China's PICC Group, the country's top non-life insurer, plans to list within five years and double the group's revenue in that period with total assets exceeding 1.5 trillion yuan, a newspaper reported on Thursday.
PICC, the parent of PICC Property and Casualty, said the group's total revenue for 2010 was 264.7 billion yuan ($40.2 billion), an increase of 37 percent, according to the report in the Shanghai Securities News.
Property insurance premium income rose to 150 billion yuan in 2010, an increase of 29 percent over a year ago. Life insurance income was 82.4 billion yuan an increase of 57 percent.
The firm's top executive, Zhou Shurui, said PICC Group is looking for an optimal opportunity to list.