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PICC P&C sells stake to parent

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PICC Property & Casualty Co, China's largest non-life insurer, agreed to sell a 20-percent stake in PICC Asset Management Co to its parent for 171.2 million yuan (US$25 million).

The sale aims to help Beijing-based PICC P&C focus on its non-life insurance operations, the company said Monday.

(Shanghai Daily March 17, 2009)

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