Posts Tagged
PICC
AIG Sells Entire Stake in PICC, China
American International Group (AIG) in April 2019 announced it had sold its entire stake in People Insurance Co. of China (PICC) for HK$3.8 billion (US$482 million). AIG had bought into PICC as a “cornerstone investor” in its initial public offering in December 2012. According to Bloomberg, AIG made a 1.75% profit including dividends over the six years, when Hong Kong’s benchmark Hang Seng Index generated a total return of
Former PICC Executive Sentenced for Corruption – China
The former president of the People’s Insurance Company of China (PICC) in May 2018 was jailed for 11 years for taking bribes. Wang Yincheng, who was also a Communist Party vice-secretary at state-owned PICC, was convicted of receiving 8.7 million yuan ($1.4 million) in bribes from 2006 to 2016, in exchange for helping individuals and firms with project contracts, giving staff promotions, and hiring their children, the official People’s