Anbang
A formerly prominent Chinese insurance and financial-services group that expanded rapidly through domestic insurance operations and international acquisitions before being taken over by regulators and liquidated.
Last updated October 22, 2026
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Overview
Anbang, formally known as Anbang Insurance Group, was a Chinese holding company based in Beijing whose subsidiaries operated primarily in insurance, banking and related financial services. Founded in 2004 by Wu Xiaohui as a regional automobile insurer, the group expanded well beyond its initial business. Its activities came to include life insurance, property and casualty insurance, financial products, banking interests and a large investment portfolio spanning hotels, real estate, retirement facilities and overseas insurers. The company’s growth was unusually rapid. Early shareholders included Shanghai Automotive Industries Corporation, a state-owned automobile manufacturer, and Sinopec, the state-owned oil company. Anbang’s ownership and political connections attracted continuing attention, particularly after Chen Xiaolu, a prominent military family descendant, was associated with the company as an early director or adviser. By the middle of the 2010s, Anbang had become one of the most visible Chinese buyers of overseas financial and hospitality assets. Its acquisitions included Belgium’s Fidea Verzekeringen, the Waldorf Astoria New York, Dutch insurer VIVAT, a majority stake in South Korea’s Tongyang Life, Allianz’s South Korean operations, and Strategic Hotels & Resorts, a portfolio of high-profile American hotels. This international expansion increased Anbang’s profile but also intensified questions about its ownership arrangements, sources of funding, governance, related-party transactions and risk controls. The group was frequently described as having strong political connections. Its aggressive acquisition strategy also exposed it to complex cross-border financing and insurance-liability risks. Some proposed transactions, including a bid for Starwood Hotels & Resorts and an attempted purchase of Fidelity & Guaranty Life, did not close. Wu Xiaohui was detained by Chinese authorities in June 2017 while Anbang’s activities were being investigated. In February 2018, the China Insurance Regulatory Commission took control of the group, citing serious risks to its solvency and operations. Wu was later convicted of fraud and embezzlement and sentenced to 18 years in prison. During the regulatory takeover, Anbang’s insurance business and related assets were reorganized. Dajia Insurance was established in 2019 to assume portions of the business and policyholder obligations. Anbang no longer operated as the same independent diversified financial group after the takeover. Reuters reported in September 2020 that the company would be disbanded and liquidated. Its history is therefore associated both with the internationalization of Chinese insurance capital and with the regulatory challenges created by rapid, highly leveraged expansion.
History
Anbang began in 2004 as a regional automobile insurance company founded by Wu Xiaohui. Its early shareholder base included Shanghai Automotive Industries Corporation, which held a 20 percent interest, and Sinopec, which acquired a comparable stake in 2005. The company subsequently broadened its insurance activities and developed into a holding group involved in life insurance, property and casualty insurance, banking and other financial services. The group’s domestic expansion was accompanied by an increasingly ambitious international investment strategy. It bought insurers in Europe and Asia, including Belgium’s Fidea Verzekeringen, the Dutch insurer VIVAT, South Korea’s Tongyang Life and Allianz’s South Korean operations. It also pursued assets outside traditional insurance. The acquisition of the Waldorf Astoria New York in 2014 made Anbang a highly visible participant in the global hotel market. In 2016, it agreed to acquire a portfolio of 16 prominent hotels from Strategic Hotels & Resorts, including Hotel del Coronado, the Westin St. Francis and the JW Marriott Essex House. Anbang also acquired Canadian retirement-home operator Retirement Concepts. Not all expansion plans succeeded. Its proposed purchase of Fidelity & Guaranty Life did not close, and a consortium led by Anbang failed in its effort to acquire Starwood Hotels & Resorts. The company also ended discussions concerning a possible investment in the Manhattan office tower at 666 Fifth Avenue. As the group grew, observers and regulators examined its ownership structure, funding sources, governance and risk management. Its rapid acquisitions and insurance-linked investment strategy made it an important example of the international reach of Chinese capital, while its political connections and opaque corporate arrangements generated controversy. Wu Xiaohui was detained in June 2017. In February 2018, the China Insurance Regulatory Commission took control of Anbang, beginning a formal risk-resolution process. Wu was later found guilty of fraud and embezzlement and sentenced to 18 years in prison. The regulatory takeover resulted in the reorganization of Anbang’s insurance activities and related assets. Dajia Insurance was established in 2019 and assumed portions of the business and policyholder responsibilities. In September 2020, Reuters reported that Anbang would be disbanded and liquidated. The group consequently became defunct as an independent insurance and financial-services brand.
- 2020
Disbanding and liquidation reported
[3]Reuters reported that Anbang would be disbanded and liquidated.
- 2019
Dajia Insurance established
[2]Dajia Insurance was created as part of the restructuring of Anbang’s insurance business.
- 2018
Regulatory takeover and criminal conviction
[1]The Chinese insurance regulator took control of Anbang, and Wu Xiaohui was sentenced to 18 years for fraud and embezzlement.
- 2017
Chairman detained
[1]Wu Xiaohui was detained as Chinese authorities investigated Anbang’s activities.
- 2016
Hotel and financial-services portfolio expands
[1]Anbang acquired Strategic Hotels & Resorts and Allianz’s South Korean operations, while pursuing additional overseas transactions.
- 2015
Expansion into Dutch and South Korean insurance
[1]The group acquired VIVAT in the Netherlands and a majority stake in South Korea’s Tongyang Life.
