Premium income at PICC Property & Casualty Co, China's largest non-life insurer, will beat their 100-billion-yuan (US$14.6 billion) target this year, President Wang Yincheng said.

The sales target may be reached as early as December 20, Wang said in Beijing yesterday. The company had "no loss" from the global financial turmoil as it sold Lehman Brothers Holdings and American International Group securities at "the earliest time possible," said Wang. The insurer holds about US$100 million in overseas investments.

(Shanghai Daily December 1, 2008)