&C. [25] [26] PICC Reinsurance (PICC Re; Chinese :人保再保险股份有限公司) itself is a joint venture of PICC Group and its subsidiary PICC P&C in a 51:49 ratio. [27] [26]

Headquarters

The headquarters of the company is located in China People's Insurance Building  [ zh ] (or transliterated as PICC Building), in Xicheng District, Beijing. There are other office buildings that are named after PICC, such as in Guangzhou [28] and Chongqing (PICC Life Insurance Building). [29]

Shareholders

PICC issued two classes of ordinary shares: A share and H share. The latter only traded outside Mainland China. Despite residents in Mainland China can buy the H shares of PICC via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, [30] and vice versa for foreigners buying A shares.

The Ministry of Finance of the People's Republic of China (MOF) is the controlling shareholder of the company, for 67.60% of the total shares as of 31 December 2018. The MOF also significantly owned fellow financial service companies: the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of Communications, China Cinda Asset Management and China Re, etc. [1] : 50  The state pension fund: the National Social Security Fund (NSSF) also owned 8.60% + 1.19% total shares of the company (NSSF owned both A and H shares of the company) as of 2018. [1] : 50  It was announced that MOF would transferred an additional 6.76% total shares of PICC to the NSSF in 2019. [31]

Other notable investors of PICC included the US-based multinational insurer American International Group (AIG), which owned 2.52% of the total shares (12.76% of the H shares) of PICC, as of 2018. [1] : 50  However, AIG sold all their stake in February 2019. [8] AIG also sold most of their stake in the subsidiary PICC P&C in 2005–06. [32]

The H shares of the company is the constituent of Hang Seng China Enterprises Index as of January 2020. While the A shares of the company is the constituents of Hang Seng China 50 Index, CSI 300 Index (and the subset the blue chip index CSI 100), SSE 180 Index (and the subset blue chip index SSE 50 since June 2019 [33] ), etc., as of January 2020.

