What are the differences between commercial insurance companies such as PICC and Ping An Sunshine?

1. In the early days of liberation, there was only one insurance company in China: the People's Insurance Company of China. Later (in the 1960s and 1970s) the insurance company was abolished and the original personnel functions were placed under the management of the Insurance Department of the People's Bank of China. Later, the People's Insurance Company of China was restored (in the 1970s and 1980s, the reasons are unclear). After the restoration, the state implemented the principle of separate operations and split the People's Insurance Company of China into the People's Property Insurance Company of China and the China Life Insurance Company (1999), which operate property insurance and life insurance respectively. Around 2007, the country loosened the threshold for separate operations, and some property and casualty insurance companies opened life insurance institutions. For example: People's Insurance Company (PICC) has opened a new subsidiary: People's Life Insurance Company of China (life insurance nature). This is why you said PICC is doing life insurance.

2. The differences between the three are roughly as follows:

Different nature of assets: PICC and Life Insurance were both wholly state-owned enterprises when they were established. Even after the joint-stock system was transformed, It is still a state-controlled enterprise. When Ping An was established, it was China's first joint-stock insurance company. Later, in 2002, it introduced HSBC as a foreign shareholder and was a non-state-owned enterprise.

The development milestones are different: in the early days of their establishment, PICC and Life Insurance were both professional companies, operating only property and casualty insurance or life insurance business. Around 2007, PICC established People's Life and Life Insurance established Life Property, and began to gradually move towards mixed operations. . After Ping An was established in 1988, it began to experiment with the mixed business of property and life insurance. In 2003, it completed the divisional reorganization and formally established other subsidiaries such as Ping An Property & Casualty Insurance and Ping An Life Insurance.

Different business scope: Since the development of PICC, its subsidiaries include PICC Property & Casualty Insurance, Life Insurance, Health Insurance, Asset Management Company, Brokerage Company and Hong Kong Limited; Insurance, pension insurance, asset management, investment holding and other institutions; Ping An's subsidiaries include: property and casualty insurance, life insurance, pension insurance, health insurance, banks (Ping An Bank), trust investments (Ping An Securities), asset management, overseas holdings (Hong Kong) companies) and other institutions.