PICC Holdings renamed its company as the People's Insurance Company (Group) of China, showing its commitment to further integrate its property and casualty insurance, life insurance, health insurance, asset management and broking business. The country's first insurance company, People's Insurance Company Group has eight subsidiaries and 12,000 outlets, with 160 billion yuan (US$20.97 billion) under its management. Its life insurance arm boosted its registered capital from 1 billion yuan to 2.9 billion yuan, making it the fifth-largest in terms of capital base.