PICC P&C Insurance is placed under the Ministry of Social Security.

This is very simple, because the scale of PICC P&C has reached a secondary institution, so it can become a branch.

PICC Life Insurance Company is a small company, which has not been established for several years. The scale of prefecture-level institutions is not up to the second level, but only up to the third level, so they can only be called central companies.

Institutional setup of insurance companies:

Head Office-branches-central branches-branches-business areas (departments)

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.