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PICC begins fresh life as shareholding insurer

By Hu Yuanyuan (China Daily)
Updated: 2009-09-25 08:29

People's Insurance Company of China (PICC), the nation's largest insurance conglomerate, has transformed from a solely State-owned company to a State-controlled shareholding insurer, after the Ministry of Finance approved the change in its status, the company said yesterday.

This move is a precursor to PICC's imminent listing effort, analysts said.

"This is definitely positive news for the company, and their imminent listing as a whole group will help PICC to fight the sliding solvency ability," said Wang Xiaogang, senior analyst with Shanghai-based Orient Securities.

Wu Yan, the group's president, had said earlier that the insurer aimed to go in for an initial public offering (IPO) as early as 2010.

"We have to check whether the preparations are ready, and we have to wait for the right timing, so we have to look at next year," Caijing magazine's website quoted Wu Yan as saying.

Wu gave no further details on the planned timing of the IPO, adding the group had not finalized whether it would float its shares in Hong Kong, Shanghai or both.

Related readings:  PICC transforms to shareholding insurer  PICC profits only 26% of estimates  China's SOE revenues down 3.5% in Jan-Aug  Chinese firms rush to jump on IPO bandwagon

But before the listing, PICC is looking for a domestic strategic investor.

"Under similar conditions, we will give priority to considering a domestic strategic investor, which can coordinate with PICC in terms of capital and business," Wu was quoted by Xinhua news agency as saying. The domestic investor could be a financial institution or an industrial company, he added.

"A national bank will be a good choice as it could bring PICC customers and a marketing channel, which could help the insurer boost business in the short term," said Wang Xiaogang.

China's commercial banks have previously sold stakes to foreign strategic investors before their initial public offerings, but the global financial crisis has dented the appeal of foreign partners after several international banks cut their stakes.