Anbang Insurance Group
|
Native name
|
安邦保险集团 |
|---|---|
| private | |
| Industry | Financial services |
| Founded | 2004 |
| Headquarters | Beijing, China |
|
Area served
|
People's Republic of China |
|
Key people
|
Wu Xiaohui, Chairman & GM |
| Products | Diversified Insurance |
| Website | http://en.anbanggroup.com/ |
Anbang Insurance Group (Chinese: 安邦保险; pinyin: Ānbāng bǎoxiǎn) is a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services. The company was founded in 2004 as a regionally based property insurance business with its headquarters in Beijing. 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.
As of February 2015, the company had assets worth more than CN¥800 billion (US$123 billion). The Financial Times has described Anbang as "one of China’s most politically connected companies."
Anbang Insurance has more than 30,000 employees in China and is engaged in offering various kinds of insurance and financial products.
The Chairman, Wu Xiaohui, was detained in Beijing by government authorities on June 8, 2017 as an investigation of Anbang's activities.
The company holds a geographically diversified portfolio of assets in financial services real estate and lodging.
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 Hotels and Resorts Worldwide. Other members of the consortium included J.C. Flowers & Co and Primavera Capital Group. The latter is headed by Fred Hu, the former Chairman of Greater China at Goldman Sachs. The bid was ultimately unsuccessful. In 2017, the company also ended talks to invest billions of dollars in a Manhattan office tower (666 5th Avenue) owned by the family of Jared Kushner, President Trump’s son-in-law and a senior White House aide.
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Wikipedia