# PICC Property and Casualty

PICC Property and Casualty is an Insurance based in Beijing, China.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Beijing, China
- **Region:** Asia
- **Address:** No. 2 Courtyard, Jianguomenwai Avenue, Chaoyang District, Beijing, 100022, China
- **Founded:** 1949
- **Assets under management:** Undisclosed
- **Website:** property.picc.com
- **LinkedIn:** https://www.linkedin.com/company/picc

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Insurance
- Automotive
- Real Estate
- Fixed Income

## Offices

- Offices across China

## 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.

### 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.

## Related profiles

- [PICC Life Insurance](https://altss.com/profile/picc-life-insurance)
- [Pickering Energy Partners](https://altss.com/profile/pickering-energy-partners)

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Updated: 2026-06-03T20:00:00.000Z

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