PICC Property and Casualty Co., China's top non-life insurer, said yesterday it planned to boost capital in its fund management venture to 800 million yuan (US$100 million) from 100 million yuan.

PICC, along with subsidiaries of its parent company, will work with partner MEAG, an insurance assets management specialist, to apply for joint stock company status for PICC Asset Management Co.

PICC, along with rivals like Ping An Insurance Co., is trying to broaden its business range and become a full-service financial services provider similar to global giant Citigroup Inc.

(For more biz stories, please visit Industry Updates)