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Financials

China's revamped Anbang Group nears decision on introducing strategic investors-regulator

BEIJING, Feb 22 (Reuters) - China’s banking and insurance regulator said on Saturday it had finished running Anbang Group, and the revamped entity Dajia Insurance Group was close to a decision on a batch of strategic investors.

The Chinese government took control of Anbang in February, 2018, part of sweeping campaign to reduce financial risks.

Dajia Insurance Group, a new company formed to take over assets from Anbang, will remain privately owned, China’s Banking and Insurance Regulatory Commission said in a statement. Some 1.5 trillion yuan short-term insurance sold by Anbang have all been paid out without missed payments or defaults, it added.

The regulator added most of non-core financial assets under Anbang Group have been divested. (Reporting by Cheng Leng; Yilei Sun and Shivani Singh; Editing by Alex Richardson)

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