Anbang Insurance Group Receives $9.65 Billion Capital Injection from China Insurance Protection Fund
Anbang Insurance Group will receive capital injection of CNY 60.8 billion ($9.65 Billion) from China’s Insurance Protection Fund to ensure its solvency. The group’s ex-chairman, Wu Xiaohui has admitted to fundraising fraud and embezzling more than US$10 billion.
” Anbang Insurance Group Receives $9.65 Billion Capital Injection from China Insurance Protection Fund “
In February 2018, the Chinese government had seized control of Anbang Insurance Group. Anbang Insurance Group is being managed by a group of officials from the China Insurance Regulatory Commission (CIRC) for one year. The regulatory intervention is one of China’s recent moves to stop Chinese conglomerates on aggressive overseas acquisition and to reduce financial risk. The insurance conglomerate have significant stakes in banks and property developers including China Minsheng Banking Corp Ltd, China Merchants Bank Co Ltd, developers China Vanke Co Ltd and Gemdale Corp.
The Insurance Protection Fund was set up to protect policyholders in the event of an insurer going bankrupt. It is managed by China Insurance Regulatory Commission (CIRC). The rescue fund is a non-government fund, and will only hold the equity stake temporarily. The company will be inviting private companies in the area of pension insurance, healthcare, Internet and technology, and those that share synergic resources with its core insurance business to participate in future private placements.
About Anbang Insurance Group
Anbang Insurance Group is a global insurance company with total assets of nearly 1971 billion RMB. With over 30,000 employees and a customer base of 35 million worldwide, Anbang stands out as one of the most profitable insurance companies in China. Its business covers life insurance, P&C insurance, health insurance, pension insurance, banking, asset management, etc. With a “customer-centric” strategy in mind, Anbang Insurance is dedicated to creating value for its worldwide customers.
Visit: Anbang Insurance Group
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