PICC backs off Shanghai listing, awaits 'appropriate timing'

Insurer has funds to support all subsidiaries, chairman says

People's Insurance Co (Group) of China, one of the nation's largest insurers, probably will suspend its listing plan on the Shanghai stock exchange this year, according to the group's chairman, Wu Yan.

"We think PICC Group should be more strategic in arranging the listing plan at home," Wu said in an exclusive interview with China Daily while attending the two sessions in mid-March.