PICC Reinsurance Company Limited announced that it has entered into a capital increase agreement to raise CNY 1,999,999,986 in an equity financing on October 13, 2023. The transaction will include participation from returning investors, The People's Insurance Company (Group) of China Limited will invest CNY 1,019,999,992.86 and PICC Property and Casualty Company Limited will invest CNY 979,999,993.14. Upon the completion of the capital increase, the shareholding pattern of The People's Insurance Company (Group) of China Limited and the PICC Property and Casualty Company Limited in company will remain unchanged, representing 51% and 49%.