PICC to be restructured

The State Council has given its approval to a restructuring of People's Insurance Co of China (PICC) that will make it a shareholding company with a stronger commercial orientation. Under the plan, PICC's core assets will come under a new shareholding company, PICC Property Insurance, with noncore assets going to another company called PICC Holdings. PICC's chairman, Tang Yunxiang, said that on completion of the restructuring, which is expected to happen in the first half of this year, PICC would seek a stock market listing as quickly as possible.