The State Council directly under the four major insurance groups: China PICC Holding Company: referred to as "PICC", which has jurisdiction over PICC P&C Insurance and PICC Life Insurance; China Insurance (Holdings) Co., Ltd.: referred to as "China Insurance" for short, it has jurisdiction over Taiping Life Insurance, Taiping Insurance, Taiping Assets, Taiping Pension, Civil Insurance and China Insurance International (listed in Hong Kong). China Life Insurance (Group) Company: referred to as "China Life" for short, it has jurisdiction over China Life Insurance, China Life Insurance, China Life Insurance Overseas and China Life Insurance. China Reinsurance (Group) Company, referred to as "Zhongzai" for short, has jurisdiction over property reinsurance, life reinsurance, mainland insurance, Zhongzai assets and Huatai insurance. They don't have obvious advantages! Just like the comparison between state-owned enterprises and private enterprises, the investment of state-owned enterprises may be greater and the management mechanism is more standardized!
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.