Anbang Insurance Group News

China’s Anbang to Sell Overseas Properties Worth $10B in Ongoing Rescue: Sources

China’s Anbang Insurance Group Co. Ltd. is looking to offload overseas properties worth about $10 billion to shore up its balance sheet as part of a government-backed rescue, three people with knowledge of the matter said. The sales are likely …

China’s Anbang Weighs Sale of Hexie Health Insurance: Sources

Anbang Insurance Group Co. is weighing a sale of its Hexie Health Insurance Co. unit as the troubled Chinese firm reviews its assets for possible divestment, according to people familiar with the matter. The insurer is in discussions with financial …

China’s Anbang Insurance Eyes Sale of Fidea, as 1st European Divestment: Sources

Anbang Insurance Group Co. is exploring a sale of Belgian insurer Fidea, people with knowledge of the matter said, in what would be the troubled Chinese insurer’s first European divestment since it was seized by the government. Beijing-based Anbang has …

Troubled Chinese Insurer Anbang Interviews Banks About Asset Divestments: Sources

Anbang Insurance Group Co., the troubled Chinese insurer seized by the government, is interviewing investment banks to advise on potential asset divestments, people with knowledge of the matter said. The once-acquisitive insurer plans to hire an adviser to manage the …

China’s Anbang Gets $9.7B Capital Injection to Bolster Solvency After Alleged Fraud

China is injecting 60.8 billion yuan ($9.7 billion) into Anbang Insurance Group Co. as it attempts to contain the fallout after the company’s former chairman was accused of masterminding a multi-billion dollar fraud. The move is aimed at ensuring Anbang’s …

Ex-Chairman of China’s Anbang ‘Doesn’t Deserve Leniency,’ Say Prosecutors

Chinese prosecutors said Wu Xiaohui, the former chairman of Anbang Insurance Group Co., doesn’t deserve leniency as the one-day hearing of a fundraising fraud and embezzlement case against him wrapped up. Wu didn’t make confessions that could justify reduced penalties, …

Former Chairman of China’s Anbang Pleads for Leniency in $10B Fraud Trial

The former chairman of China’s Anbang Insurance Group Co Ltd requested leniency at the end of his high-profile trial in Shanghai for alleged economic crimes, including fraud and embezzlement involving more than $10 billion, according to court statements. Wu Xiaohui …

Anbang’s Former Chairman Goes on Trial, Accused of Masterminding $10.4B Fraud

A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital. The charges in court statements, which …

China’s Anbang ‘Committed’ to Overseas Units After Government Takeover

Anbang Insurance Group Co Ltd. said on Monday it fully supported the Chinese insurance regulator’s decision to temporarily take control of the company and remains committed to the development of its overseas subsidiaries. These are the first comments by Anbang …

Q&A on China’s Takeover of Giant Anbang Insurance

The once-mighty Anbang Insurance Group Co. has been temporarily taken over by China’s regulators and its boss is facing prosecution on charges including fundraising fraud and embezzlement. Anbang’s meteoric rise was fueled by surging sales of high-yield products, which helped …