Business
10:46, 29-May-2018
China's Anbang Insurance starts to select potential shareholders
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After a state-backed bailout, China’s Anbang Insurance says it is operating normally and has begun the selection process for a strategic shareholder.
In a statement on Monday, Anbang reiterated that it has ample cash flow and can fulfill its policy commitments to all customers and fully protect policyholders’ legitimate rights and interests.
In April, China Banking Regulatory Commission approved a 60.8-billion-yuan (9.5-billion-dollar) state capital injection aimed at smoothing Anbang’s transition, making its registered capital reach 61.9 billion yuan (9.67 billion US dollars).
Wu Xiaohui, former chairman of Anbang Insurance Group, was sentenced to 18 years in jail on charges of embezzlement and fraud on May 10.
The China Insurance Regulatory Commission later announced it was taking control of Anbang for one year.
Anbang is ranked 139th on the Fortune 500 list, with registered assets worth 1.97 trillion yuan (310.9 billion US dollars).
Source(s): Reuters