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PICC Property and Casualty
PICC Property and Casualty was founded alongside the People's Republic of China in 1949 and remains the dominant underwriter of motor vehicle, commercial...
PICC Property and Casualty
PICC Property and Casualty was founded alongside the People's Republic of China in 1949 and remains the dominant underwriter of motor vehicle, commercial property, and agricultural risk in the country. It operates as a publicly listed subsidiary of The People's Insurance Company (Group) of China Limited, which holds a 68.98% controlling stake. The firm's underwriting footprint includes direct retail channels and a reported network of over 10,000 physical outlets. The firm's asset-allocation profile is anchored in bonds and fixed income, consistent with Chinese regulatory requirements for insurance liabilities. Its disclosed real-asset holdings include the PICC P&C Headquarters (Tower 2) and the mixed-use development at No. 88 West Chang'an Avenue in Beijing. Strategic partnerships have shaped its international posture: Chubb Limited signed a 10-year cooperation agreement in 2017 to build 'China Desks' globally, while American International Group (AIG) held a significant H-share stake as a former strategic investor. With approximately 300,000 professionals per its own disclosures, the firm maintains industry-association memberships in the Insurance Association of China and the International Credit Insurance & Surety Association (ICISA, joined 2022). In April 2026, it released a standardized 'Five-Light' claims-service protocol alongside its annual sustainability report, codifying the processes behind what it describes as its national claims infrastructure. The firm also participates in the PICC Group Corporate Social Responsibility Program and the Li & Partners Charity Foundation. Structurally, PICC P&C is distinct from global composites: it is a pure non-life carrier whose underwriting and investment arms underwrite the operational and property risks of China's state-owned enterprise ecosystem. This makes its balance sheet, as much as its parentage, an appendage of domestic industrial policy.
General information
Firm type
Insurance
Year founded
1949
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Beijing
Corporate office
No. 2 Courtyard, Jianguomenwai Avenue, Chaoyang District, Beijing, 100022, China
Additional offices
Offices across China
Sector focus
Frequently asked questions
What is PICC Property and Casualty's ownership structure?
It is a publicly listed subsidiary of The People's Insurance Company (Group) of China Limited, which holds a 68.98% majority stake (per firm disclosures). The parent entity is a Chinese state-owned financial conglomerate, making PICC P&C a state-linked insurer. American International Group (AIG) was previously a strategic H-share holder but is no longer disclosed as a major shareholder.
How does the firm invest its insurance float?
The portfolio is predominantly allocated to Chinese bonds and fixed-income instruments, consistent with the liability-matching requirements of a large non-life carrier. Directly held real assets in Beijing include its headquarters tower and a mixed-use development on West Chang'an Avenue. The firm does not publicly disclose asset-allocation percentages or total investable AUM.
Which international reinsurance or insurance partnerships does PICC P&C maintain?
In 2017, it signed a 10-year strategic cooperation agreement with Chubb Limited to establish 'China Desks' for cross-border commercial insurance (per Chubb, 2017). It is also a member of the International Credit Insurance & Surety Association (ICISA), having joined in 2022. Both relationships support its outward-facing trade-credit and commercial-lines capabilities.
What is the scale of PICC P&C's domestic claims operation?
The firm publishes a figure of 300,000 professional claims staff and 10,000 service points across China. In April 2026, it formalized its claims-service approach under the 'Five-Light' (五亮) protocol, covering transparency and speed standards for motor, property, and agricultural lines.
Does PICC P&C operate separate philanthropic structures?
Philanthropy is conducted through the Li & Partners Charity Foundation and the PICC Group Corporate Social Responsibility Program. Neither vehicle is managed as an independent grantmaking foundation with external trustees; both are integrated into the group's annual sustainability reporting cycle.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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