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China’s largest general insurer PICC P&C eyes global top five

China’s largest general, non-life insurer, PICC Property and Casualty Limited (PICC P&C), is striving to become one of the top five global insurers by premium volume in the next five to ten years, according to a top official of the company. Wang Yincheng, president of the PICC P&C, said Saturday that in order to achieve this goal, the company seeks to increase annual premium volumes to 300 billion yuan ($46.15 billion)

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China’s largest general, non-life insurer, PICC Property and Casualty Limited (PICC P&C), is striving to become one of the top five global insurers by premium volume in the next five to ten years, according to a top official of the company.

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Wang Yincheng, president of the PICC P&C, said Saturday that in order to achieve this goal, the company seeks to increase annual premium volumes to 300 billion yuan ($46.15 billion).

“It means that PICC P&C needs to maintain a double-digit growth rate in annual premiums,” he said.

The company, which ranked No 8 in the global non-life insurance market in 2009, witnessed a 192.3 percent jump in its 2010 net profit to 5.21 billion yuan year on year, while sales revenue increased 28.8 percent to 154.31 billion yuan from one year ago.

China’s economy is growing rapidly, which provides an excellent external environment for the development of China’s non-life insurance industry, said Wang.

PICC P&C’s parent company, the People’s Insurance Company (Group) of China (PICC), is also seeking to launch an initial public offering, and the group will unveil the list of its strategic investors in one to two months, said Wu Yan, president of PICC.

The strategic investors are domestic enterprises, and the total investment scale will be about 10 billion yuan, he said.

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