Anbang puts Belgian insurer up for sale
Anbang Insurance Group is exploring the sale of Belgian insurer Fidea, Bloomberg News reported citing people “with knowledge of the matter”.
This would be the first European divestment by the troubled Chinese group since it was seized by the government, the agency noted.
The Chinese government took full ownership of Anbang in June.
Earlier on, the China Insurance Security Fund had already injected ¥60.804 billion ($9.65 billion) of capital into the company and was seeking new investors for the group.
In February 2018, the Chinese government seized control of Anbang in an attempt to curtail big-spending conglomerates as it cracks down on financial risk.
Anbang had violated laws and regulations which “may seriously endanger the solvency of the company”, the China Insurance Regulatory Commission (CIRC) had said in a statement announcing the seizure.
Fidea, formerly owned by JC Flowers, was bought by Anbang in May 2015 for €369 million, according to the annual report that year from the Chinese company’s life-insurance arm.
Headquartered in Antwerp, Fidea provides insurance products for private clients and entrepreneurs in Belgium. The company offers mobility, home, family and leisure, health, building and company, liability, and accident insurance services; and saving and investment products.
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