AN-BANG INSURANCE GROUP CO., LTD

Anbang Insurance Group Co., Ltd

Anbang Insurance Group Co., Ltd. (hereinafter referred to as "Anbang insurance") is one of the comprehensive group companies in China's insurance industry. It has a variety of businesses including property insurance, life insurance, health insurance, asset management, insurance agent sales, insurance brokerage, etc., including Anbang Property Insurance Co., Ltd., Anbang Life Insurance Co., Ltd., and harmonious health insurance Co., Ltd And Anbang Asset Management Co., Ltd.

On February 23, 2018, Wu Xiaohui, former chairman and general manager of Anbang Insurance Group Co., Ltd., was prosecuted for suspected economic crimes. In view of Anbang group's violation of laws and regulations, which may seriously endanger the company's solvency, in order to maintain Anbang group's normal operation and protect the legitimate rights and interests of insurance consumers, in accordance with the relevant provisions of the insurance law of the people's Republic of China, the CIRC decided to take over Anbang group from February 23, 2018 for a period of one year.

On September 14, 2020, Anbang Insurance Group Co., Ltd. plans to dissolve and liquidate.

Historical evolution

In 2004, Anbang Property Insurance Co., Ltd. (hereinafter referred to as "Anbang property insurance") was officially established and opened its first branch in Beijing

In 2005, it signed strategic cooperation agreements with Shanghai General Motors and industrial and Commercial Bank of China, with premium income exceeding 1 billion yuan. 22 branches in Liaoning, Fujian, etc. opened, basically completing the laying of business network nationwide

In 2006, the company carried out the measures of "payment at sight" and "zero receivable" in the whole industry, which were recognized by CIRC and promoted the development of the industry. Seven branches in Tianjin, Jilin and other provinces opened one after another, and ABCC Club officially launched the national market operation

In 2007, the accumulated premium exceeded 10 billion, and the GPS system project was successfully completed, realizing the nationwide centralized management and scheduling

In 2008, China Insurance Regulatory Commission approved Anbang property insurance to carry out telemarketing business in 37 branches across the country. Anbang property insurance is the first enterprise in the property insurance industry to be allowed to carry out telemarketing in all provinces of the country at the same time

In 2009, the registered capital of Anbang Property Insurance Co., Ltd. was changed to 5.1 billion yuan, and the accumulated premium exceeded 20 billion yuan

In 2010, Anbang Life Insurance Co., Ltd. was established. So far, Anbang insurance has owned multiple licenses of property insurance, life insurance, health insurance, etc. the embryonic form of Anbang insurance financial group has basically formed. It has acquired Redford Health Insurance Co., Ltd. and renamed "harmony health insurance Co., Ltd."

In 2011, the registered capital of Anbang Property Insurance Co., Ltd. was changed to 12 billion yuan, ranking second in the industry. The CIRC approved the group reorganization of Anbang property insurance, and the establishment of Anbang Asset Management Co., Ltd. and harmonious Insurance Sales Co., Ltd

Anbang Insurance Group Co., Ltd. was established in 2012

Anbang Endowment Insurance Co., Ltd. was established with the approval of CIRC in 2013. Anbang insurance group has become a comprehensive insurance group with full license.

In 2014, Anbang Insurance Group acquired the Waldorf Astoria Hotel in New York for us $1.95 billion. In addition, it wholly acquired fidea, a 100 year old insurance company in Belgium.

On July 2, 2018, Anbang property insurance and harmonious health insurance signed a share transfer agreement on June 29. Anbang property insurance transferred its 1.259 billion a shares of the company to harmonious health.

On September 14, 2020, Anbang Insurance Group Co., Ltd. held a general meeting of shareholders, which decided to dissolve the company and set up a liquidation group (Preparatory). In the next step, the company will apply to the CIRC for dissolution in accordance with laws and regulations, and organize liquidation in a timely manner after obtaining relevant administrative permission.

corporate culture

Anbang insurance advocates the corporate culture of "water culture", "family culture" and "Internet culture"; pays attention to the value-added concept of customers, employees and shareholders; and actively undertakes social responsibility in the development, participates in public welfare and charity, and becomes an outstanding corporate citizen.

Company events

On February 23, 2018, Wu Xiaohui, former chairman and general manager of Anbang Insurance Group Co., Ltd., was prosecuted for suspected economic crimes. In view of Anbang group's violation of laws and regulations, which may seriously endanger the company's solvency, in order to maintain Anbang group's normal operation and protect the legitimate rights and interests of insurance consumers, in accordance with the relevant provisions of the insurance law of the people's Republic of China, the CIRC decided to take over Anbang group from February 23, 2018 for a period of one year.

On March 28, 2018, Shanghai No.1 Intermediate People's court held a public session in accordance with the law to hear the case of the first branch of Shanghai People's Procuratorate accusing Wu Xiaohui, former chairman and general manager of Anbang Insurance Group Co., Ltd. (Anbang group) of fund-raising fraud and duty embezzlement. The first branch of Shanghai People's Procuratorate sent its staff to court to support the public prosecution, and the defendant Wu Xiaohui and his defenders attended the lawsuit.

On May 10, 2018, Shanghai No.1 Intermediate People's Court issued a public sentence of first instance on the defendant Wu Xiaohui's case of fund-raising fraud and official embezzlement. Wu Xiaohui was sentenced to 15 years' imprisonment for the crime of fund-raising fraud, deprivation of political rights for four years and confiscation of property of RMB 9.5 billion; Wu Xiaohui was sentenced to 10 years' imprisonment for the crime of official embezzlement and confiscation of property of RMB 1 billion He was sentenced to 18 years' imprisonment, deprived of political rights for four years, and confiscated 10.5 billion yuan of property, and his illegal gains and fruits were recovered.

On September 14, 2020, Anbang Insurance Group Co., Ltd. held a general meeting of shareholders, which decided to dissolve the company and set up a liquidation group (Preparatory).

Chinese PinYin : An Bang Bao Xian Ji Tuan Gu Fen You Xian Gong Si