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References

  1. 1 2 3 4 5 6 7 2018 Annual Report (H share version) (PDF) (Report). People's Insurance Company of China. 2019 – via Hong Kong Exchanges and Clearing Limited website.
  2. 1 2 3 4 5 6 7 8 "History and Corporate Structure" (PDF). Global Offering (prospectus). People's Insurance Company of China. 2012 – via Hong Kong Exchanges and Clearing website.
  3. 1 2 3 4 5 6 殷剑峰 [Yin Jianfeng]; 朱进元 [Zhu Jinyuan], eds. (June 2014). 保险业在国民财富管理转型中的作用. 转型与发展：中国经济和中国保险业 (in Chinese (China)). 中国社会科学出版社 [China Social Science Press]. ISBN   978-7-5161-4380-3.
  4. ↑ 国务院关于撤销中国人民保险（集团）公司实施方案的批复 (Press release) (in Chinese (China)). State Council of the People's Republic of China. 7 October 1998. Retrieved 2 January 2020.
  5. 1 2 3 关于撤销中国人民保险（集团）公司的公告 (Press release) (in Chinese (China)). People's Insurance Company (Group) of China. 8 July 1999. Archived from the original on 2 January 2020. Retrieved 2 January 2020– via China Insurance Regulatory Commission website.
  6. ↑ Written at Hong Kong. "China insurer raises $693 million". Atlanta (GA): CNN. Reuters. 31 October 2003. Retrieved 2 January 2020.
  7. ↑ "Insurance giant PICC gets green light for Shanghai IPO". Xinhua News Agency. 29 September 2018. Archived from the original on September 29, 2018. Retrieved 2 January 2020.
  8. 1 2 Tse, Crystal (27 February 2019). "AIG Exits PICC Group Stake With a Whimper Rather Than a Bang". Ben Scent assisted the content. Bloomberg. Retrieved 2 January 2020.
  9. ↑ Barreto, Elzio; Jing Song (21 November 2012). Muralikumar Anantharaman (ed.). "AIG added as cornerstone to PICC HK IPO with $500 million pledge: sources". International Financing Review. Hong Kong. Retrieved 2 January 2020– via Reuters.com.
  10. ↑ "AIG plans to buy 9.9% stake In China insurer PICC P&C". China Daily. Dow Jones News. 9 October 2003. Retrieved 2 January 2020.
  11. ↑ 中国人保首次挺进财富世界500强 国内险企排名第2. jrj.com.cn (in Chinese (China)). 9 July 2010. Retrieved 2 January 2020.
  12. ↑ "People's Insurance Co. Of China".
  13. ↑ "People's Insurance". Forbes .
  14. 1 2 3 "China's Top 25 Insurers". S&P Global Ratings. November 2017. Retrieved 3 January 2020.
  15. ↑ https://f1020179-7def-4e52-a364-9f60a5a24700.filesusr.com/ugd/27ebe2_820ef851a6f141e8b8c9c2dccf5cab6d.pdf [ bare URL PDF ]
  16. ↑ 人保开疆寿险 业内竞争将更为激烈. finance.people.com.cn (in Chinese (China)). 23 August 2005. Retrieved 2 January 2020.
  17. ↑ 孙轲 (19 January 2006). 唐运祥强推三原则 海外金融资产达标10%. 21世纪经济报道 [21st Century Business Herald] (in Chinese (China)). Beijing. Retrieved 2 January 2020– via Sina.
  18. ↑ https://www.ia.org.hk/en/supervision/reg_insurers_lloyd/files/22811.pdf [ bare URL PDF ]
  19. ↑ Hu Yuanyuan (19 November 2005). "Insurance joint venture set up". China Daily . Retrieved 2 January 2020.
  20. 1 2 3 4 2018年年度信息披露报告 (PDF) (Report) (in Chinese (China)). PICC Life Insurance. 30 April 2019. Retrieved 2 January 2020.
  21. ↑ "Rating Action: Moody's affirms PICC Life's A2 IFSR with a stable outlook" (Press release). Hong Kong: Moody's Investors Service. 29 November 2019. Retrieved 2 January 2020.
  22. ↑ "DKV participates in new health insurance company in the growth market of China" (PDF) (Press release). DKV Deutsche Krankenversicherung. 18 November 2004. Retrieved 3 January 2020– via Munichre.com.
  23. ↑ 2018年年度信息披露报告 [2018 Annual Report](PDF) (Report) (in Chinese (China)). PICC Health Insurance. 30 April 2019. Retrieved 3 January 2020.
  24. ↑ "PICC AM pinpoints selected Hong Kong stocks and sectors to favour | Asset Owners". AsianInvestor. 2022-05-23. Retrieved 2023-02-22.
  25. ↑ "Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of PICC Reinsurance Company Limited" (Press release). Hong Kong: Moody's Investors Service. 15 November 2019. Retrieved 3 January 2020. The reinsurer also benefits from PICC Group's strong capital and business generation support, mainly through PICC Property and Casualty Company Limited
  26. 1 2 Miao Jianmin (18 December 2019). "Continuing connected transaction Supplemental agreement to the reinsurance framework agreement with PICC Re" (PDF) (Press release). Beijing: PICC Property and Casualty. Retrieved 3 January 2020– via Hong Kong Exchanges and Clearing Limited website.
  27. ↑ "BRIEF-Picc Property And Casualty Co announces capital increase in PICC RE". Eikon. 30 August 2017. Archived from the original on January 3, 2020. Retrieved 3 January 2020– via Reuters.com.
  28. ↑ "PICC Building, Guangzhou". SkyscraperPage.com. Retrieved 2022-05-02.
  29. ↑ "重庆中国人保寿险大厦办公空间 | Regus CN".
  30. ↑ 深港通标的证券名单 (in Chinese (China)). Shenzhen Stock Exchange. Retrieved 2 January 2020.
  31. ↑ He, Laura (13 March 2019). "China transfers US$4.7 billion of PICC shares to state pension fund, part of a programme to shift assets to make up for shortfall". South China Morning Post. Hong Kong. Retrieved 2 January 2020.
  32. ↑ "AIG raises $1.25B by selling a stake in China insurer PICC". CNBC. Reuters. 1 May 2016. Retrieved 2 January 2020.
  33. ↑ 林荣华; 李惠敏 (18 June 2019). 上证50迎成分股调整 机构：股价表现勿过度解读. China Securities Journal (in Chinese (China)). Retrieved 2 January 2020.
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