PICC Property & Casualty to hit premium income target for 2008

PICC Property & Casualty Co (PICC P&C)<2328>, China's largest non-life insurer in terms of premium, will hit its premium income target of RMB 100 billion (US$14.6 billion) for 2008, the Shanghai Daily reported, citing Wang Yincheng, president with PICC P&C, as saying.

PICC P&C will probably realize the sales goal as early as Dec. 20, said Wang, adding that the company wasn't affected much by the global credit crunch. PICC P&C sold Lehman Brothers Holdings and American International Group (AIG) securities at "the earliest time possible", according to Wang.

The Chinese insurer holds approximately US$100 million in overseas investments, sources reported.

Shares of PICC P&C jumped 8.55% to close at HK$2.92 on Monday.