PICC H1 profit tops 159.62b yuan

BEIJING - The People's Insurance Company Group of China (PICC), China's second largest insurer, posted 159.62 billion yuan ($24.71 billion) in revenue in the first half of this year, company sources said Sunday.

Premium totaled 137.94 billion yuan, up 10.9 percent from the same period last year, said the PICC's president Wu Yan.

The total assets stood at 500 billion yuan, up 47.7 percent year-on-year, Wu said.

China's National Social Security Fund has invested 10 billion yuan in the PICC, boosting the insurer's progresses to get listed.

According to the Fortune magazine, the PICC ranks in the 288th in the Global Top 500 companies.