Anbang

For the room in traditional Korean architecture, see Anbang (room).
Anbang Insurance Group
Native name
安邦保险集团
Company typePrivate
IndustryFinancial services
Founded2004; 20 years ago (2004)
Defunct2020
Headquarters
Beijing
,
China
Area served
China
Key people
Wu Xiaohui, Chairman & GM
ProductsDiversified Insurance
Websitewww.anbanggroup.com

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]

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]

  1. ^ "About Anbang Insurance Group Co., Ltd". Archived from the original on 2018-05-11. Retrieved 2018-05-11.
  2. ^ Massoudi, Arash; Fontanella-Khan, James (2016-03-13). "China's Anbang agrees $6.5bn hotel deal with Blackstone". Financial Times. ISSN 0307-1766. Retrieved 2016-03-16.
  3. ^ Gan, Nectar (2018-03-01). "Chinese princeling and Anbang 'adviser' Chen Xiaolu dies at 71". South China Morning Post. Retrieved 2018-03-07.
  4. ^ "Chinese insurer has global ambitions". SFGate. Retrieved 2016-03-17.
  5. ^ Stahl, George (28 March 2016). "WSJ: What is Anbang Insurance?". Wall Street Journal. Retrieved October 13, 2016.
  6. ^ Weinland, Don (July 17, 2016). "Financial Times: New wealth management products power Anbang and rivals". Retrieved July 18, 2016.
  7. ^ Tsang, Aime (14 June 2017). "Morning Agenda: Anbang Chairman Detained". The New York Times.
  8. ^ "China Sentences Anbang's Wu Xiaohui to 18 Years in Prison". Fortune. Retrieved 2018-05-24.