PICC Property & Casualty
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[br] PICC Property & Casualty is a non-life insurance company carrying out business in People’s Republic of China. It offers to its customers a wide range of property and casualty insurance products including accidental injury insurance. PICC Property & Casualty is ranked #911 on 2008 Forbes Global 2000 list.
PICC Property & Casualty conducts its operation through 4,500 offices all over mainland China. It is listed on Hong Kong (SEHK: 2328) Stock Exchange.
Brief history
PICC Property & Casualty was founded on July, 2003. It was first Chinese domestic financial enterprise to have an overseas listing. PICC Property & Casualty successfully listed on Hong Kong Stock Exchange on November 6, 2003. 3,455,980,000 H shares were issued on listing. PICC Holding is presently biggest shareholder with 69 percent of stock. AIG holds 9.9 percent of total stock.
Products and services
PICC Property & Casualty offers insurance services like commercial property insurance, cargo insurance, motor vehicle insurance, accidental injury insurance, short term health insurance, hull insurance, homeowners insurance, liability insurance, surety insurance and agriculture insurance. All insurance products are denominated in RMB and also in foreign currencies. Reinsurance of above insurance products are done. All investment and fund application businesses are done in accordance with People’s Republic of China laws.
PICC Property & Casualty has high brand recognition. ‘PICC’ brand enjoys a higher recall value in mainland China insurance market. It has a market share of 45.1 percent (2006 estimates). Client satisfaction is met by comprehensive technical expertise in information platform including product development and claims management. Customer retention is done by an electronic commerce platform set up by this company. [br]
Financials
PICC Property & Casualty posted revenues amounting to around CNY 88,668 million at year ending December, 2007. Net profit of company was about CNY 2,991 million in same period. Total turnover was almost CNY 88,668,000,000. Employee strength of PICC Property & Casualty was about 60,102.
Awards and recognition
PICC Property & Casualty was given ‘Insurance Corporation of the Year’ Golden Kylin Award by Sina Finance in 2008.
Current financial crisis
PICC Property & Casualty suffered a lot during financial crisis of 2008. Collapse of AIG played a major part in PICC Property & Casualty stock price erosion.
