PICC details strategic vision for non-auto, overseas growth

The People's Insurance Company (Group) of China (PICC) hosted its 2025 Investor Open Day, focusing on "Practices and Outlook for the High-Quality Development of Non-Auto Insurance" and "Actively explore overseas markets to serve high-level opening up." The company aims for robust expansion in the non-auto sector, estimating significant market potential by the end of the 15th Five-Year Plan, including over $220 billion in net foreign direct investment and over RMB4.5 trillion in research and experimental development expenditures.

PICC is implementing a comprehensive non-auto insurance rectification, effective November 1, 2025, to foster rational competition, cost reduction, and quality enhancement. Key measures include optimizing performance evaluation, standardizing product development, and regulating premium-income management. Additionally, PICC is enhancing its overseas business model, led by PICC Reinsurance and coordinated by PICC Hong Kong, by establishing centralized risk prevention and control, developing insurance solutions, and fostering sales and business development collaboration.

In 2024, China's total imports and exports reached RMB43.8 trillion, and the turnover of contracted overseas projects hit $165.9 billion. PICC is addressing these opportunities by strengthening its global service network, including establishing an overseas policy issuance service network with 37 overseas insurance companies and developing 213 legal counsel contact points across 93 countries.