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 …
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 …
The Chinese government on Friday seized control of Anbang Insurance Group Co. Ltd and said its chairman had been prosecuted, dramatically illustrating Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk. Anbang had violated laws and …
In the last two years, more than 30 global asset managers have been awarded licenses to set up wholly-owned units in China as they sought a share of the country’s $1.5 trillion private fund management market. Yet only about half …
A surge in Ping An Insurance (Group) Co.’s shares this year has made it the world’s second-largest insurer by market value behind only Berkshire Hathaway Inc. And the rally may not be done yet. Shares of the Chinese insurer, which …
A unit of state-owned China Taiping Insurance Group is in advanced talks to acquire a newly built office tower in Hong Kong from Henderson Land Development Co., according to people with knowledge of the matter. China Taiping is negotiating to …
Ping An Insurance Group Co of China , the country’s second-largest insurer by market value, on Thursday reported its biggest half-yearly profit in at least a decade on robust growth in life insurance premiums. The strength in Ping An’s life …
The Chinese insurer that bought New York City’s Waldorf Astoria Hotel is fighting an accusation by China’s leading business magazine that it lied about its finances. The report by Caixin follows a series of foreign acquisitions by Anbang Insurance Group …
China’s insurance regulator is considering an industry shake-up that could see the biggest and most solvent firms resuming an overseas expansion, while smaller, riskier insurers would come under tighter scrutiny. The plan being discussed would see the China Insurance Regulatory …
A regulatory clampdown on speculation by insurers and new limits on outbound capital flows are causing one of China’s most acquisitive industries to hit the brakes. Chinese insurers, after announcing almost $100 billion of deals over the past three years, …
