People's insurance group of China Limited
Founded in 1949, the people's Insurance Corporation of China (PICC or PICC for short) is a comprehensive insurance (financial) company, one of the world's top 500 insurance companies and one of the world's largest insurance companies. It is a central financial enterprise with a registered capital of 4242399058 yuan. It is a strong company in the global insurance industry. The company logo is PICC in English. PICC owns more than ten professional subsidiaries, including PICC Property Insurance, PICC assets, PICC Health, PICC Life Insurance, PICC investment, Huawen holdings, PICC capital, PICC Hong Kong, Zhongsheng international, PICC brokerage, Zhongyuan brokerage and PICC Property. PICC also holds 32.35% of the equity of Zhongcheng trust.
Its business scope covers property insurance, life insurance, health insurance, asset management, insurance brokerage, trust, fund and other fields. It has formed an insurance financial industry cluster and has far-reaching influence at home and abroad.
On September 28, 2018, China Securities Regulatory Commission issued an announcement and approved the IPO application of the people's insurance group of China Limited according to legal procedures. On November 16, the people's insurance group of China was listed on the Shanghai Stock Exchange.
The predecessor of piccp & C is the people's Insurance Company of China, which was founded on October 20, 1949. Headquartered in Beijing, piccp & C is the core member and landmark main business of PICC group (112th of Fortune 500 in 2020). It has a long history, large business scale and strong comprehensive strength in China The premium scale of large state-owned property insurance companies ranks in the forefront of the global property insurance market. The company was listed on the main board of the stock exchange of Hong Kong on November 6, 2003 (stock code 2328). In 2019, the company will take solid steps towards high-quality development and transformation, with total premium income exceeding 433 billion yuan and total assets exceeding 596 billion yuan. The company has obtained the "AA" rating of insurance company service evaluation for three consecutive years, and Moody's Investors Service Company has again awarded the company's insurance financial strength rating A1 (rating outlook: stable), which is consistent with the result of China's sovereign rating.
Key data for 2019:
Registered capital: 22.242 billion yuan
Total assets: 596.081 billion yuan
Direct employment opportunities: 186700
External donation: 90.2424 million yuan
Coverage rate of institutional outlets in villages and towns: 98%
On October 20, 1949, the people's Insurance Company of China was established in Beijing, marking a new page in China's insurance industry.
In October 1979, the central government issued the notice on resuming domestic insurance business and strengthening insurance institutions, which enabled the people's Insurance Company of China to resume its domestic business in an all-round way. At the same time, it quickly established institutions at all levels.
In January 1980, the Liaison Office of PICC in London was established.
In 1982, PICC resumed life insurance business.
In 1986, China's insurance education went to a new level - Nanchang insurance school was established.
On July 23, 1996, the people's Insurance Company of China was reorganized into the people's Insurance (Group) Company of China, which consists of China Insurance Property Insurance Co., Ltd., China Insurance Life Insurance Co., Ltd. and China insurance reinsurance Co., Ltd.
On October 7, 1998, the State Council issued a document to cancel China Insurance Group, and the three subsidiaries were renamed the people's Insurance Company of China, China Life Insurance Company and China Reinsurance Company.
On January 18, 1999, SINOSURE Property Insurance Co., Ltd. inherited the brand of PICC and changed its name to the people's Insurance Company of China.
On May 23, 2002, the opening ceremony of the New York Representative Office of the people's Insurance Company of China was solemnly held in New York, USA. This is the second overseas branch of PICC after the London Representative Office.
On July 19, 2003, with the approval of the State Council, the people's Insurance Company of China was reorganized and renamed as PICC holding company. At the same time, PICC Asset Management Co., Ltd., the largest non life insurance company in mainland China, was established.
On November 6, 2003, as the first overseas listed share of mainland financial institutions, PICC P & C (listing code 2328) was officially listed in Hong Kong, which successfully opened the prelude for mainland financial industry to enter the overseas capital market.
In 2008, PICC's property insurance premium exceeded 100 billion yuan, becoming the first non life insurance company with annual premium exceeding 100 billion yuan in China's insurance industry.
In 2010, the company won the title of "Asia's best non life insurance company", and continues to maintain the highest credit rating of A1 for Chinese financial enterprises by Moody's, a famous international consulting company. In 2010, the people's Insurance Corporation of China (PICC) was shortlisted as one of the Fortune 500 enterprises with an annual operating income of 23.116 billion US dollars, ranking 371 on the list for the first time.
