Friday, November 24, 2017

Anbang returns to more traditional business model

Despite a three-month ban, Anbang Insurance Group is preparing a new array of services and products for its customers, to launch when the ban expires.

Anbang will go back to the basics by applying a more traditional approach to its business, in contrast to the earlier company practice of funding a global buyout spree through sales of high yield investment products.

Anbang’s new portfolio will have more than 20 new products, according to a company spokesman, the majority of which are plain, vanilla, protection-type policies, and sales are due to start in the next couple of months.

Experts say Anbang’s pivot to a more conservative business model shows that the Chinese government’s strong stance against financial risk and its crackdown against overly risky financial practices is working.

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Zainudin Ishak, Malaysian Re

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