At the same time, the China Banking Insurance Regulatory Commission issued a bulletin saying that Dafang Insurance Group will legally transfer Anbang Life, Anbang Pension and Anbang Asset Management Equity, and set up Dafang Property Insurance, which will legally transfer part of the insurance business, assets and liabilities of Anbang Property Insurance. Anbang Group will do a good job in the payment of stock certificates, fully fulfill the obligations of insurance contracts, and effectively protect the legitimate rights and interests of insurance consumers and all relevant parties. After the reorganization, Anbang Group will not carry out new insurance business.
In February 2018, the former CIRC took over Anbang Group according to law. Eighteen months after taking over, the establishment of the insurance group marked that the risk disposal work of Anbang Group had achieved phased results.
The business scope of the insurance group is to invest in and hold shares of insurance institutions and other financial institutions; to supervise and control various domestic and international businesses of holding investment enterprises; to allow investment businesses and insurance fund utilization businesses by national laws and regulations; to obtain insurance business approved by the China Banking Insurance Regulatory Commission; and to supervise and control various domestic and international businesses of holding investment enterprises; and to obtain insurance business approved by the China Banking Insurance Regulatory Commission and other countries. Other business approved by the relevant departments of the family.
It is worth mentioning that on June 24, China Pacific announced that the board of directors of Taipei Life Insurance received Xu Jinghuis resignation report in writing on June 21, and Xu Jinghui resigned as chairman and director of Taipei Life Insurance for age reasons. In addition, since February this year, China Banking Insurance Regulatory Commission has issued 10 appointments for senior managers of Anbang Group and its subsidiaries, including Yang Xiaoling, deputy general manager of Anbang Group, Shi Hui, deputy general manager of Anbang Property Insurance, Han Jun, assistant general manager Wang Lirong, Liang Xinjie, Jia Bin, Huang Jing, deputy general manager of Anbang Life Insurance, and general manager. Li Assistant Wang Zhiyong, General Manager Wu Jianfei of Anbang Capital Management, Vice General Manager Wu Huasheng, etc.
The CBRC said that during the takeover period, the Anbang takeover team will promote all insurance groups to participate in the reorganization of Anbang Group according to law, provide health, pension and wealth management services to the public, actively introduce qualified strategic investors in accordance with the established direction, and effectively protect insurance consumers and individuals. The legitimate rights and interests of the parties.
Among them, the Anbang takeover team mainly strengthens the first-line management and control, and through comprehensive measures, makes every effort to ensure cash flow safety and effectively safeguards the legitimate rights and interests of consumers. While ensuring stability, according to the principles of legalization and marketization, through public listing and other forms, we resolutely dispose of overseas assets with weak synergy with the main insurance industry, as well as non-core financial licences. At present, more than 1 trillion kinds of assets have been or are being stripped, and the scale of corporate assets has declined significantly.
Admittedly, Anbang Groups slimming is obvious. For example, on July 4, Harmony Health Insurance announced the transfer of 77.698% and 22.302% of the shares held by Anbang Property Insurance and Anbang Group respectively. There are five transferees, including Fujia Group Co., Ltd., Nanjing Yangtze State-owned Investment Group Co., Ltd., Zhuhai Hengqin Investment Co., Ltd., Jinke Real Estate Group Co., Ltd., Liangyun Group Co., Ltd.
Liang Tao said that with the strong support of all parties, the risk disposal work of Anbang Group has achieved phased results, the risk has been initially controlled, there is no risk of disposal, and the legitimate rights and interests of the companys stakeholders have been effectively protected. Next, China Banking and Insurance Regulatory Commission will speed up asset disposal, business transformation, dismantlement and reorganization, handle the risks of Anbang Group in a safe and orderly manner, and win the battle of risk disposal of Anbang Group.
Source: Yang Qian_NF4425, Responsible Editor of Economic Report in the 21st Century