In July 2011, Fortune magazine released the latest ranking of the world's top 500 enterprises in 2011. PICC ranked 289 with an annual operating revenue of US $32.579 billion. The ranking of the list is 82 places higher than that of the first time in 2010.
On November 29, 2011, the organizational relationship and senior management appointment of China Life Insurance Group, people's insurance group of China, China Taiping Insurance Group and China export credit insurance company are being transferred from CIRC to the Organization Department of the Central Committee of the people's Republic of China. Relevant procedures such as cadre investigation and receiving unit investigation are being performed, and a formal transfer meeting will be held in the near future.
In October 2012, the people's Insurance Company of China won the highest rating of "excellent (Class A, AAA)" in the 2011 Annual Performance Evaluation of the Ministry of finance, becoming the only company in the domestic insurance industry to obtain the evaluation. Class A and AAA are the highest level of performance evaluation results of the Ministry of finance.
On June 5, 2018, the development and Examination Committee of CSRC held the 85th IPO issuance and examination meeting, and the people's insurance group of China (hereinafter referred to as "PICC") passed the meeting smoothly, becoming the fifth "a + H" listed insurance company. According to the declaration draft of the prospectus of PICC, the number of shares to be issued without considering the over allotment will reach 4.599 billion shares (9.78% of the total share capital after the issuance of a shares, regardless of the over allotment), and the issuance volume can rank the eighth in the history of a shares, setting a record of IPO of a shares in the past eight years, conservatively estimating that the scale of fund-raising will reach 10 billion.
On November 16, 2018, the people's insurance group of China was listed on the Shanghai Stock Exchange, becoming the fifth domestic financial and insurance enterprise with a + H shares listed on both sides.
PICC is the only domestic insurance partner of 2008 Beijing Olympic Games, the only global insurance partner of 2010 Shanghai World Expo, the insurance partner of 2010 Guangzhou Asian Games, and the official partner of Beijing 2022 Winter Olympic Games and winter Paralympic Games. It has become a "double Olympic insurance" enterprise.
PICC has successively provided high-quality risk guarantee for the Three Gorges project, Ling'ao nuclear power station, China aerospace, Qinghai Tibet railway, National Grand Theater and other major national projects, and has made positive contributions to the national economic construction. The establishment of PICC has effectively played various functions of insurance protection, covering and penetrating all fields of the national economy, from industrial and mining enterprises, transportation, agricultural production, foreign trade and other important economic and social fields to personal security related to the people, motor vehicles, "vegetable basket" and "rice bag" projects.
PICC has built a mature and perfect sales service system in urban and rural areas all over the country, with branches in 31 provinces, cities and autonomous regions, and more than 12000 branches. PICC has trained a group of senior managers and excellent professional backbones who are familiar with the national conditions, and can bring benefits to customers in various links such as consultation, order issuing, underwriting, underwriting, survey, loss determination and claim settlement PICC adheres to the mission of people's insurance to serve the people, adheres to people-oriented, and strives to create a harmonious and progressive corporate culture. As a large-scale state-owned backbone financial enterprise, PICC actively performs the responsibilities of safeguarding the economy, stabilizing the society and serving the people, and has an inherent sense of social responsibility.
In 2008, in the face of continuous major natural disasters in China, PICC fully invested in disaster relief, actively carried out emergency rescue, and paid 5.3 billion yuan in compensation for ice and snow and earthquake, accounting for more than 60% of the disaster compensation of the whole industry. Since the 10th five year plan, the PICC has spent nearly 300 billion yuan on compensation. In 2008, the PICC undertook 99.7 trillion yuan of insurance liability, which is 3.3 times of the national GDP in that year.
From 2006 to 2010, the average annual growth rate of PICC's property insurance premium income reached 18.71%, and the premium income in 2010 was 2.34 times of that at the end of 2005. At the end of 2010, the total assets of the company doubled compared with that at the end of 2005, and the return on equity exceeded 20%, ranking in the forefront of the international industry. The company's new premium in 2010 exceeded the total premium from 2000 to 2006. In 2010, PICC Property Insurance Co., Ltd
The annual premium income of Jiangsu Branch, Guangdong branch and Hebei Branch exceeded 100 billion yuan, becoming the first group of 10 billion yuan provincial branches of China's non life insurance industry. Corporate investment in 2010
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