CHINA APPROVES RESTRUCTURING OF PICC ASSET MANAGEMENT

The China insurance Regulatory Commission (CIRC) has approved the restructuring of PICC Asset management, a subsidiary of Chinese insurer PICC P&C, into a joint stock company with limited liability. Its registered capital will be increased to 800m yuan. Under the restructuring, PICC Holdings will have a 41% stake, PICC P&C will have a 20% stake and Munich Re Asset Management will have a 19% stake. PICC Health will put in 80m yuan for a 10% holding, as will PICC Life.