PICC eyes local govt bonds and A-shares
The parent company of the biggest non-life insurer in China said in its earnings announcement that it favours local government bonds and onshore equities.
People's Insurance Company (Group) of China (PICC Group) is likely to take advantage of a spurt in bond issuance from local governments to lengthen its portfolio’s asset duration, benefit from tax incentives and support the country’s infrastructure drive.
The insurer is the parent company of PICC Property and Casualty (PICC P&C), China’s largest non-lifer by assets. It revealed that its group-wide asset duration was about five years in its interim results on Monday (August 27)…
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