11 April 2018Insurance

PICC plans $1.6bn Shanghai IPO

People’s Insurance Group of China (PICC), which owns the nation’s biggest non-life insurer, is planning to raise more than $1.6 billion through a Shanghai listing, according to a Reuters April 10 report.

PICC is the parent of PICC Property and Casualty and plans to issue up to 4.6 billion A-shares in a Shanghai initial public offering (IPO) that will raise over ¥10 billion ($1.59 billion) to replenish capital.

The listing is expected to take place in June or July, Reuters cited one person with direct knowledge of the matter as saying.

PICC went public in a $3.1 billion offering in Hong Kong four years ago.

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

QBE replaces CFO after 7 months amidst management shake-up

Caribbean’s parametric cat fund CCRIF SPC explores cover expansion

Marsh appoints CEO of Middle East and Africa from Oman Insurance

Beazley targets European expansion with new head of broker relations

Political risk and violence, terrorist attacks on the rise

Digital startup Acko to offer first in-trip insurance in India

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
13 June 2018   Munich Re has entered into a partnership with solar module manufacturer Chint Solar/Astronergy in China.
Insurance
29 January 2018   Chubb has made changes within its senior leadership team following a strategic cooperation agreement with PICC Property & Casualty Company of China.