istock-497384140_shanghai
iStock/ Nikada
1 October 2018Insurance

PICC gets green light for Shanghai IPO

China's securities regulator has approved the initial public offering (IPO) application by Chinese insurance giant People's Insurance Company (Group) of China Limited (PICC), according to state-run press agency Xinhua.

PICC and its underwriters will confirm the schedule for listing at the Shanghai Stock Exchange and release the prospectus following discussions with the stock exchange, according to the report.

Under the current IPO system, new shares are subject to approval from the CSRC. China is gradually switching from an approval to registration-based IPO system.

Headquartered in Beijing, PICC became a listed company on the Hong Kong Stock Exchange in 2012. With its return to the A-share market, the company will become China's fifth insurance company listed on both the A-share (domestic) and H-share market.

In the first half of 2018, the premium income of PICC reached ¥286.16 billion ($41.6 billion), up 2.3 percent year on year, according to the company's half-year report.

The company's net profit saw a 12.2-percent rise to ¥14.35 billion in the first half of 2018. The combined ratio of PICC P&C moved slightly up to 95.9 percent from 95.5 percent over the period.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

GIC Re retains first right to reinsurance business in India

Typhoon Trami hits Japan

Greenlight Re invests in Hong Kong-based blockchain Galileo

Guy Carp appoints international cyber strategy, innovation leader

Africa’s reinsurers predict rising rates, profitability

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
3 September 2018   People's Insurance Company of China (PICC) has partnered with Shanghai-based blockchain platform VeChain and risk management firm DNV GL to create new blockchain insurance solutions aimed at bringing digital transformation to the insurance industry.
Insurance
6 June 2018   China's securities regulator has given the People's Insurance Company of China (PICC) the green light to list on the Shanghai Stock Exchange.