20:53, 23-Feb-2018
China Insurance Scandal: Anbang holds assets in financial service, real estate, and lodging
[]
Share
Copied
The Anbang Insurance Group was founded in 2004 as a property insurer. It's now one of the largest insurance groups in the country.
Anbang's subsidiaries mainly deal with insurance, banking, and financial services. The company ranks 139 on the 2017 Fortune Global 500 companies. It owns 3,000 service outlets across 31 provinces, municipalities, and autonomous regions in China, and has over 20 million customers.
Anbang has grown steadily since its founding, and total assets exceed 123 billion US dollars. And it's undoubtedly the biggest one out there buying. Anbang has been pursuing what's been seen as a wild global expansion over the past three years. For example, in 2014, it acquired the Waldorf Astoria New York Hotel. In 2016, it bought US-based Strategic Hotels and Resorts.