Chinese authorities in Anbang sale talks: reportNovember 6 2019 by InsuranceAsia News Staff
China is understood to be in talks to sell all, or part, of its 98% stake in Dajia Insurance, the group formerly known as Anbang which is now owned by the state, according to the Financial Times.
The potential buyers are from state-owned enterprises or from the private sector; previous talks with potential foreign investors didn’t lead to a deal and any potential price is unclear.
In addition to assets in China, the financial services giant owns the Waldorf Astoria in New York and insurance assets in South Korea.
Last year, the company had a US$10 billion bailout from the China Insurance Security Fund and Anbang was renamed Dajia Insurance; its founder and chairman Wu Xiaohui was sent to jail for 18 years last year.
Dajia Insurance Group announced four subsidiaries to takeover Anbang’s asset in June. The four subsidiaries cover life, P&C, annuities and asset management. Anbang Life will be renamed Dajia Life; Anbang Pension, as Dajia Pension; and Anbang Asset Management as Dajia Asset Management
Dajia P&C has Rmb4 billion (US$560 million) of registered capital, providing cover for property loss, liability, credit and guarantee, short-term health, and accident and injury, as well as reinsurance.
The China Banking and Insurance Regulatory Commission has permission to look after the troubled insurer until at least February 22 2020.
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