PICC refers to China PICC, the full name of which is China People's Insurance Group Co., Ltd., which is a comprehensive insurance (financial) company and a central financial enterprise. It has several subsidiaries, including PICC P&C Insurance, PICC Life Insurance, PICC Assets, PICC Health and PICC Pension.
Life insurance refers to China Life Insurance, which is called China Life Insurance (Group) Company. It is a central financial enterprise and a state-owned super-large financial and insurance enterprise company. The company's predecessor was the former China People's Insurance Company, which was established in 1949. Its subsidiaries include China Life Insurance Company Limited, China Life Asset Management Company Limited and China Life Property Insurance Company Limited.
The main business areas are different.
Life insurance business covers life insurance, property insurance, enterprise and occupational annuities, overseas business, industrial investment, wealth management and other fields. Life insurance mainly deals in life insurance.
PICC's business scope covers property insurance, life insurance, reinsurance, financial technology, real estate investment and alternative investment, asset management and other fields. PICC's main business is property insurance.