PICC Property and Casualty approves RMB 12 billion 10-year bonds

By Mary-Katherine Stinson

Lexington, Ky., March 24 – PICC Property and Casualty Co. Ltd.’s board has approved the issuance of up to RMB 12 billion of 10-year bonds in one or multiple tranches, according to a notice.

The approval is good for 12 months.

The company will seek approval of the plan from shareholders at its annual general meeting.

Proceeds of the issuance, if approved, would be used for supplementing the company’s capital and raising the solvency margin.

The insurer is based in Beijing.

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