China will legally end its takeover of Anbang Insurance as the new insurance group can basically operate normally, the country's banking and insurance regulator announced on Saturday.

Anbang Insurance Group was taken over by the regulator in February 2018 in light of the company's former chief being prosecuted for economic crimes.

Initially set for one year, the takeover was extended for another year, ending today, February 22.

In July last year, China created a new entity, Dajia Insurance Group, to take over Anbang insurance operations.

The Beijing-based company had 20.36 billion yuan (2.96 billion U.S. dollars) of registered capital and was jointly established by the China Insurance Security Fund Co., Ltd., China Petrochemical Corporation and Shanghai Automotive Industry (Group) Corp., said the China Banking and Insurance Regulatory Commission (CBIRC) on its website.

The Dajia Insurance Group now holds a stake in Anbang Insurance's units of life insurance, pension insurance, and asset management. Meanwhile, a property insurance company was formed to take over part of the business, assets, and liabilities of Anbang property insurance, according to the CBIRC.

Last year, the enterprise achieved a total of 5.57 billion yuan insurance premiums and now is actively introducing strategic investors.

(With input from Xinhua)