The People's Insurance Company (Group) of China: Social Security Fund to reduce its holdings by no more than 884 mln shares

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Photo/Shetuwang

NBD AI Bulletin -- The People's Insurance Company (Group) of China Limited (the Company, SH 601319, closing price: 8.25 yuan) announced on July 9 that, according to the National Council for Social Security Fund of China (Social Security Fund)'s asset allocation and investment needs, the fund plans to reduce no more 884 million unlimited outstanding A shares (no more than 2% of the Company's total shares) through centralized bidding or block trading within 6 months after 15 days from the date of this announcement, which were bought in June 2011. As of the end of June 2020, the fund, which is the Company's second-largest shareholder, holds a total of 7,315,610,975 shares of the Company's A-shares and H-shares, accounting for approximately 16.54% of the Company's total shares.

According to the 2019 annual report, the People's Insurance Company (Group) of China Limited mainly engages in property insurance, asset insurance, motor vehicle insurance, life insurance, accident and health insurance, dividend-based life insurance, agricultural insurance, liability insurance, general life insurance, credit insurance, health insurance, corporate property insurance, other types of insurance, freight insurance, accident insurance, universal life insurance, accounting for 77.98%, 77.98%, 47.33%, 17.67%, 10.37%, 9.47%, 5.54%, 4.9%, 4.22%, 4.1%, 3.62%, 2.73%, 2.29%, 0.72%, 0.33%, and 0.02% of its revenue, respectively.

The People's Insurance Company (Group) of China Limited is Miao Jianmin, male, a doctoral supervisor at the Chinese Academy of Social Sciences, and a master's supervisor at PBC School of Finance, Tsinghua University, Peking University and Central University of Finance and Economics. The president of the People's Insurance Company (Group) of China Limited is Wang Tingke, 55 years old, graduated from School of Economics and Finance of Xi'an Jiaotong University in July 1995, with a doctoral degree in Economics.

(By Tan Yuhan)

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