FINANCE

Chinese Insurer Auctions Former Sino-U.S. Joint Venture for 1 Yuan

Published: Jun. 30, 2026 5:08 p.m. GMT+8

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PICC Life Insurance Co. Ltd. Photo: VCG

PICC Life Insurance Co. Ltd. is auctioning a sales unit — once a joint venture with American International Group Inc. (AIG) — for a nominal 1 yuan (15 U.S. cents) as a sweeping regulatory cleanup reshapes China’s insurance sector.

The fire sale on the China Beijing Equity Exchange comes with a catch: The buyer must cover more than 13 million yuan in debt and unpaid wages within five working days.

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PICC Life auctioning a sales unit for 1 yuan; buyer must cover over 13 million yuan in debt.
Unit, once a JV with AIG, had negative net assets of 7.4m yuan and suspended operations in 2023.
Sale reflects regulatory cleanup; 60 intermediary licenses revoked in 2024-2025.

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Who’s Who

PICC Life Insurance Co. Ltd.: PICC Life Insurance Co. Ltd. is auctioning a former joint venture with AIG for 1 yuan, requiring the buyer to cover over 13 million yuan in debt. The unit, wholly owned by PICC after AIG exited in 2022, suspended operations in 2023. This reflects China's regulatory-driven consolidation of insurance intermediaries.

American International Group Inc.: American International Group Inc. (AIG) was a joint venture partner with PICC Life Insurance in China-US Insurance Advisory Co. Ltd., established in 2014. AIG exited the partnership in 2022, leaving the unit wholly owned by PICC Life, which is now auctioning it at a nominal price.

China-US Insurance Advisory Co. Ltd.: China-US Insurance Advisory Co. Ltd., established in 2014, suspended operations in 2023. Wholly owned by PICC Life after AIG exited in 2022, it reported negative net assets of 7.4 million yuan. The company is being auctioned for 1 yuan, requiring the buyer to cover over 13 million yuan in debt.

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What Happened When

2014：: China-US Insurance Advisory Co. Ltd. established as a joint venture to pioneer new marketing models.

2022：: American International Group Inc. (AIG) exited the partnership; PICC Life Insurance Co. Ltd. became the sole owner.

2023：: China-US Insurance Advisory Co. Ltd. suspended operations.

2024 and 2025：: Regulators revoked 60 intermediary licenses.

Current (as of article publication)：: PICC Life Insurance Co. Ltd. is auctioning the sales unit for a nominal 1 yuan, with the requirement that the buyer cover over 13 million yuan in debt and unpaid wages within five working days.

AI generated, for reference only