Twenty-nine years ago today, on July 22, 1996 (June 7, 1996 lunar calendar), the People's Insurance (Group) Company of China was established. According to the reform plan of the State Council, the establishment of the People's Insurance Company of China was successfully completed before the working day, and the People's Insurance (Group) Company of China was officially announced. China Insurance Group is the first insurance group company in our country. Its establishment is a milestone in the history of China's insurance industry, engraved with the development and achievements of the People's Insurance Company of China for 46 years. PICC is the largest state-owned insurance company in China. During the "Eighth Five-Year Plan" period, the income of various insurance premiums reached 201 billion yuan, which was 3.5 times that of the insurance premium income during the "Seventh Five-Year Plan" period, and the average annual increase was 26%. By 1995, PICC had assumed liability risk of 9.1389 trillion yuan, insurance premium income of 47.60 billion yuan, and assets of 102.90 billion yuan, forming a network of institutions covering the whole country and radiating overseas. From January to June this year, insurance premium income from domestic self-operated business was 29.11 billion yuan, an increase of 15.4% over the same period last year. China Insurance Group is directly responsible to the State Council and is under the leadership, supervision and management of the People's Bank of China. Its financial management is the responsibility of the Ministry of Finance. China Insurance Group consists of China Insurance Property Insurance Co., Ltd., China Insurance Life Insurance Co., Ltd., and China Insurance Reinsurance Co., Ltd. The existing overseas insurance institutions are directly under China Insurance Group as independent entities and continue to operate overseas insurance business. China Insurance Group and 3 professional companies are corporate legal persons. Zhongbao Group invests in and conducts leadership, management and supervision of its subsidiaries in the form of a holding company.