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, CEO |
| Products | Diversified Insurance |
| Website | [1] |
Anbang Insurance Group (安邦保险) 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.[1]
As of February 2015, the company had assets worth more than Rmb800bn (US$123 billion).[2] The Financial Times has described Anbang as "one of China’s most politically connected companies." [3]
Anbang Insurance has more than 30,000 employees in China and is engaged in offering various kinds of insurance and financial products.[4]
Overseas acquisitions
The company holds a geographically diversified portfolio of assets in financial services real estate and lodging.
- In 2014, Anbang Insurance acquired Belgium insurer, FIDEA Assurances.
- In 2014, Anbang Insurance purchased the Waldorf Astoria New York hotel from Blackstone for nearly US$2 billion.
- In 2015 Anbang purchased Dutch insurer Vivat from the Dutch state. They paid €150m outright, and agreed to infuse between €770m and €1bn in fresh capital, and to take on €550m of debt.[5]
- In 2015 Anbang paid US$1 billion for a 57.5% stake in South Korea’s Tongyang Life, an insurance company, in what was reported to be the first direct investment in a South Korean financial institution by a mainland China entity.[6]
- In November 2015 Anbang announced that it would buy Iowa-based insurer Fidelity & Guaranty Life for about $1.57 billion.[7]
- In March 2016, Blackstone agreed to a further US$6.5 billion sale of 16 landmark US hotels owned by the Strategic Hotels & Resorts REIT, including the historic Hotel del Coronado near San Diego, the Westin St. Francis in San Francisco, several Four Seasons resorts, and Manhattan's JW Marriott Essex House hotel.[8][9]
- In April 2016 Anbang purchased Allianz’s South Korea operations.[10][11]
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.[12] Other members of the consortium included J.C. Flowers & Co and Primavera Capital Group.[13][14] The latter is headed by Fred Hu, the former Chairman of Greater China at Goldman Sachs.[15][16] The bid was ultimately unsuccessful.[17]
References
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
