Recently, 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 Group will properly arrange payments relating to the remaining insurance policies, fully perform its obligations in the insurance contracts, and effectively protect the legitimate rights and interests of insurance consumers and relevant parties. Upon completion of restructuring, Anbang Group will not conduct new insurance business.
The establishment of Dajia Insurance Group symbolizes a phased achievement in the risk disposal of Anbang Group. Within the interim management period, the Interim Management Working Group of Anbang Group will promote Dajia Insurance Group to participate in the reorganization of Anbang Group in accordance with the law, to focus on insurance as its core business while providing the public with a full package of services such as healthcare, pension and wealth management, and moving towards the anticipated direction, to make a proactive effort to introduce qualified strategic investors and effectively safeguard the legitimate rights and interests of policyholders and relevant parties.