PICC Turns in Strong 2005 Results

January 19, 2006

People’s Insurance Co of China (PICC), in which American International Group holds a 9.9 percent stake, has reported a strong 2005 performance in all sectors as premiums rose to 66.1 billion yuan ($8.1 billion) in the year.

In a breakdown, reported by Asia Pulse on Yahoo, “PICC P&C contributed 65.99 billion yuan [$8.08 billion], up 1 per cent year-on-year; PICC HK, 151 million yuan [$18.5 million], up 11.8 per cent; PICC Health Insurance, 53.65 million yuan [$6.57 million], up 134 per cent, passing the target set by the board of directors by 34 per cent.”

PICC’s Asset Management Company managed 32.5 billion yuan [$3.98 billion] worth of assets by the end of 2005, up 5.7 per cent on a yearly basis. Return on investment totaled 1.3 billion yuan [$159 million] in 2005, up a remarkable 528.5 per cent year-on-year. The Group’s total assets exceeded 100 billion yuan [$12.25 billion] by the end of 2005, more than double the figure since 2000.

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