PICC Group, one of China's largest insurance groups, will spend three to five years to build a new business model combining insurance, tech and services, with the focus on risk and wealth management, the company's chairman Miu Jianmin said on Thursday.

The group disclosed a package of 131 innovation-driven measures and mapped out schedules for each key project, which are aimed to turn the company into one of the leading innovative financial groups globally by 2025, according to Miu Jianmin.

"As one of the most important subsidiaries of the group, PICC Property and Casualty Co Ltd will strive to keep its synthetic fund cost rate competitive with its international peers and boost the proportion of the nonautomotive insurance," said Miu.

Industry statistics show that PICC Property and Casualty's nonautomotive insurance sector has been growing in the past three years, increasing from 31.8 percent in the first three quarters of 2017 to 36.9 percent in the same period of 2018 and then 43 percent this year.

As for the life insurance sector, PICC Life Insurance Co Ltd aims to see its proportion of regular premium to reach 90 percent of 2022. Usually, the higher portion of the regular premium indicates the greater potential of the total premium income.