PICC gets approval for $1.6b float

Regulators approve insurance giant's plans to list on Shanghai bourse

The People's Insurance Co (Group) of China Ltd, the country's largest property and casualty insurer by premium income, has received regulatory approval to raise at least $1.6 billion through a long-delayed IPO on the Shanghai Stock Exchange.

The China Securities Regulatory Commission approved PICC's listing plan on Tuesday, meaning that the State-owned insurer will finally be able to list its shares on the mainland A-share market six years after it went public in Hong Kong. The IPO will be the largest share offering on the mainland so far this year.