China’s PICC subsidiary plans up to RMB 8 billion of 10-year bonds

By Marisa Wong

Morgantown, W.Va., March 22 – People’s Insurance Co. (Group) of China Ltd. (PICC) said its subsidiary, PICC Property and Casualty Co. Ltd., has obtained board approval to issue up to RMB 8 billion of 10-year capital supplementary bonds.

The bonds may be offered in one or more tranches within 12 months of approval by shareholders.

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

The insurance company is based in Beijing.

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