Anbang

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Anbang Insurance Group
Native name
安邦保险集团
Private
Industry Financial services
Founded 2004; 14 years ago (2004)
Headquarters Beijing, China
Area served
China
Key people
Wu Xiaohui, Chairman & GM
Products Diversified Insurance
Website www.anbanggroup.com

Anbang Insurance Group (Chinese: 安邦保险集团; pinyin: Ānbāng Bǎoxiǎn Jítuán) is 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 has 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.[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]

Overseas acquisitions[edit]

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.[18] Other members of the consortium included J.C. Flowers & Co and Primavera Capital Group.[19][20] The latter is headed by Fred Hu, the former Chairman of Greater China at Goldman Sachs.[21][22] The bid was ultimately unsuccessful.[23] 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.[24]

References[edit]

  1. ^ "About Anbang Insurance Group Co., Ltd". 
  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. ^ a b "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. "Morning Agenda: Anbang Chairman Detained". 
  8. ^ "China Sentences Anbang's Wu Xiaohui to 18 Years in Prison". Fortune. Retrieved 2018-05-24. 
  9. ^ "New York Waldorf hotel's owner Anbang buys Dutch insurer Vivat - FT.com". Financial Times. Retrieved 2016-03-17. 
  10. ^ Mundy, Simon (2015-02-17). "China's Anbang steps up buying spree with $1bn Tongyang deal". Financial Times. ISSN 0307-1766. Retrieved 2016-03-17. 
  11. ^ "China's Anbang wins CFIUS approval to buy Fidelity & Guaranty Life". Reuters. 2016-03-15. Retrieved 2016-03-17. 
  12. ^ "Chinese investors snag Vancouver's biggest real estate prize: All four towers of the Bentall Centre". Financial Post. 2016-02-17. Retrieved 2017-08-02. 
  13. ^ "Here's How Anbang Can Unwind Its $10 Billion Deal Spree". Bloomberg.com. 2017-08-01. Retrieved 2017-08-02. 
  14. ^ Yu, Hui-Yong (13 March 2016). "Blackstone Said to Sell Hotels to Anbang for $6.5 Billion". Bloomberg Business. 
  15. ^ Wu, Kane. "China's Anbang to Buy Allianz's Korean Operations After Dropping Starwood Bid". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-04-08. 
  16. ^ Ralph, Oliver (2016-04-06). "Anbang to acquire Allianz's South Korea operations". Financial Times. ISSN 0307-1766. Retrieved 2016-04-08. 
  17. ^ https://www.theglobeandmail.com/news/national/chinese-company-anbang-buys-stake-in-bc-based-retirement-home-chain/article33065536/
  18. ^ "Starwood receives nearly $14 billion buyout bid from Chinese group". 
  19. ^ "Anbang Insurance: The Chinese Company You Never Heard Of That's Trying To Take Over U.S. Hotels". Forbes. Retrieved 2016-03-16. 
  20. ^ Ting, Deanna; 14, Skift-Mar; Pm, 2016 4:00. "New Starwood Takeover Bid: The Players Behind the $14 Billion Offer". Skift. Retrieved 2016-03-16. 
  21. ^ "Primavera Capital Group". www.primavera-capital.com. Retrieved 2016-03-16. 
  22. ^ Carew, Rick; Steinberg, Julie; Jamerson, Joshua. "Starwood Gets Offer From Group Led by Anbang, Threatening Marriott Deal". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-03-16. 
  23. ^ Sender, Henny; Massoudi, Arash; Weinland, Don (2016-04-05). "Inside the deal: How Anbang's chairman Wu nearly landed Starwood". Financial Times. ISSN 0307-1766. Retrieved 2016-04-08. 
  24. ^ Forsythe, Michael; Bagli, Charles V. (2017-03-29). "No Deal Between Kushners and Chinese Company Over Fifth Avenue Skyscraper". The New York Times. ISSN 0362-4331. Retrieved 2017-06-16. 

External links[edit]