China 2015: BRAND PROFILE | 27. PICC
COMPANY PICC Property and Casualty Company, Ltd.
BRAND VALUE US$ 2.4 Billion
YEAR-ON-YEAR CHANGE 1%
YEAR FORMED 1949
With a strategy it calls “transformation and upgrading,” PICC implemented initiatives to grow sales and add efficiencies. Driving factors included: the role of insurance as a key component of national and personal economic health, increased market deregulation and the entrance of more competitors.
Deregulation is particularly a challenge in auto insurance, the company’s largest business segment, and produced initiatives such as:
- Collaboration with Tencent, the Internet portal, to create a car platform that combines maps and other online resources with PICC’s offline capabilities.
- Focus on customer service advantages at a time when many competitors compete with year-end price promotions.
Net income grew 2 percent to $1.3 billion on a 14 percent gain in revenue to $17.1 billion, in the first half of 2014. For the full year 2013, net income increased 4 percent to $1.7 billion on revenue of $31.3 billion, a 21 percent rise. As an SOE (State Owned Enterprise), PICC was founded in 1949, and spun off from corporate parent People’s Insurance Company Group of China Ltd., in 2003. It is traded on the Hong Kong Stock Exchange.