The more you own, the more you want to protect it. Pledge to double incomes, as Hu Jintao, China’s President, did recently, and insurers should only benefit. PICC, the people’s insurer founded the same month as the people’s republic, is coming to market. But its use of a record number of banks and the fact that more than half the shares have been pledged in advance to big institutions suggest the company does not think this an easy sell. Nor should other investors.