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Anbang

Chinese financial services company From Wikipedia, the free encyclopedia

Anbang
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Anbang Insurance Group (Chinese: 安邦保险集团; pinyin: Ānbāng Bǎoxiǎn Jítuán) was a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services based in Beijing. As of February 2017, the company had assets worth more than CN¥1.9 trillion (US$301 billion).[1] The Financial Times described Anbang as "one of China’s most politically connected companies."[2]

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Anbang was founded by Wu Xiaohui in 2004 as a regional car insurance company. Chen Xiaolu, a prominent princeling and son of Marshal Chen Yi, served as an early director, although Chen stated that he was merely an advisor and not a shareholder.[3] Its founding shareholders included state-owned car maker Shanghai Automotive Industries Corp., which held a 20% stake. In 2005, state-owned oil company Sinopec bought a 20% share in Anbang.[4]

Anbang has more than 30,000 employees in China and is engaged in offering various kinds of insurance and financial products.[5][6]

Anbang's chairman, Wu Xiaohui, was detained in Beijing by government authorities on June 8, 2017, as an investigation of Anbang's activities.[7] In February 2018, China's insurance regulator took control of Anbang, and Wu was prosecuted. On May 10, 2018, Wu Xiaohui was sentenced to 18 years of imprisonment after he was found guilty of fraud and embezzlement.[8]

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Overseas acquisitions

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The company holds a geographically diversified portfolio of assets in financial services, real estate and lodging.

  • In 2016, Anbang purchased Retirement Concepts, a Canadian company with 24 retirement homes in British Columbia, Calgary and Montreal.[17] The company was later criticised after three of the retirement homes on Vancouver Island were put under the management of the health authority due to reported inadequate care of facility residents in December 2019.[18]

Anbang has also made large-scale bids that did not culminate in a transaction. On March 14, 2016, a consortium led by Anbang made a US$14 billion offer for Starwood.[19] Other members of the consortium included J.C. Flowers & Co and Primavera Capital Group.[20][21] The latter is headed by Fred Hu, the former chairman of Greater China at Goldman Sachs.[22][23] The bid was ultimately unsuccessful.[24] In 2017, the company also ended talks to invest billions of dollars in a Manhattan office tower (666 Fifth Avenue) owned by the family of Jared Kushner, President Trump’s son-in-law and a senior White House aide.[25]

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Liquidation

On 14 September 2020, Reuters reported that Anbang would disband and liquidate the company.[26]

References

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