The China Banking and Insurance Regulatory Commission (CBIRC) has given its approval to the establishment of a new insurance group in China to take over the operations of the beleaguered Anbang Insurance Group.
CBIRC announced on 8 July that it had given its approval to the establishment of Dajia Insurance Group (大家保险集团) with registered capital of 20.36 billion yuan.
A key motive behind the founding of Dajia Insurance Group is the transfer of the assets and operations of Anbang Insurance Group, which was taken over by the Chinese insurance regulator in February 2018 following the arrest of chairman Wu Xiaohui in Beijing on 8 June 2017.
Wu was subsequently sentenced to an 18-year prison term on 10 May 2018 for fraud and embezzlement.
Dajia Insurance Group will take over equity in Anbang Life (安邦人寿), Anbang Aged Care (安邦养老) and Anbang Asset Management (安邦资管), as well as establish Dajia Caixian (大家财险) to lawfully take over some of the assets, liabilities and insurance operations of Anbang Caixian (安邦财险).
Dajia Insurance Group’s legal representative will be He Xiaofeng (何肖锋) and it will be headquartered in Beijing’s Chaoyang district, while its official business scope will include investing in and holding shares in insurers and other financial institutions, and the supervision and management ofthe domestic and foreign operations of its share-controlled investment enterprises.
The capital contributors for Dajia Insurance are China Insurance Security Fund Co., Ltd., SAIC Motor Corporation Limited and Sinopec.