Watchdog Hands Anbang Units to New Insurance Firm

Caixin Global | Jul 11, 2019 at 8:13 PM
  • China’s insurance regulator said Thursday that the newly created Dajia Insurance Group will take over several of Anbang Insurance Group Co. Ltd’.s subsidiaries, the latest move in restructuring the fallen financial star since it was seized by the government.
  • The China Banking and Insurance Regulatory Commission (CBIRC) said in a statement (link in Chinese) that Dajia will receive Anbang’s stakes in its life insurance, annuity insurance and asset management subsidiaries, and some of the assets of its property and casualty insurance unit.
  • Dajia’s general manager will be Xu Jinghui, a deputy leader of the takeover group and former chairman of China Pacific Life Insurance Co. Ltd..