China's PICC board OKs up to 8 billion yuan 10-year subordinated debt

By Jennifer Chiou

New York, March 12 - PICC Property and Casualty Co. Ltd. said its board authorized an issue of up to 8 billion yuan of 10-year subordinated debt.

The company added that proceeds will go toward its solvency margin.

The issue is subject to shareholder approval as well as approval from the China Insurance Regulatory Commission.

The Beijing-based group's principal activities are the underwriting of vehicle, commercial, homeowners, cargo and liability insurance.

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