China 

China’s Anbang dismantling continues with new state-owned firm taking over insurance assets

China’s dismantling of the Anbang Insurance Group has continued with the newly established state-owned Dajia Insurance Group taking over its property and casualty insurance assets, the Chinese Banking and Insurance Regulatory Commission said on Thursday.Dajia is a joint venture between the China Insurance Security Fund, Sinopec Group and SAIC Motor, with a total investment of 20.36 billion yuan (US$3 billion), the Chinese Banking and Insurance Regulatory Commission (CBIRC) confirmed. It also… Source link

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Anbang asset disposal gets underway as domestic insurance unit is sold to group of five buyers

Anbang Group has sold its entire stake in Hexie Health Insurance, reflecting the first asset disposal since the state seizure of the conglomerate that was once among China’s most aggressive leveraged buyers of overseas assets.Five buyers including Fujia Group, a privately held company with holdings ranging from petrochemicals to finance, bought the health-insurance unit, according to a statement posted on the website of the Insurance Association of China on Thursday. The stake transfer was… Source link

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Anbang explores sale of Manhattan office tower, Chinese insurer as it unwinds overseas acquisitions

Anbang Insurance Group, which symbolised the era of mega-acquisitive Chinese companies that later had to reverse their buying binges, is continuing to whittle down its empire. The Beijing-based conglomerate is exploring the sale of the Manhattan office building that houses its US headquarters, according to people with knowledge of the plans. It’s also in advanced talks to sell its domestic health-insurance arm to Fujia Group, a petrochemicals-to-finance group in northeastern China’s Liaoning province, other people familiar with the matter said. After being temporarily seized by the nation’s insurance regulator last…

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Dismantling of troubled Chinese insurer Anbang continues as it sells bank stake for US$2.4 billion

Anbang Insurance Group is asking 16.8 billion yuan (US$2.4 billion) for its controlling stake in a commercial bank as the dismantling of one of China’s biggest private conglomerates continues. Anbang is opening up an auction to sell the 35 per cent stake it owns in Chengdu Rural Commercial Bank, according to a filing to the Beijing Financial Assets Exchange on Wednesday. The buyer will have to make sure half the agreed deal value is paid into a designated bank account within 10 working days of any deal, according to the…

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