PICC establishes JV
21 November 2005
In a bid to become a major insurer, PICC Holding Co on Friday launched PICC Life Insurance Company, its joint venture with three foreign investors, state media reported. The foreign investors are Japan's Sumitomo Life Insurance Company with a 29% stake and Asia Financial Holdings and Bangkok Bank, each with a 10% stake. PICC Life plans to set up its Beijing branch by the end of the year and expand its business into five provinces and 15 cities by the end of 2006.