China Life Insurance (Group) Company, formerly known as China People's Insurance Company, was established in 1949. In 1996, it was divided into PICC Life Insurance Co., Ltd., and changed its name to China Life Insurance Company in 1999. In 2003, with the consent of the State Council and the approval of China Insurance Regulatory Commission, the original China Life Insurance Company was reorganized and changed to China Life Insurance (Group) Company.

The former China People's Insurance Company is now China People's Insurance Group Co., Ltd. (PICC). It also has more than a dozen branches, including PICC P&C Insurance Company, PICC Health Insurance Company, PICC Life Insurance Company and investment company.

To sum up, life insurance was split by PICC for policy reasons.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.