China’s NSSF Invests $1.5B In PICC

China’s National Council for Social Security Fund (NSSF) has placed $1.5 billion in non-life insurer PICC Group.

China’s National Council for Social Security Fund (NSSF) has placed $1.5 billion in non-life insurer PICC Group, Reuters reports, citing the China Securities Journal. PICC, the parent of PICC Property and Casualty, will be able to restructure, attract investment and push its listing plans forward with the new investment. PICC is preparing for a dual listing in Shanghai and Hong Kong. In 2010, PICC generated revenues of $40.8 billion.

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