The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder. The group contains the major subsidiaries: PICC Asset Management, PICC Life as well as PICC Property and Casualty (PICC P&C). The latter also listed on the stock exchange. History PICC was founded in 1949 as The People's Insurance Company of China (PICC; ), as a subsidiary of the People's Bank of China. However, it was reported that PICC was disestablished in 1950. The People's Bank of China provided insurance directly, except from years 1952 to 1959, which the service was provided by the Ministry of Finance (MOF) instead. In 1965, PICC was re-established. In 1983, it was separated from the People's Bank of China as a separate entity that under the supervision of the State Council of the People's Republic of China. In 1985, People's Bank of China was the regulator, while the MOF supervised the financial reporting of the company; the was the state planner of the whole industry. In 1996, it became a holding company, as People's Insurance Company (Group) of China (). Three subsidiaries were formed, as property insurer, life insurer and reinsurer respectively. However, in 1998–99, China Life and China Re were spin-off from the group, while the overseas businesses, belongs to yet another former subsidiary, now known as China Taiping Insurance Group Limited (parent company of listed company China Taiping Insurance Holdings). After the split, The property insurer of the group assumed as the new holding company of PICC group, and named The People's Insurance Company of China again. The regulator of the company, China Insurance Regulatory Commission, also established in 1998. A new subsidiary PICC Property and Casualty (PICC P&C) was established in July 2003 (effective date backdated to September 2002) from the former property and casualty insurance division of the PICC Group. PICC Group divested of insurance responsibilities, re-organized itself into PICC Holding Company () at the same time. PICC P&C was first established as a subsidiary in 1996 but disestablished and merged back in 1999. PICC P&C became a listed company in November 2003. PICC Holding reverted to the name People's Insurance Company Group of China () in 2007. The company also re-incorporated as a joint stock company with limited liabilities in 2009, as The People's Insurance Company (Group) of China Limited (). In