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Announcement on Reorganization of Anbang Insurance Group and Consumer Protection Arra

2019-09-02

As approved by the China Banking and Insurance Regulatory Commission (the “CBIRC”), China Insurance Security Fund Co., Ltd. (“CISFC”), Shanghai Automotive Industry Corporation (Group) (“SAIC”) and China Petrochemical Corporation (“Sinopec”) have jointly made capital contribution to establish Dajia Insurance Group Co., Ltd. (“Dajia Insurance Group”) with a registered capital of RMB20.36 billion.

Dajia Insurance Group will, according to law, acquire shares and interests of Anbang Life Insurance Co., Ltd., Anbang Pension Insurance Co., Ltd. and Anbang Asset Management Co., Ltd. Dajia Insurance Group will also establish Dajia Property & Casualty Insurance Co., Ltd. which will, according to law, assume part of the insurance business, assets and liabilities of Anbang Property & Casualty Co., Ltd. Anbang Life, Anbang Pension and Anbang Asset Management were renamed Dajia Life, Dajia Pension and Dajia Asset Management respectively. Upon completion of restructuring, Anbang Insurance Group will not conduct new insurance business.

The two group companies and their subsidiaries will fully perform its obligations in the insurance contracts in accordance with the law, and effectively protect the legitimate rights and interests of insurance consumers and relevant parties. Any insurance contract you have signed during the transition period for Anbang’s reorganization and renaming will not be affected. Please note that our customer service hotline is 95569/4008095569. If it is changed, we will publish an announcement immediately. If your contact information has changed, please let us know as quickly as you can.

Thank you!


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