The Hong Kong initial public offering planned by People’s Insurance Company of China (PICC) could raise between US$ 3 billion and US$ 4 billion and become the biggest deal in the Asia-Pacific region this year.

Founded in 1949, PICC was one of the first state-owned insurers in the rapidly expanding Chinese market and ranks as the country’s largest non-life insurer, with a significant presence in the property and casualty sector.