China’s PICC subsidiary gets OK for RMB 15 billion 10-year bonds

By Marisa Wong

Morgantown, W.Va., Nov. 15 – People’s Insurance Co. (Group) of China Ltd. (PICC) said its subsidiary, PICC Property and Casualty Co. Ltd., obtained regulatory approval to issue up to RMB 15 billion of 10-year capital supplementary bonds.

The company first proposed the bonds in April 2016. The bonds may be offered in one or more tranches.

Proceeds will be used for supplementing capital and raising the subsidiary’s solvency margin, as previously announced.

The insurance company is based in Beijing.

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