There used to be 1 company named "China People's Insurance Company", which was later split into "China People's Property Insurance Co., Ltd." and "China Life Insurance Co., Ltd." according to national requirements. Later, PICC established "China People's Insurance Holding Co., Ltd." and changed its name to "China People's Insurance Company" in June last year. At present, China Life's total assets are equivalent to five people's insurance companies in China, and PICC obviously lags behind China Life in the market competition.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.