- 2014
International acquisition program begins
[1]Anbang acquired Belgian insurer Fidea Verzekeringen and purchased the Waldorf Astoria New York.
- 2005
Sinopec becomes an early shareholder
[1]State-owned oil company Sinopec acquired a 20 percent stake in Anbang.
- 2004
Anbang founded as an automobile insurer
[1]Wu Xiaohui founded Anbang as a regional car insurance company in China.
Products and positioning
A diversified insurance group and insurance-capital investment platform
Insurance
Life insurance
Anbang’s life-insurance business provided personal protection and savings-oriented policies. Life insurance was a central component of the group’s move from regional automobile insurance into a diversified financial-services model. The business was ultimately included in the regulatory restructuring of Anbang’s insurance operations.
Insurance · 2004
Property and casualty insurance
The group offered property and casualty coverage for property, automobile and related liability risks. This business complemented its life-insurance operations and represented Anbang’s original general-insurance foundation. It did not continue under the Anbang brand after the regulatory takeover and subsequent restructuring.
Insurance
Accident and health insurance
Accident and health products formed part of Anbang’s broader range of personal insurance offerings. Specific product names and launch dates are not established in the supplied sources, but these lines were associated with the group’s diversified insurance model.
Financial services
Financial and investment services
Beyond underwriting insurance, Anbang operated through subsidiaries involved in banking, financial services and investment activities. The group used its insurance platform to build a geographically diverse portfolio of financial, real-estate and lodging assets. These activities ended as an independent Anbang operation after the regulatory resolution.
Controversies
2020
Anbang sues Mirae Asset over U.S. hotel deal
Anbang Insurance Group filed a lawsuit against Mirae Asset Global Investments over Mirae Asset's failure to complete payment for the purchase of 15 U.S. luxury hotels. The dispute concerns the payment for the acquisition of the 15 U.S. luxury hotels, which Mirae Asset did not complete. Anbang brought the legal action in response to the incomplete payment. The event was reported on April 27, 2020.
2019
Concerns over care at Retirement Concepts facilities
Three Canadian retirement homes associated with Retirement Concepts were placed under health-authority management after reported concerns about the adequacy of care provided to residents.
2018
Regulatory takeover and criminal case
The China Insurance Regulatory Commission took control of Anbang in February 2018. Wu Xiaohui was later convicted of fraud and embezzlement and sentenced to 18 years in prison.
2017
Investigation of Anbang and detention of Wu Xiaohui
Chinese authorities detained chairman Wu Xiaohui in June 2017 while investigating Anbang’s activities. The episode brought heightened attention to the group’s ownership structure, funding arrangements, governance and rapid overseas expansion.
Brand decisions
2018
Regulatory takeover and risk resolutionStrategyBackground
Regulators intervened after concerns about Anbang’s financial condition, governance and business activities.
Action taken
The Chinese insurance regulator took control of the group and reorganized its insurance operations and related assets.
Aftermath
Dajia Insurance was later established to assume parts of the business, while Anbang ceased operating as an independent group.
2016
Acquire Strategic Hotels & ResortsM&ABackground
Anbang continued pursuing large overseas investments in hospitality and real estate.
Action taken
Anbang agreed to acquire 16 hotels from Blackstone’s Strategic Hotels & Resorts portfolio.
Aftermath
The purchase strengthened the group’s profile as a major international hotel investor.
2016
Bid for Starwood Hotels & ResortsM&ABackground
Anbang attempted to extend its hospitality portfolio through a consortium-led bid.
Action taken
A consortium led by Anbang offered to acquire Starwood Hotels & Resorts.
Aftermath
The bid was unsuccessful and the acquisition did not proceed.
2015
Acquire VIVAT and Tongyang Life stakeM&ABackground
Anbang expanded its insurance footprint in Europe and Asia through cross-border acquisitions.
Action taken
The group acquired Dutch insurer VIVAT and a majority stake in South Korean insurer Tongyang Life.
Aftermath
The transactions increased Anbang’s international insurance presence before the group’s later regulatory takeover.
2014
Acquire the Waldorf Astoria New YorkM&ABackground
Anbang sought to diversify beyond insurance through prominent overseas lodging and real-estate assets.
Action taken
The group purchased the Waldorf Astoria New York from Hilton Hotels.
Aftermath
The transaction became a prominent example of Anbang’s international expansion and investment-oriented strategy.
Recent events
Anbang Insurance Group resolves to dissolve and begin liquidation[9]
Reported:
Anbang Insurance Group announced that its shareholders' meeting had resolved to dissolve the company and form a liquidation group. The company said it would apply to the China Banking and Insurance Regulatory Commission for dissolution approval before organizing liquidation.
Anbang sues Mirae Asset over U.S. hotel deal[8]
Reported:
Anbang Insurance Group filed a lawsuit against Mirae Asset Global Investments over Mirae Asset's failure to complete payment for the purchase of 15 U.S. luxury hotels.
Sources9 sources
- 1Anbangen.wikipedia.org
- 2Dajia Insuranceen.wikipedia.org
- 3Reuters report on Anbang liquidationreuters.com
- 4Anbang Insurance Groupwikidata.org
- 5安邦保险zh.wikipedia.org
- 6Regulatory takeover and criminal casechina.caixin.com
- 7Regulatory takeover and criminal casefinance.caixin.com
- 8Anbang sues Mirae Asset over U.S. hotel dealkoreatimes.co.kr
- 9安邦保险集团决议解散并启动清算tech.sina.com.cn
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