PICC Property and Casualty Company Limited (PICC P&C), headquartered in Beijing, was formerly known as the People’s Insurance Company of China established on October 20, 1949. PICC P&C is the core member and the landmark business of the People’s Insurance Company (Group) of China Limited (PICC Group, No. 114 in the “Fortune Global 500 list”). As a major state-owned property and casualty insurance company in China with a long history, large-scale businesses and strong overall strength, PICC P&C was at the forefront of global P&C insurance market in terms of the premium scale. The Company got listed in main board of SEHK on November 6, 2003 (stock code: 2328). Over the past year, the Company took new strides in development, with the total premium income surpassing RMB350 billion and the total assets exceeding RMB500 billion. The Company made the list of top 100 HK-listed companies for six consecutive years. Furthermore, Moody’s Investors Service rated the financial strength of the Company at A1 (stable outlook), the top-notch level among insurers in the mainland.
As a state-run insurance company which was founded in the same year as the People’s Republic of China, we were always committed to resolutely implementing the fundamental policy of CPC and decisions and deployment of the state under the leadership of the CPC, and always stuck to the historical mission of “People’s Insurance for the People”. We persisted in the market-oriented and customer-centered principle and provided powerful insurance guarantee for economic development and social stability by proactively performing the responsibility as a good corporate citizen.
Throughout the year, the Company undertook RMB387.1 trillion worth of risk coverage and paid RMB192.52 billion insurance indemnities with the handling of 64,804,000 claims for all sorts of incidents