Friday, November 17, 2017

Anbang Life’s credit rating lowered

A Chinese credit rating agency has downgraded the rating of China’s Anbang Life Insurance, three months after the insurance watchdog curtailed the insurer’s operations, and two months since the chairman of its parent firm disappeared from public sight.

Dagong Global Credit Rating lowered the rating by one notch to AA+ due to liquidity pressures and falling investment yields.

Anbang Life has been criticised recently for its allegedly overly risky overseas acquisitions, such as the purchase of New York City’s Waldorf Astoria for US$2 billion.

In June, Anbang Group chairman Wu Xiaohui left his job allegedly to help Chinese authorities with an investigation, some sources said.

According to Dagong Global, Anbang Life has registered a loss in the first half of 2017 and its operating revenue has been dropping quickly.

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