PICC P&C rights issue

PICC Property and Casualty plans $783 million rights issue

China's biggest non-life insurer will need to compete for investor interest with New China Life Insurance.

PICC Property and Casualty PICC PC, China’s biggest non-life insurer, is joining the year-end rush to the equity market with plans for a Rmb5 billion $783 million rights issue in Hong Kong and the mainland to meet capital requirements.

The company, which is a subsidiary of People’s Insurance Company of China, known as PICC, will also be competing for investors with New China Life Insurance, which is currently in the market for a $2.3 billion dual listing in Hong Kong and Shanghai.

Some 69% of the capital raising, or about Rmb3.45 billion, will come from the sale of domestic shares, while the remaining...

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